Common use of Other Chargeback of Impermissible Negative Capital Account Clause in Contracts

Other Chargeback of Impermissible Negative Capital Account. To the extent any Shareholder has an Adjusted Capital Account Deficit at the end of any Trust fiscal year, each such Shareholder shall be specially allocated items of Trust income (including gross income) and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this subsection 9.9.(c) shall be made if and only to the extent that such Shareholder would have an Adjusted Capital Account Deficit in excess of such sum after all other allocations provided for in this Article 9 have been tentatively made as if this subsection 9.9.(c) were not in the Agreement.

Appears in 4 contracts

Samples: Trust Agreement (Chartermac), Trust Agreement (Charter Municipal Mortgage Acceptance Co), Trust Agreement (Charter Municipal Mortgage Acceptance Co)

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Other Chargeback of Impermissible Negative Capital Account. To the extent any Shareholder has an Adjusted Capital Account Deficit at the end of any Trust fiscal year, each such Shareholder shall be specially allocated items of Trust income (including gross income) and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this subsection 9.9.(c) shall be made if and only to the extent that such Shareholder would have an Adjusted Capital Account Deficit in excess of such sum after all other allocations provided for in this Article 9 have been tentatively made as if this subsection 9.9.(c) were not in the Trust Agreement.

Appears in 1 contract

Samples: Trust Agreement (Centerline Holding Co)

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