Initial Distribution. Simultaneous with MGM’s contribution of the Project Assets to the Company, the Company distributed to MGM the amount as set forth on Schedule 6.1, a portion of such distribution was treated as qualifying for the exception to the disguised sales rules of the Code for reimbursements of pre-formation expenditures pursuant to Regulations Section 1.707-4(d).
Appears in 4 contracts
Sources: Limited Liability Company Agreement (MGM Resorts International), Limited Liability Company Agreement (MGM Resorts International), Limited Liability Company Agreement (CityCenter Holdings, LLC)