Accounting for Distributions in Kind. For purposes of maintaining Capital Accounts when Company property is distributed in kind: (i) the Company shall treat such property as if it had been sold for its fair market value on the date of distribution, with such fair market value to be determined in accordance with the valuation procedures set forth in Article IX; (ii) any difference between such fair market value and the Company's prior book value in such property for Capital Account purposes shall constitute Net Income or Net Loss, as the case may be, for the Accounting Period ending on and including the date of such distribution and shall be allocated to the Capital Accounts of the Members pursuant to Section 8.1; and (iii) each Member's Capital Account shall be reduced by the fair market value on the date of distribution, as determined in accordance with the valuation procedures set forth in Article IX, of the property distributed to such Member (net of any liabilities secured by such distributed property that such Member is considered to assume or take subject to Section 752 of the Code).
Accounting for Distributions in Kind. For purposes of maintaining Capital Accounts, if Company property is distributed in kind:
(a) The Company shall treat such property as if it had been sold for its fair market value on the date of distribution;
(b) Any difference between the fair market value as so determined (net of any liabilities secured by such property or to which such property is subject) and the cost of such property shall be allocated, as of the time immediately preceding such distribution, to the Capital Accounts of the Members as Net Gain or Net Loss in accordance with this Article 8; and
(c) The Capital Account of any Member receiving a distribution in kind shall be reduced by an amount equal to the fair market value of such property on the date of distribution (net of any liabilities secured by such property or to which such property is subject).
Accounting for Distributions in Kind. For purposes of maintaining Capital Accounts when Company property is distributed in kind;
(i) the Company shall treat such property as if it had been sold for its fair market value on the date of distribution;
(ii) any difference between the fair market value of such property as so determined and the Cost of such property shall be allocated to the Capital Accounts of the Members pursuant to Section 7.3; and
(iii) the Capital Account of any Member receiving a distribution of such property shall be reduced by the fair market value of the property so received, net of any liabilities that such Member is considered to assume or take subject to under Section 752 of the Code.
Accounting for Distributions in Kind. For purposes of maintaining Capital Accounts when Company property is distributed in kind:
(a) The Company shall treat such property as if it had been sold for its Gross Asset Value on the date of distribution;
(b) Any difference between the Gross Asset Value as so determined and the Cost of such property shall constitute Net Gain or Loss and shall be allocated to the Capital Accounts of the Members pursuant to Article IX; and
(c) The Capital Account of any Member receiving a distribution in kind shall be reduced by an amount equal to the fair market value of such property on the date of distribution (net of any liabilities secured by such distributed property that such Member is considered to assume or take subject to under Section 752 of the Code).
Accounting for Distributions in Kind. In the event that the Partnership distributes to a Partner property other than cash, solely for purposes of computing the capital accounts of the respective Partners, such distribution shall be treated as a sale by the Partnership of the property so distributed for an amount equal to the fair market value of such property (with appropriate adjustments for any liability which is assumed or taken subject to by the distributee Partner), and the deemed Profits or Losses, as the case may be, shall be allocated in accordance with Section VII hereof. The fair market values used for purposes of this Section 5.10 in determining the amount of deemed gain or deemed loss shall be determinative of the values of such assets for purposes of determining the amounts of distributions to Partners under Section VIII. Such fair market value shall be determined in the following manner, should the Partners fail to agree on the determination of fair market value within 30 days after such property is proposed to be distributed. Linpro and PCI shall each select an appraiser who is a member of the Appraisal Institute (or its successors) who has at least five (5) years' experience as a real estate appraiser in appraising properties such as the Project and is familiar with the real estate market in which the Project is located. If either party fails to name such an appraiser within 30 days after notice by the other party that the other party has selected an appraiser (such notice to contain the name of such appraiser), the other party may select the second appraiser. The two appraisers so selected shall proceed promptly to determine the fair market value of the property in question, taking into consideration any outstanding indebtedness, liabilities, liens and obligations relating to such property, including the obligations of the Partnership under the C&P Lease. The determination of such fair market value by the two appraisers so selected shall be final and binding upon all parties; and if the two appraisers so selected are unable to agree upon a fair market value within 30 days after the appointment of the second appraiser, said two appraisers shall select a third appraiser (who shall also be a member of the Appraisal Institute, or its successors) who has at least five (5) years' experience as a real estate appraiser in appraising properties such as the Project and is familiar with the real estate market in which the Project is located, and the determination of the third appraiser a...
Accounting for Distributions in Kind. It is anticipated that the ------------------------------------ only in kind distribution made by the Company to the Members will be of Class A Shares following the occurrence of a Triggering Event. The fair market value of such Class A Shares at the time of distribution shall be determined by the Manager in its sole and absolute discretion.
Accounting for Distributions in Kind. For purposes of maintaining Capital Accounts when Partnership property is distributed in kind, (a) the Partnership shall treat such property as if it had been sold for its fair market value on the date of distribution as determined in accordance with Article XII; (b) any difference between the fair market value of such property as so determined and the cost of such property shall constitute Profit or Loss attributable to such distribution and shall be allocated to the Capital Accounts ofthe Partners pursuant to Article X; and
Accounting for Distributions in Kind. For purposes of ------------------------------------ maintaining Capital Accounts when Partnership property is distributed in kind, (a) the Partnership shall treat such property as if it had been sold for its fair market value on the date of distribution as determined in accordance with Article X hereof; (b) any difference between the fair market value of such property as so determined and the Cost of such property shall constitute Net Gain or Loss and shall be allocated to the Capital Accounts of the Partners pursuant to Section 8.3(a), and (c) all property distributed in kind by the Partnership to a Partner shall be debited to that Partner's Capital Account at the fair market value of such property on the date of distribution (net of any liabilities secured by such distributed property that such
Accounting for Distributions in Kind. For purposes of maintaining Capital Accounts when Fund property is distributed in kind, (a) the Fund shall treat such property as if it had been sold for its Fair Market Value on the date of distribution; (b) any difference between the Fair Market Value of such property and the Cost Basis of the Fund in such property shall constitute Net Profit or Net Loss and shall be allocated to the Partners pursuant to this Article; and (c) the Capital Accounts of the Partners who receive a distribution in kind shall be reduced by the Fair Market Value of such property (net of any liabilities secured by such distributed property that such Partner is considered to assume or take subject to under Section 752 of the Code).
Accounting for Distributions in Kind. For purposes of maintaining Capital Accounts when Company property is distributed in kind;
(i) the Company shall treat such property as if it had been sold for its fair market value on the date of distribution;
(ii) any difference between the fair market value of such property as so determined and the Cost of such property shall be allocated to the Capital Accounts of the Members pursuant to Section 7.3; and
(iii) the Capital Account of any Member receiving a distribution of such property shall be reduced by the fair market value of the property so received, net of any
