Excess Nonrecourse Liabilities. The Partnership shall allocate “nonrecourse liabilities” (within the meaning of Regulations Section 1.752-1(a)(2)) of the Partnership that are secured by multiple Properties under any reasonable method chosen by the General Partner in accordance with Regulations Section 1.752-3(a)(3) and (b). For purposes of determining a Partner’s proportional share of the “excess nonrecourse liabilities” of the Partnership within the meaning of Regulations Section 1.752-3(a)(3), each Partner’s respective interest in Partnership profits shall be equal to the relative Net Asset Value of the Partners’ Partnership Units, except as otherwise determined by the General Partner.
Appears in 9 contracts
Sources: Limited Partnership Agreement (JLL Income Property Trust, Inc.), Limited Partnership Agreement (J.P. Morgan Real Estate Income Trust, Inc.), Limited Partnership Agreement (J.P. Morgan Real Estate Income Trust, Inc.)