Common use of Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt Clause in Contracts

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Section

Appears in 1 contract

Samples: Operating Agreement (United Leisure Corp)

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Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If Notwithstanding Sections 8.1 and 8.2 of this Agreement, if there is a net decrease in Company Minimum Gain minimum gain attributable to a Member Nonrecourse Debtnonrecourse debt, during any Fiscal Yearfiscal year, each member Member who has a share of the Company Minimum Gain minimum gain attributable to such Member Nonrecourse Debt nonrecourse debt (which share shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Yearsfiscal years) in an amount equal to that portion of such Member's ’s share of the net decrease in Company Minimum Gain minimum gain attributable to such Member Nonrecourse Debt nonrecourse debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt nonrecourse debt (which share of such net decrease shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B 8.3.2 shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. 8. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4). This SectionSection 8.3.2 is intended to comply with the minimum gain chargeback requirement contained in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Nutracea)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section SECTION 6.2B shall be made in proportion to the amounts required to be allocated to each Member under this Section SECTION 6.2B. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This SectionSECTION 6.2B is intended to comply with the minimum gain chargeback requirement contained in Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Operating Agreement (Osi Restaurant Partners, LLC)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (Debt, which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) , shall be specially allocated items of Company income and gain for such Fiscal Year (Year, and, if necessary, in subsequent Fiscal Years) , in an amount equal to that portion of such Member's share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (Debt, which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B Paragraph 17.02(b) shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. Paragraph 17.02(b). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This SectionParagraph 17.02

Appears in 1 contract

Samples: Operating Agreement (Dover Investments Corp)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section SECTION 6.2B shall be made in proportion to the amounts required to be allocated to each Member under this Section SECTION 6.2B. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This SectionSECTION

Appears in 1 contract

Samples: Operating Agreement (Outback Steakhouse Inc)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This SectionSection 6.2B is intended to comply with the minimum gain chargeback requirement contained in Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Operating Agreement (Osi Restaurant Partners, LLC)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's ’s share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B 3(b) of this Exhibit A shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. 3(b) of this Exhibit A. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4). This SectionSection 3(b) of this Exhibit A is intended to comply with the minimum gain chargeback requirement contained in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Limited Liability Company Agreement

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If Notwithstanding Section 6.1 of this Agreement, if there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Section

Appears in 1 contract

Samples: Operating Agreement (Global Resource CORP)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's ’s share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This SectionSection 6.2B is intended to comply with the minimum gain chargeback requirement contained in Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Operating Agreement (Bloomin' Brands, Inc.)

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Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Member’s Nonrecourse Debt, during any Fiscal Yearfiscal year, each member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year fiscal year (and, if necessary, in subsequent Fiscal Yearsfiscal years) in an amount equal to that portion of such Member's ’s share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B 6.3 (b) shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. 6.3 (a). The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4). This SectionSection 6.3 (b) is intended to comply with the minimum gain chargeback requirement contained in treasury Regulation Section 1 .704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Operating Agreement (World Heart Corp)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If Notwithstanding Sections 6.3 and 6.4, if there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, Debt during any Fiscal Year, each member Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section §1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's ’s share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section §1.704-2(i)(5)). Allocations pursuant to this Section 6.2B 6.6 shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. 6.6. The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4§1.704­2(i). This SectionSection 6.6 is intended to comply with the Minimum Gain Chargeback requirement contained in Regulations §1.704-2(i) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Operating Agreement (Red Rock Pictures Holdings, Inc)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Yearfiscal year, each member Member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(52(1)-(5)) shall be specially allocated items of Company income and gain for such Fiscal Year fiscal year (and, if necessary, in subsequent Fiscal Yearsfiscal years) in an amount equal to that portion of such Member's share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(52(1)-(5)). Allocations pursuant to this Section 6.2B 4.3.2 shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. 4.3.2. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(42(1)(4). This Section

Appears in 1 contract

Samples: Operating Agreement (Ckrush, Inc.)

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's ’s share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B subsection (c) shall be made in proportion to the amounts required to be allocated to each Member under this Section 6.2B. 6.4(b). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(i)(4). This Sectionsubsection (c) is intended to comply with the minimum gain chargeback requirement contained in Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Operating Agreement

Chargeback of Minimum Gain Attributable to Member Nonrecourse Debt. If there is a net decrease in Company Minimum Gain attributable to a Member Nonrecourse Debt, during any Fiscal Year, each member Member or Economic Interest Owner who has a share of the Company Minimum Gain attributable to such Member Nonrecourse Debt (which share shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)) shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, in subsequent Fiscal Years) in an amount equal to that portion of such Member's ’s or holder’s share of the net decrease in Company Minimum Gain attributable to such Member Nonrecourse Debt that is allocable to the disposition of Company property subject to such Member Nonrecourse Debt (which share of such net decrease shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(5)). Allocations pursuant to this Section 6.2B 7.3.2 shall be made in proportion to the amounts required to be allocated to each Member and Economic Interest Owner under this Section 6.2B. 7.3.2. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4). This SectionSection 7.3.2 is intended to comply with the minimum gain chargeback requirement contained in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Solar Power, Inc.)

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