Common use of Minimum Gain Chargeback—Partner Nonrecourse Debt Clause in Contracts

Minimum Gain Chargeback—Partner Nonrecourse Debt. Notwithstanding the other provisions of Sections 4.1 and 4.3 (other than Section 4.3(a)(i), except as provided in Section 1.704-2(i)(4) of the Regulations), if there is a net decrease in Partner Minimum Gain during any Partnership fiscal year or other period, any Partner with a share of Partner Minimum Gain at the beginning of such year or other period shall be allocated items of Partnership income and gain for such period (and if necessary, subsequent periods) in the manner and amounts provided by Sections 1.704-2(i)(4) and 1.704-2(i)(2) of the Regulations, or any successor provisions. For purposes of this Section 4.3(a)(ii), each Partner’s Adjusted Capital Account Deficit shall be determined and the allocations of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to Sections 4.1 and 4.3 with respect to such fiscal year or other period, other than Sections 4.3(a)(i), 4.3(a)(vi) and 4.3(a)(viii), with respect to such taxable period. This Section 4.3(a)(ii) is intended to comply with the minimum gain chargeback requirement (set forth in Section 1.704-2(i)(4) of the Regulations) relating to partner nonrecourse debt (as defined in Section 1.704-2(b)(4) of the Regulations) and shall be so interpreted.

Minimum Gain Chargeback—Partner Nonrecourse Debt. Notwithstanding the other provisions of Sections 4.1 and 4.3 this Article V (other than Section 4.3(a)(i5.5(b), except as provided in Section 1.704-2(i)(4) of the Regulations), if there is a net decrease in Partner Minimum Gain during any Partnership fiscal year or other period, any each Partner with who has a share of the Partner Minimum Gain at the beginning of such year or other period period, determined in accordance with Section 1.704-2(i)(5) of the Regulations, shall be allocated items of Partnership income and gain for such period (and and, if necessary, subsequent periodsfiscal years) in the manner and amounts in an amount provided by Sections 1.704-2(i)(4) and 1.704-2(i)(2) of the Regulations, or any successor provisions. For purposes of this Section 4.3(a)(ii5.5(c), each Partner’s Adjusted Capital Account Deficit shall be determined and the allocations of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to Sections 4.1 and 4.3 this Article V with respect to such fiscal year or other period, other than Sections 4.3(a)(i5.5(b), 4.3(a)(vi5.5(e) and 4.3(a)(viii5.5(f), with respect to such taxable period. This Section 4.3(a)(ii5.5(c) is intended to comply with the minimum gain chargeback requirement (relating to Partner Nonrecourse Debt set forth in Regulation Section 1.704-2(i)(4) of the Regulations) relating to partner nonrecourse debt (as defined in Section 1.704-2(b)(4) of the Regulations) and shall be so interpretedinterpreted consistently therewith.

Minimum Gain Chargeback—Partner Nonrecourse Debt. Notwithstanding the other provisions of Sections 4.1 and 4.3 this Article V (other than Section 4.3(a)(i5.5(b), except as provided in Section 1.704-2(i)(4) of the Regulations), if there is a net decrease in Partner Minimum Gain during any Partnership Company fiscal year or other period, any Partner with each Member who has a share of the Partner Minimum Gain at the beginning of such year or other period period, determined in accordance with Section 1. 704-2(i)(5) of the Regulations, shall be allocated items of Partnership Company income and gain for such period (and and, if necessary, subsequent periodsfiscal years) in the manner and amounts in an amount provided by Sections 1.704-2(i)(4) and 1.704-1.704- 2(i)(2) of the Regulations, or any successor provisions. For purposes of this Section 4.3(a)(ii5.5(c), each PartnerMember’s Adjusted Capital Account Deficit shall be determined and the allocations of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to Sections 4.1 and 4.3 this Article V with respect to such fiscal year or other period, other than Sections 4.3(a)(i5.5(b), 4.3(a)(vi5.5(e) and 4.3(a)(viii5.5(f), with respect to such taxable period. This Section 4.3(a)(ii5.5(c) is intended to comply with the minimum gain chargeback requirement (relating to Partner Nonrecourse Debt set forth in Regulation Section 1.704-2(i)(4) of the Regulations) relating to partner nonrecourse debt (as defined in Section 1.704-2(b)(4) of the Regulations) and shall be so interpreted.interpreted consistently therewith;

Minimum Gain Chargeback—Partner Nonrecourse Debt. Notwithstanding the other provisions of Sections 4.1 and 4.3 this Article V (other than Section 4.3(a)(i5.5(b), except as provided in Section 1.704-2(i)(4) of the Regulations), if there is a net decrease in Partner Minimum Gain during any Partnership Company fiscal year or other period, any Partner with each Member who has a share of the Partner Minimum Gain at the beginning of such year or other period period, determined in accordance with Section 1.704-2(i)(5) of the Regulations, shall be allocated items of Partnership Company income and gain for such period (and and, if necessary, subsequent periodsfiscal years) in the manner and amounts in an amount provided by Sections 1.704-2(i)(4) and 1.704-1.704- 2(i)(2) of the Regulations, or any successor provisions. For purposes of this Section 4.3(a)(ii5.5(c), each PartnerMember’s Adjusted Capital Account Deficit shall be determined and the allocations of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to Sections 4.1 and 4.3 this Article V with respect to such fiscal year or other period, other than Sections 4.3(a)(i5.5(b), 4.3(a)(vi5.5(e) and 4.3(a)(viii5.5(f), with respect to such taxable period. This Section 4.3(a)(ii5.5(c) is intended to comply with the minimum gain chargeback requirement (relating to Partner Nonrecourse Debt set forth in Regulation Section 1.704-2(i)(4) of the Regulations) relating to partner nonrecourse debt (as defined in Section 1.704-2(b)(4) of the Regulations) and shall be so interpreted.interpreted consistently therewith;