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2.
A phrase used when a man is talking about homosexuals when they are not around and do not want to sound offensive. Or when someone is in danger of being thought of as gay, they will fervently object, then use this phrase.
Yo man, I'm not gay! Not that there's anything wrong with that.
by theoriginalbullshitalian May 18, 2011
 
1.
Disclaimer used when one is wrongly suspected of being homosexual.
We aren't gay! Not that there's anything wrong with that.
by Genku July 29, 2003