Distributions of Property. Solely for the purpose of adjusting the Capital Accounts of the Members, and not for tax purposes, if any property is distributed in kind to any Member, the difference between its fair market value (as determined in the reasonable judgment of the Managing Member) and its book value at the time of distribution shall be treated as gain or loss recognized by the Company and allocated pursuant to the provisions of Section 1.3 of this Exhibit.
Appears in 6 contracts
Samples: Limited Liability (Sentio Healthcare Properties Inc), Limited Liability Company Agreement (Sentio Healthcare Properties Inc), Limited Liability Company Agreement (Sentio Healthcare Properties Inc)
Distributions of Property. Solely for the purpose of adjusting the Capital Accounts of the Members, and not for tax purposes, if any property is distributed in kind to any Member, the difference between its fair market value (as determined in the reasonable judgment of the Managing Administrative Member) and its book value Gross Asset Value at the time of distribution shall be treated as gain or loss recognized by the Company LLC and allocated pursuant to the provisions of Section 1.3 of this ExhibitArticle 4.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Condor Hospitality Trust, Inc.), Limited Liability Company Agreement (Condor Hospitality Trust, Inc.), Limited Liability Company Agreement (Condor Hospitality Trust, Inc.)
Distributions of Property. Solely for the purpose of adjusting the Capital Accounts of the MembersPartners, and not for tax purposes, if any property is distributed in kind to any MemberPartner, the difference between its fair market value (as determined in the reasonable judgment of the Managing MemberGeneral Partner) and its book value at the time of distribution shall be treated as gain or loss recognized by the Company Partnership and allocated pursuant to the provisions of Section 1.3 of this Exhibit.Exhibit B.
Appears in 1 contract
Distributions of Property. Solely for the purpose of adjusting the Capital Accounts of the Members, and not for tax purposes, if any property is distributed in kind to any Member, the difference between its fair market value (as determined in the reasonable judgment of the Managing Member) and its book value at the time of distribution shall be treated as gain or loss recognized by the Company and allocated pursuant to the provisions of Section 1.3 1.2 of this Exhibit.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Capital Senior Living Corp)
