Common use of Liabilities and Losses Clause in Contracts

Liabilities and Losses. The Partners shall bear all liabilities, and all losses and expenses properly incurred by the Partnership, in proportion to their Percentage Interests. Provided, however, that no Partner shall receive an allocation of losses that would create or increase a deficit in such Partner’s adjusted capital account balance within the meaning of Treas. Reg. Section 1.704-1(b)(2)(ii)(d).

Liabilities and Losses. The Partners shall bear all liabilities, and all losses and expenses properly incurred by the Partnership, in proportion to their Percentage Interests. Provided; provided, however, however that no Partner shall receive be allocated an allocation item of losses loss or expense that would create or increase a deficit in such Partner’s adjusted capital account balance within the meaning of Treas. Reg. Treasury Regulation Section 1.704-1(b)(2)(ii)(d1 (b)(2)(ii)(d).