Transfers of Membership Interests. All items of Profit and Loss allocable to any Membership Interest that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Approval; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Regulations thereunder.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Capital Southwest Corp), Limited Liability Company Agreement (KCAP Financial, Inc.), Limited Liability Company Operating Agreement (Capital Southwest Corp)
Transfers of Membership Interests. All items of Profit and Loss allocable to any Membership Interest that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Member Approval; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Regulations thereunder.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Sierra Income Corp), Limited Liability Company Operating Agreement (Medley Capital Corp)
Transfers of Membership Interests. All items of Profit and Loss allocable to any Membership Interest Company interest that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Board Approval; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Regulations thereunder.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (BlackRock Capital Investment Corp), Newtek Business Services Corp.
Transfers of Membership Interests. All items of Profit and Loss allocable to any Membership Interest Company interest that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Board Approval; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Regulations thereunder.. Section 5.04
Appears in 1 contract
Samples: Newtek Business Services Corp.
