Common use of Change in Regulations Clause in Contracts

Change in Regulations. If any of the specific Regulations upon which the Special Allocations provided for in this Exhibit are based are hereafter changed or if new Regulations in the opinion of the reputable tax counsel retained by the Company make it necessary to revise the foregoing special allocation rules or provide further special allocation rules in order to avoid a significant risk that a material portion of any allocation of Profits, Losses or other tax attributes otherwise provided for in Section 7 of the Agreement would be altered as a result of a challenge thereto by the IRS, the Members agree to make such reasonable amendments to this Agreement as, in the opinion of such counsel, are necessary or desirable, taking into account the interests of the Members as a whole and all other relevant factors, to avoid or reduce significantly such risk to the extent possible without materially affecting the amounts distributable to any Member pursuant to this Agreement. EXHIBIT “C” SAMPLE CALCULATIONS OF NET DISTRIBUTABLE CASH SCHEDULE 1 SOURCES AND USES

Appears in 2 contracts

Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)

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Change in Regulations. If any of the specific Regulations upon which the Special Allocations provided for in this Exhibit are based are hereafter changed or if new Regulations in the opinion of the reputable tax counsel retained by the Company make it necessary to revise the foregoing special allocation rules or provide further special allocation rules in order to avoid a significant risk that a material portion of any allocation of Profits, Losses or other tax attributes otherwise provided for in Section 7 of the Agreement would be altered as a result of a challenge thereto by the IRS, the Members agree to make such reasonable amendments to this Agreement as, in the opinion of such counsel, are necessary or desirable, taking into account the interests of the Members as a whole and all other relevant factors, to avoid or reduce significantly such risk to the extent possible without materially affecting the amounts distributable to any Member pursuant to this Agreement. EXHIBIT “CDSAMPLE CALCULATIONS OF NET DISTRIBUTABLE CASH SCHEDULE 1 SOURCES AND USESEXHIBIT “E” 2013-2016 FORECAST BUDGETS EXHIBIT “F” INSURANCE REQUIREMENTS [SUBJECT TO REVIEW BY RISK MANAGEMENT CONSULTANT]

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)

Change in Regulations. If any of the specific Regulations upon which the Special Allocations provided for in this Exhibit are based are hereafter changed or if new Regulations in the opinion of the reputable tax counsel retained by the Company make it necessary to revise the foregoing special allocation rules or provide further special allocation rules in order to avoid a significant risk that a material portion of any allocation of Profits, Losses or other tax attributes otherwise provided for in Section 7 of the Agreement would be altered as a result of a challenge thereto by the IRS, the Members agree to make such reasonable amendments to this Agreement as, in the opinion of such counsel, are necessary or desirable, taking into account the interests of the Members as a whole and all other relevant factors, to avoid or reduce significantly such risk to the extent possible without materially affecting the amounts distributable to any Member pursuant to this Agreement. EXHIBIT “CDSAMPLE CALCULATIONS OF NET DISTRIBUTABLE CASH SCHEDULE 1 SOURCES AND USESINITIAL BUDGET (see attached) EXHIBIT “E” INTENTIONALLY OMITTED EXHIBIT “F” INSURANCE REQUIREMENTS

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)

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Change in Regulations. If any of the specific Regulations upon which the Special Allocations provided for in this Exhibit are based are hereafter changed or if new Regulations in the opinion of the reputable tax counsel retained by the Company make it necessary to revise the foregoing special allocation rules or provide further special allocation rules in order to avoid a significant risk that a material portion of any allocation of Profits, Losses or other tax attributes otherwise provided for in Section 7 of the Agreement would be altered as a result of a challenge thereto by the IRS, the Members agree to make such reasonable amendments to this Agreement as, in the opinion of such counsel, are necessary or desirable, taking into account the interests of the Members as a whole and all other relevant factors, to avoid or reduce significantly such risk to the extent possible without materially affecting the amounts distributable to any Member pursuant to this Agreement. 3 EXHIBIT “CDSAMPLE CALCULATIONS OF NET DISTRIBUTABLE CASH SCHEDULE 1 SOURCES AND USESINITIAL BUDGET EXHIBIT “E” 2012-2015 FORECAST BUDGETS EXHIBIT “F” INSURANCE REQUIREMENTS

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)

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