INDEMNIFIABLE ITEM

INDEMNIFIABLE ITEM. Means, with respect to an Indemnitee, any item of income, gain, loss, deduction, credit or credit recapture directly relating to any activity of the US LLC, the UK LLP or any Affiliate undertaken in the ordinary course of such entity's trade or business and reflected in a Return of the US LLC, UK LLP or Affiliate, but only if the item is required to be reflected in a Return of such Indemnitee.