Only Required Modifications Clause Samples
The "Only Required Modifications" clause limits changes to a contract or agreement strictly to those that are necessary to comply with applicable laws, regulations, or mandatory requirements. In practice, this means that parties cannot make arbitrary or discretionary alterations; any modification must be essential and directly related to legal compliance. This clause helps maintain the original intent and terms of the agreement, preventing unnecessary or opportunistic changes and ensuring that modifications are made only when absolutely required by external legal obligations.
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. 18 (c) Company Minimum Gain Chargeback ........................ 18 (d) Member Minimum Gain Chargeback ......................... 18
Only Required Modifications. In making any allocation (the "new allocation") under Section 7.4, the Majority