Revaluation. At such times as may be required or permitted by Code Section 704 and any regulations thereunder, the Capital Accounts shall be revalued and adjusted to reflect the then fair market value of Company Property. The Capital Accounts shall be maintained in compliance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f). All allocations of gain resulting from such revaluation shall be made consistently with Treasury Regulation Section 1.704-1(b)(2)(iv)(f) and, to the extent not inconsistent therewith, provisions of Section 4.2 on the allocation of Net Profits.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Metropolis Realty Holdings LLC), Limited Liability Company Agreement (Metropolis Realty Holdings LLC), Limited Liability Company Agreement (Metropolis Realty Trust Inc)
Revaluation. At such times as may be required or permitted by Code Section 704 and any regulations Regulations thereunder, the Capital Accounts shall be revalued and adjusted to reflect the then fair market value of Company Propertythe Company’s property. The Capital Accounts shall be maintained in compliance with Treasury Regulation Section 1.704-1(b)(2)(iv)(f). All allocations of gain resulting from such revaluation shall be made consistently with Treasury Regulation regulation Section 1.704-1(b)(2)(iv)(f) and, to the extent not inconsistent therewith, provisions of Section 4.2 6.1 on the allocation of Net ProfitsProfit.
Appears in 1 contract
