Common use of Member Minimum Gain Clause in Contracts

Member Minimum Gain. An amount determined by first computing for each Member Nonrecourse Liability any gain the Company would realize if it disposed of the Company Property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. The amount of Member Minimum Gain includes such minimum gain arising from a conversion, refinancing, or other change to a debt instrument, only to the extent a Member is allocated a share of that minimum gain. For any Taxable Year, the net increase or decrease in Member Minimum Gain is determined by comparing the Member Minimum Gain on the last day of the immediately preceding Taxable Year with the Minimum Gain on the last day of the current Taxable Year. Notwithstanding any provision to the contrary contained herein, Member Minimum Gain and increases and decreases in Member Minimum Gain are intended to be computed in accordance with ss. 704 of the Code and the Regulations issued thereunder, as the same may be issued and interpreted from time to time. A Member's share of Member Minimum Gain at the end of any Taxable Year equals: the sum of Member Nonrecourse Deductions allocated to that Member (and to that Member's predecessors-in-interest) up to that time and the distribution made to that Member (and to that Member's predecessors-in-interest) up to that time of proceeds of a Member Nonrecourse Liability allocable to an increase in Company Minimum Gain minus the sum of that Member's (and that Member's predecessors-in-interest) aggregate share of the net decreases in Member Minimum Gain plus their aggregate share of decreases resulting from reevaluations of Company Property subject to one or more Member Nonrecourse Liabilities.

Member Minimum Gain. An amount determined by first computing for each Member Nonrecourse Liability any gain the Company would realize if it disposed of the Company Property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. The amount of Member Minimum Gain includes such minimum gain arising from a conversion, refinancing, or other change to a debt instrument, only to the extent a Member is allocated a share of that minimum gain. For any Taxable Year, the net increase or decrease in Member Minimum Gain is determined by comparing the Member Minimum Gain on the last day of the immediately preceding Taxable Year with the Minimum Gain on the last day of the current Taxable Year. Notwithstanding any provision to the contrary contained herein, Member Minimum Gain and increases and decreases in Member Minimum Gain are intended to be computed in accordance with ss. 704 of the Code and the Regulations issued thereunder, as the same may be issued and interpreted from time to time. A Member's share of Member Minimum Gain at the end of any Taxable Year equals: the sum of Member Nonrecourse Deductions allocated to that Member (and to that Member's predecessors-in-interest) up to that time and the distribution made to that Member (and to that Member's predecessors-in-interest) up to that time of proceeds of a Member Nonrecourse Liability allocable to an increase in Company Minimum Gain minus the sum of that Member's (and that Member's predecessors-in-interest) aggregate share of the net decreases in Member Minimum Gain plus their aggregate share of decreases resulting from reevaluations revaluations of Company Property subject to one or more Member Nonrecourse Liabilities.