GAIN CHARGEBACK Sample Clauses

GAIN CHARGEBACK. Notwithstanding the general rule stated in 4.2 but --------------- subject to the prior application of the minimum gain chargeback rule stated in 4.4, Profits of the Company incident to Dissolution and Liquidation will be allocated among the Members in the following order and priority: [a] if any Members have negative Capital Account balances, to such Members in proportion to and to the extent of such negative balances until all such negative balances are eliminated; and [b] the balance to the Members in proportion to their Ownership Interests.

GAIN CHARGEBACK. Notwithstanding any other provision of this Section 9, if there is a net decrease in the Company’s minimum gain (as calculated in accordance with the principles of Treasury Regulation Section 1.704-2(d)(1)) during any fiscal year, each Member, but only to the extent required by Treasury Regulation Section 1.704-2(f), shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to the portion of such Member’s share of the net decrease in Company minimum gain, determined in accordance with Treasury Regulation Section 1.704(g)(2). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Sections 1.704-2(f)(6) and 1.704-2(j) of the Treasury Regulations. This Subsection 9.5(a) is intended to comply with the minimum gain chargeback requirement in such Sections of the Treasury Regulations and shall be interpreted consistently therewith.

GAIN CHARGEBACK. Notwithstanding the general rule stated in Section 5.3 but subject to the prior application of the minimum gain chargeback and qualified income offset rules stated in Sections 5.5 and 5.6, Profits of the Company incident to its dissolution and Liquidation will be allocated among the Members as follows: (a) if one or more Members have a negative Capital Account balance, to such Members in proportion to and to the extent of such negative balance until all such negative balances are eliminated, (b) if the positive balances in the Members' Capital Account balances are not in proportion to their respective Ownership Interests, to the Members to the minimum extent and in the proportion necessary to make positive Capital Account balances of the Members be in proportion to their respective Ownership Interests, and (c) to the Members in proportion to their respective Ownership Interests.

GAIN CHARGEBACK. If in any year any amounts of Net Loss are allocated to the General Partner pursuant to Section 9.2 of the Original Agreement or Section 9.4 so as cause or increase a negative capital account balance with respect to the General Partner, and in any subsequent period the Partnership has Net Income, then prior to the making of any allocations under Sections 9.1, 9.2 or 9.3, the Net Income of such year shall be allocated to the General Partner in such amounts as are necessary to eliminate its negative capital account balance.