Common use of Exempt Members Clause in Contracts

Exempt Members. The Board shall use its commercially reasonable best efforts consistent with the terms of this Agreement to conduct the affairs of the Company in a manner that does not cause any Member exempt from income taxation pursuant to Section 401 or Section 501 of the Code, to be allocated from the Company any "unrelated business taxable income" (as that term is defined in Section 512 of the Code) ("UBTI"); provided, however, that this Section 4.8 shall not limit the ability of the Company to incur indebtedness to the extent permitted under Section 4.9.

Exempt Members. The Board shall use its commercially reasonable best efforts consistent with the terms of this Agreement to conduct the affairs of the Company in a manner that does not cause any Member exempt from income taxation pursuant to Section 401 or Section 501 of the Code, to be allocated from the Company any "“unrelated business taxable income" ” (as that term is defined in Section 512 of the Code) ("“UBTI"”); provided, however, that this Section 4.8 4.14 shall not limit the ability of the Company to incur indebtedness to the extent permitted under Section 4.94.8.

Exempt Members. The Board shall use its commercially reasonable best efforts consistent with the terms of this Agreement to conduct the affairs of the Company in a manner that does not cause any Member exempt from income taxation pursuant to Section 401 or Section 501 of the Code, to be allocated from the Company any "unrelated business taxable income" (as that term is defined in Section 512 of the Code) ("UBTI"); provided, however, that this Section 4.8 4.14 shall not limit the ability of the Company to incur indebtedness to the extent permitted under Section 4.94.8.