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

Minimum Gain Chargeback for Member Nonrecourse Debt. Notwithstanding any other provision of this Agreement to the contrary (except Section C.1.1 hereof, which will be applied first), if in any Fiscal Year there is a net decrease in the amount of the Member nonrecourse debt minimum gain (as determined under Section 1.704-2(i)(3) of the Regulations), then each Member will first be allocated items of Profits for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member nonrecourse debt minimum gain during the year (as determined under Section 1.704-2(i)(4)), but if there are insufficient Profits in a year to make that allocation for all Members, the available Profits will be allocated among the Members in proportion to the respective amounts they would have been allocated had there been sufficient Profits.

Minimum Gain Chargeback for Member Nonrecourse Debt. Notwithstanding any other provision of this Agreement to the contrary (except other than Section C.1.1 hereof, which will be applied first)4.2, if in any Fiscal Year or other period there is a net decrease in the amount of the Member nonrecourse debt minimum gain (as determined under Section 1.704-2(i)(3) of the Regulations)Nonrecourse Debt Minimum Gain, then each Member will first be allocated items of Profits Income for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member nonrecourse debt minimum gain such Minimum Gain during the such year (as determined under Section Regulations § 1.704-2(i)(4)), but if there are is insufficient Profits Income in a year to make that the allocation specified above for all MembersMembers for such year, the available Profits Income will be allocated among the Members in proportion to the respective amounts they would have been allocated had there been sufficient Profitsan unlimited amount of Income for such year.