Changes in Interests. If there is a change in any Member’s interest in the Company during any fiscal year (including a change as a result of a transfer of a Member’s interest or the admission of a new Member), the books of the Company shall be closed on the last day of the month preceding the month in which the change is considered to have occurred in accordance with the following sentence. For the purposes of the preceding sentence, changes in interests during any month shall be treated as having occurred on the first day of that month. The TMP shall make determinations required for tax purposes pursuant to this Section 7.02 in accordance with Section 7.05 hereof and applicable Treasury Regulations. In the event that Treasury Regulations are adopted which require a different treatment from that described above, the TMP is authorized to follow the treatment required by such Regulations.
Appears in 2 contracts
Sources: Operating Agreement (New York Times Co), Operating Agreement (New York Times Co)