Certain Elections. In the event that a distribution of any of the Company’s assets is made in the manner provided in Code Section 734, where a transfer of an interest in the Company permitted by this Agreement is made in the manner provided in Code Section 743, or in any other circumstance permitting an election to be made under Section 754 of the Code, then, upon the request and at the expense of any Member, the Company shall file an election under Code Section 754, in accordance with procedures set forth in the applicable Regulations. The Members’ Capital Accounts shall be adjusted in accordance with Regulations Section 1.704-1(b)(2)(iv)(m). Each Member shall provide the Company with all information necessary to give effect to any election under Code Section 754.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement (Liberty Property Limited Partnership), Limited Liability Company Operating Agreement (Liberty Property Limited Partnership)