Common use of Mandatory Allocations Clause in Contracts

Mandatory Allocations. Notwithstanding any other provision of this Article IV, Section 8, the following special allocations shall be made for such taxable period: (i) Trust Minimum Gain Chargeback. Notwithstanding any other provision of this Article IV Section 8, if there is a net decrease in Trust Minimum Gain during any Trust fiscal year or other applicable period, then, subject to the exceptions set forth in Treasury Regulation Sections 1.704-2(f)(2), (3), (4) and (5), each Shareholder shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent periods) in an amount equal to such Shareholder’s share of Trust Minimum Gain, as determined in accordance with Treasury Regulation Section 1.704-2(g). This Article IV, Section 8(c)(i) is intended to comply with the Trust Minimum Gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith. (ii) Chargeback of Shareholder Minimum Gain. Notwithstanding the other provisions of this Article IV, Section 8 (other than Article IV, Section 8(c)(i)), if there is a net decrease in Shareholder Minimum Gain attributable to a Shareholder Nonrecourse Debt during any Trust fiscal year or other applicable period, then, subject to the exception set forth in Treasury Regulation Section 1.704-2(i)(4), each Shareholder with a share of Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(5), shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4). This Article IV, Section 8(c)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Mandatory Allocations. Notwithstanding any other provision of this Article IV, Section 8, the The following special allocations shall be made for such taxable periodin the following order: (i) Trust Minimum Gain Chargeback. Notwithstanding any other provision of this Article IV Section 8VII, if there is a net decrease in Trust Company Minimum Gain during any Trust fiscal year Fiscal Year or other applicable period, then, then subject to the exceptions set forth in Treasury Regulation Sections Regulations Section 1.704-2(f)(2), (3), (4) and (5), each Shareholder Member shall be specially allocated items of Trust Company income and gain for such period Fiscal Year (and, if necessary, subsequent periodsFiscal Years) in an amount equal to such Shareholder’s Member's share of Trust the net decrease in Company Minimum Gain, as determined in accordance with Treasury Regulation Regulations Section 1.704-2(g). This Article IV, Section 8(c)(i) is intended Allocations pursuant to comply the previous sentence shall be determined in accordance with the Trust Minimum Gain chargeback requirement in Treasury Regulation Regulations Section 1.704-2(f) and shall be interpreted consistently therewith). (ii) Chargeback of Shareholder Member Minimum GainGain Chargeback. Notwithstanding the any other provisions provision of this Article IV, VII except Section 8 (other than Article IV, Section 8(c)(i)7.2(b), if there is a net decrease in Shareholder Member Minimum Gain attributable to a Shareholder Member Nonrecourse Debt during any Trust fiscal year Fiscal Year or other applicable period, then, subject to the exception exceptions set forth in Treasury Regulation Regulations Section 1.704-2(i)(4), each Shareholder with Member who has a share of Shareholder the Member Minimum Gain attributable to such Shareholder Member Nonrecourse Debt, determined in accordance with Treasury Regulation Regulations Section 1.704-2(i)(5), ) shall be specially allocated items of Trust Company income and gain for such period Fiscal Year (and, if necessary, subsequent periodsFiscal Years) in an amount equal to such Member's share of the manner and net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion of the respective amounts provided required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in Treasury Regulation Sections accordance with Regulations Section 1.704-2(i)(4). This Article IV, Section 8(c)(ii7.2(a)(ii) is intended to comply with the minimum gain chargeback of items of income and gain requirement in Treasury Regulation such section of the Regulations and the safe-harbor for such chargebacks and offsets contained in Regulations Section 1.704-2(i)(41.514(c)-2(e)(1)(iii) and shall be interpreted consistently therewith.

Mandatory Allocations. Notwithstanding any other provision of this Article IV, Section 8, the following special allocations shall be made for such taxable period: (i) Trust Fund Minimum Gain Chargeback. Notwithstanding any other provision of this Article IV Section 8, if there is a net decrease in Trust Fund Minimum Gain during any Trust fiscal year or other applicable period, then, subject to the exceptions set forth in Treasury Regulation Sections 1.704-2(f)(2), (3), (4) and (5), each Shareholder shall be allocated items of Trust Fund income and gain for such period (and, if necessary, subsequent periods) in an amount equal to such Shareholder’s share of Trust Fund Minimum Gain, as determined in accordance with Treasury Regulation Section 1.704-2(g). This Article IV, Section 8(c)(i) is intended to comply with the Trust Fund Minimum Gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith. (ii) Chargeback of Shareholder Minimum Gain. Notwithstanding the other provisions of this Article IV, Section 8 (other than Article IV, Section 8(c)(i)), if there is a net decrease in Shareholder Minimum Gain attributable to a Shareholder Nonrecourse Debt during any Trust fiscal year or other applicable period, then, subject to the exception set forth in Treasury Regulation Section 1.704-2(i)(4), each Shareholder with a share of Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(5), shall be allocated items of Trust Fund income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4). This Article IV, Section 8(c)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

Mandatory Allocations. Notwithstanding any other provision of this Article IV, Section 8, the following special allocations shall be made for such taxable period: (i) Trust Minimum Gain Chargeback. Notwithstanding any other provision of this Article IV Section 8, if there is a net decrease in Trust Minimum Gain during any Trust fiscal year or other applicable period, then, subject to the exceptions set forth in Treasury Regulation Regulations Sections 1.704-2(f)(2), (3), (4) and (5), each Shareholder shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent periods) in an amount equal to such Shareholder’s share of Trust Minimum Gain, as determined in accordance with Treasury Regulation Regulations Section 1.704-2(g). This Article IV, Section 8(c)(i) is intended to comply with the Trust Minimum Gain chargeback requirement in Treasury Regulation Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. (ii) Chargeback of Shareholder Minimum Gain. Notwithstanding the other provisions of this Article IV, Section 8 (other than Article IV, Section 8(c)(i)), if there is a net decrease in Shareholder Minimum Gain attributable to a Shareholder Nonrecourse Debt during any Trust fiscal year or other applicable period, then, subject to the exception set forth in Treasury Regulation Regulations Section 1.704-2(i)(4), each Shareholder with a share of Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt, determined in accordance with Treasury Regulation Regulations Section 1.704-2(i)(5), shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Regulations Sections 1.704-2(i)(4). This Article IV, Section 8(c)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.