Cancellation of Indebtedness Income. Any cancellation of indebtedness income required to be recognized by the Partnership with respect to the Two Penn Plaza Property in connection with the acquisition of the Two Penn Plaza Property by the Partnership and the restructuring of the outstanding indebtedness with respect thereto shall be allocated solely to holders of Two Penn Plaza Units. In the event that cancellation of indebtedness income is recognized with respect to the property at 330 Xxxxxxx Xxxxxx xx a result of resolving the dispute with the lender under the loan outstanding upon consummation of the Consolidation that is secured by a mortgage on such property, holders of the Partnership Units issued with respect to M 330 Associates, a New York limited partnership, shall be specially allocated cancellation of indebtedness income in an amount equal to their proportionate share of the dollar amount of the discount as a result of the settlement resulting in the recognition of such cancellation of indebtedness income.
Cancellation of Indebtedness Income. The General Partner shall first allocate items of cancellation of indebtedness income (within the meaning of Section 61(a)(12) of the Code) to the Class A Units and to the extent that any such allocation is restricted by the principles set forth in Internal Revenue Service Revenue Ruling 92-97, 1992-2 C.B. 124, the remainder shall be allocated among the Classes of Units in such manner as the General Partner deems appropriate and in accordance with the Partners’ interest in the Partnership.
Cancellation of Indebtedness Income. The Agreement will be amended to exclude the tax attributable to the cancellation of indebtedness income in calculating tax sharing payments. Inclusion of Tax in HCC Debt: Any amounts related to taxes owed to Hallmark prior to December 31, 2009 will be included in the HCC Debt, which shall be converted into Common Stock (and not paid in cash). Any amounts accruing under the Tax Sharing Agreement from and after January 1, 2010 will be paid as provided for in the Tax Sharing Agreement. SCHEDULE D
Cancellation of Indebtedness Income. Cancellation of indebtedness income of the Partnership that is realized in connection with the assignment by EMEHC of the “Section 467 Loan” (as defined in the MTA) in accordance with Section 2.1(q) of the MTA shall be allocated among the Partners in proportion to, and to the extent of, the “Lessor Section 467 Loan Balance” (as defined in Section 3.2 of the Facility Lease Agreements between each of the Owner Lessors and EMEHC) outstanding as of the Closing Date for the corresponding Owner Lessors, as applicable. The allocations pursuant to Sections 6.3(a), (b) and (c) hereof shall be comprised of a proportionate share of each of the Partnership’s items of income and gain. The amounts of any Partnership income, gain, loss or deduction available to be specially allocated pursuant to this Section 6.3 shall be determined by applying rules analogous to those set forth in subparagraphs (a) through (e) of the definition of Net Income and Net Loss.
Cancellation of Indebtedness Income. 33 8.6 Interest of the General Partners . . . . . . . . . . . . . .33 8.7
Cancellation of Indebtedness Income. Notwithstanding any other provision of this Article 8, for purposes of this Agreement (a) any cancellation of indebtedness income arising from the restructuring of the debt of the Partnership which was effected in connection with the Original Amended Agreement will be deemed to be realized and recognized by the Partnership immediately prior to the admission of V Cable and V Cable GP as partners to the Partnership and will be specially allocated among the Partners at that time in accordance with the provisions of the Original Agreement (as defined in the Original Amended Agreement) and (b) any cancellation of indebtedness income arising from the contribution to capital and termination of the Junior Subordinated Loan will be specially allocated to the Class V Limited Partner.
