Common use of Compliance with Code Clause in Contracts

Compliance with Code. The allocations and maintenance of Capital Accounts provisions contained in this Agreement are intended to comply with 26 U.S. Code § 704 and shall be interpreted in a manner consistent with such regulations. The Company may, by action of the Manager, and without the consent of any Member, amend the provisions of the Agreement and the manner in which profits and losses (or other items) are allocated to the extent (but only to the extent) necessary to comply with 26 U.S. Code § 704.

Appears in 7 contracts

Samples: Operating Agreement (Rockstar Capital Group, LLC), Amended Operating Agreement (Rockstar Capital Group, LLC), Operating Agreement (ILS Fixed Horizon LLC)

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Compliance with Code. The allocations and maintenance of Capital Accounts provisions contained in this Agreement are intended to comply with 26 U.S. Code § the Section 704 Regulations and shall be interpreted in a manner consistent with such regulations. The Company Fund may, by action of the Manager, and without the consent of any Member, amend the provisions of the Agreement and the manner in which profits and losses (or other items) are allocated to the extent (but only to the extent) necessary to comply with 26 U.S. Code § 704the Section 704 Regulations.

Appears in 2 contracts

Samples: Operating Agreement (Tuscan Gardens Secured Income Fund LLC), Operating Agreement (Tuscan Gardens Secured Income Fund LLC)

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