Common use of Only Required Modifications Clause in Contracts

Only Required Modifications. In making any allocation (the "new allocation") under Section 7.4, the Majority Interest is authorized to act only after having been advised by the Company's accountants that, under Section 704(b) of the Code and the Treasury Regulations thereunder (i) the new allocation is necessary, and (ii) the new allocation is the minimum modification of the allocations otherwise provided for in this Section 7 necessary in order to assure that, either in the then current year or in any preceding year, each Member's distributive share of income, gain, loss, deduction, or credit (or item thereof) is determined and allocated in accordance with this Section 7 to the fullest extent permitted by Section 704(b) of the Code and the Treasury Regulations thereunder.

Only Required Modifications. In making any allocation (the "new allocation") under Section 7.4, the Majority Interest Management Committee is authorized to act only after having been advised by the Company's accountants that, under Section 704(b) of the Code and the Treasury Regulations thereunder (i) the new allocation is necessary, and (ii) the new allocation is the minimum modification of the allocations otherwise provided for in this Section 7 necessary in order to assure that, either in the then current year or in any preceding year, each Member's distributive share of income, gain, loss, deduction, or credit (or item thereof) is determined and allocated in accordance with this Section 7 to the fullest extent permitted by Section 704(b) of the Code and the Treasury Regulations thereunder.