Common use of Partner Minimum Gain Chargeback Clause in Contracts

Partner Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations Section 1.704-2(i)(4), if there is a net decrease in Partner Minimum Gain attributable to a Partner Nonrecourse Debt during any Fiscal Year, each Partner who has a share of the Partner Minimum Gain attributable to such Partner Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(5), shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to that Partner’s share of the net decrease in the Partner Minimum Gain attributable to such Partner Nonrecourse Debt to the extent and in the manner required by Treasury Regulations Section 1.704-2(i). The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(i)(4) and (j)(2). This subparagraph is intended to comply with the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt contained in said section of the Treasury Regulations and shall be interpreted consistently therewith. Allocations pursuant to this subparagraph shall be made in proportion to the respective amounts to be allocated to each Partner pursuant hereto.

Partner Minimum Gain Chargeback. Except as otherwise provided in Treasury Regulations Regulation Section 1.704-2(i)(4), notwithstanding any other provision of this Section, if there is a net decrease in Partner Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt during any Fiscal Yearperiod, each Partner Member who has a share of the Partner Nonrecourse Debt Minimum Gain attributable to such the Partner Nonrecourse Debt, determined in accordance with Treasury Regulations Regulation Section 1.704-2(i)(5), shall will be specially allocated items of Partnership Company income and gain for such year the Adjustment Period (and, if necessary, subsequent yearsAdjustment Periods) in an amount equal to that PartnerMember’s share of the net decrease in the Partner Nonrecourse Debt Minimum Gain attributable to such the Partner Nonrecourse Debt to the extent and Debt, determined in the manner required by accordance with Treasury Regulations Regulation Section 1.704-2(i2(i)(4). Allocations pursuant to the previous sentence will be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall will be determined in accordance with Treasury Regulations Regulation Sections 1.704-2(i)(4) and (j)(21.704-2(j)(2). This subparagraph subsection is intended to comply with the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt contained in said section of the Treasury Regulations Regulation Section 1.704-2(i)(4) and shall must be interpreted consistently therewith. Allocations pursuant to this subparagraph shall be made in proportion to the respective amounts to be allocated to each Partner pursuant heretowith it.