Company Nonrecourse Deductions. Nonrecourse Deductions of the Company shall be allocated between the Members in proportion to the Losses or Profits (as the case may be) that are otherwise allocated to the Members pursuant to Section 4.1; provided, however, that in the event such allocation of Nonrecourse Deductions is not reasonably consistent (within the meaning of Regulations Section 1.704-2) with allocations of some other significant Company item attributable to the property securing the related Nonrecourse Debt, the Managers shall have the discretion to make allocations that will satisfy the requirements of such Regulations.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Collins Growth & Income Fund LLC), Limited Liability Company Operating Agreement (Collins Growth & Income Fund LLC), Limited Liability Company Operating Agreement (Collins Growth & Income Fund LLC)
Company Nonrecourse Deductions. Nonrecourse Deductions of the Company shall be allocated between the Members in proportion to the Losses or Profits (as the case may be) that are otherwise allocated to the Members pursuant to Section 4.1; provided, however, that in the event such allocation of Nonrecourse Deductions is not reasonably consistent (within the meaning of Regulations Section 1.704-2) with allocations of some other significant Company item attributable to the property securing the related Nonrecourse Debt, the Managers Chief Manager shall have the discretion to make allocations that will satisfy the requirements of such Regulations.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Collins Growth & Income Fund LLC)
