Common use of Change in Interests Clause in Contracts

Change in Interests. If there is a change in any Member’s interest in the Company during any Fiscal Year, the principles of Section 706(d) of the Code shall apply in allocating Net Income and Net Loss and items thereof for such Fiscal Year to account for the variation. For purposes of applying Section 706(d) of the Code, the Tax Matters Partner may adopt any method or convention permitted under applicable Regulations. If there is a change in the Interest of any Member, then for purposes of applying Section 4.5 with respect to the fiscal period ending on the date of change, the hypothetical liquidating distributions under Section 4.5 shall be made on the basis of the interests of each Member as applied before giving effect to such change.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Adeptus Health Inc.), Limited Liability Company Agreement (Adeptus Health Inc.)

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Change in Interests. If there is a change in any Member’s interest in the Company Interest during any Fiscal Year, the principles of Section 706(d) of the Code shall apply in allocating Net Income and Net Loss and items thereof for such Fiscal Year to account for the variation. For purposes of applying Section 706(d) of the Code), the Tax Matters Partner Manager may adopt any method or convention permitted under applicable Treasury Regulations. If there is a change in the Interest of any Member, then for purposes of applying Section 4.5 9.2 with respect to the fiscal period Fiscal Period ending on the date of change, the hypothetical liquidating distributions under Section 4.5 9.2 shall be made on the basis of the interests Interests of each Member as applied before giving effect to such change.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Theravance Inc), Limited Liability Company Agreement (Theravance Biopharma, Inc.)

Change in Interests. If there is a change in any Member’s interest Interest in the Company LLC during any Fiscal Year, the principles of Section 706(d) of the Code shall apply in allocating Net Income and Net Loss and items thereof for such Fiscal Year to account for the variation. For purposes of applying Section 706(d) of the Code), the Tax Matters Partner Board of Managers may adopt any method or convention permitted under applicable Treasury Regulations. If there is a change in the Interest of any Member, then for purposes of applying Section 4.5 9.2 with respect to the fiscal period Fiscal Period ending on the date of change, the hypothetical liquidating distributions under Section 4.5 9.2 shall be made on the basis of the interests Interests of each Member as applied before giving effect to such change.

Appears in 1 contract

Samples: Limited Liability Company Agreement (pdvWireless, Inc.)

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Change in Interests. If there is a change in any Member’s interest in the Company during any Fiscal Year, the principles of Section 706(d) of the Code shall apply in allocating Net Income Profit and Net Loss and items thereof for such Fiscal Year to account for the variation. For purposes of applying Section 706(d) of the Code, the Tax Matters Partner Company Representative may adopt any method or convention permitted under applicable Regulations. If there is a change in the Interest interest of any Member, then for purposes of applying Section 4.5 5.6 with respect to the fiscal accounting period ending on the date of change, the hypothetical liquidating distributions under Section 4.5 5.6 shall be made on the basis of the interests of each Member as applied before giving effect to such change.

Appears in 1 contract

Samples: Limited Liability Company Agreement (New York REIT, Inc.)

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