Compliance with Treasury Regulations. The foregoing provisions of this Section 3 are intended to comply with Treasury Regulation sections 1.704-1, 1.704-2 and 1.752-1 through 1.752-5, and shall be interpreted and applied in a manner consistent with such Treasury Regulations. In the event it is determined by a Majority in Interest that it is prudent or advisable to so amend this Agreement in order to comply with such Treasury Regulations, such Majority in Interest is empowered to amend or modify this Agreement without the consent of all the Members, notwithstanding any other provision of this Agreement. (k)
Appears in 2 contracts
Samples: Operating Agreement (First American Capital Corp /Ks), Operating Agreement (First American Capital Corp /Ks)
Compliance with Treasury Regulations. The foregoing provisions of this Section 3 are intended to comply with Treasury Regulation sections §§ 1.704-1, 1.704-2 and 1.752-1 through 1.752-5, and shall will be interpreted and applied in a manner consistent with such Treasury Regulations. In the event it is determined by a Majority in Interest that it is prudent or advisable to so amend this Agreement in order to comply with such Treasury Regulations, such Majority in Interest is empowered to amend or modify this Agreement without the consent of all the Members, notwithstanding any other provision of this the Agreement. (k).
Appears in 1 contract
Compliance with Treasury Regulations. The foregoing provisions of this Section 3 are intended to comply with Treasury Regulation sections §§ 1.704-1, 1.704-2 and 1.752-1 through 1.752-5, and shall be interpreted and applied in a manner consistent with such Treasury Regulations. In the event it is determined by a Majority in Interest that it is prudent or advisable to so amend this Agreement in order to comply with such Treasury Regulations, such Majority in Interest is empowered to amend or modify this Agreement without the consent of all the MembersPartners, notwithstanding any other provision of this Agreement. (k).
Appears in 1 contract
Samples: Limited Partnership Agreement (Innsuites Hospitality Trust)
Compliance with Treasury Regulations. The foregoing provisions of this Section 3 are intended to comply with Treasury Regulation sections 1.704-1§§ 1.704‑1, 1.704-2 1.704‑2 and 1.752-1 1.752‑1 through 1.752-51.752‑5, and shall will be interpreted and applied in a manner consistent with such Treasury Regulations. In the event it is determined by a Majority in Interest that it is prudent or advisable to so amend this Agreement in order to comply with such Treasury Regulations, such Majority in Interest is empowered to amend or modify this Agreement without the consent of all the Members, notwithstanding any other provision of this the Agreement. (k).
Appears in 1 contract
Samples: Limited Liability Company Agreement (IMH Financial Corp)
Compliance with Treasury Regulations. The foregoing provisions of this Section 3 of the Tax Exhibit are intended to comply with Treasury Regulation sections 1.704-1§§ 1.704‑1, 1.704-2 1.704‑2 and 1.752-1 1.752‑1 through 1.752-51.752‑5, and shall will be interpreted and applied in a manner consistent with such Treasury Regulations. In the event it is determined by a Majority in Interest that it is prudent or advisable to so amend this Agreement in order to comply with such Treasury Regulations, such Majority in Interest is empowered to amend or modify this Agreement without the consent of all the Members, notwithstanding any other provision of this the Agreement. (k).
Appears in 1 contract
Samples: Operating Agreement (Aspen Mortgage Income Fund II, LLC)