Common use of Section 1031 Exchanges Clause in Contracts

Section 1031 Exchanges. If any Member desires to defer income recognition in connection with the sale of an asset by the Company under Code Section 1031, and the Managers so approve, but one or more other Members do not desire to do so with respect to their indirect economic interest in such asset, such other Members agree to cooperate with such Member and the Managers in restructuring the sale of such asset as a like-kind exchange under Code Section 1031 with respect to the indirect economic interest in such asset of such Member, to the extent possible, provided, however, that amount of the cash received by such other Members in connection with such restructured sale is the same as it would have been (and is received not later than it would have been received) if the sale were not restructured as a like-kind exchange.