Common use of Minimum Gain Chargeback (Nonrecourse Liabilities) Clause in Contracts

Minimum Gain Chargeback (Nonrecourse Liabilities). If there is a net decrease in Minimum Gain for any Fiscal Year (except as a result of certain conversions or refinancings of Company indebtedness, certain capital contributions or certain revaluations of property as further outlined in Regulation Sections 1.704-2(d)(4), (f)(2), or (f)(3)), each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Member’s share of the net decrease in Minimum Gain. The items to be so allocated shall be determined in accordance with Regulation Section 1.704-2(f) and (j)(2). This Section 4.4(c)(i) is intended to comply with the minimum gain chargeback requirement in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this Section 4.4(c)(i) shall be made in proportion to the respective amounts required to be allocated to each Member pursuant hereto.

Minimum Gain Chargeback (Nonrecourse Liabilities). If there is a net decrease in Minimum Gain for any Company Fiscal Year Period (except as a result of certain conversions or refinancings of Company indebtedness, certain capital contributions contributions, or certain revaluations of property Property as further outlined in Regulation Sections 1.704-2(d)(4), (f)(2), or (f)(3)), each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Member’s share of the net decrease in Minimum Gain. The items to be so allocated shall be determined in accordance with Regulation Section 1.704-2(f) and (j)(2). This Section 4.4(c)(iparagraph (i) is intended to comply with the minimum gain chargeback requirement in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this Section 4.4(c)(iparagraph (i) shall be made in proportion to the respective amounts required to be allocated to each Member pursuant hereto.