Adjustments to Capital Accounts for Distributions of Property. If property distributed in kind is reflected in the Capital Accounts of the Interest Holders at a Gross Asset Value that differs from the fair market value of such property on the date of distribution, the difference shall be treated as Profit or Loss on the sale of the property and shall be allocated to the Interest Holder who received such distribution.
Appears in 4 contracts
Samples: Operating Agreement (Cinergy Corp), Operating Agreement (Cinergy Corp), Limited Liability Company Agreement (Cinergy Corp)
Adjustments to Capital Accounts for Distributions of Property. If property distributed in kind is reflected in the Capital Accounts of the Interest Holders Members at a Gross Asset Value value that differs from the fair market value of such the property on at the date time of distributionDistribution, the difference shall be treated as Profit Profits or Loss Losses on the sale of the property and shall be allocated among the Members, as of the time immediately prior to such Distribution, in accordance with the Interest Holder who received such distributionprovisions of this Article 7.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Maxygen Inc), Limited Liability Company Agreement (Maxygen Inc)
