Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 32 contracts
Samples: Operating Agreement (Homeland Energy Solutions LLC), Operating Agreement (Highwater Ethanol LLC), Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof; or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 14 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof; or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 8 contracts
Samples: Operating Agreement (Victory Renewable Fuels LLC), Operating Agreement (Cardinal Ethanol LLC), Operating Agreement (Advanced BioEnergy, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Regulations, Section 1.704-1(b)(2)(ii)(g), distributions Distributions shall be made pursuant to this Article X the Liquidation Provisions to the Unit Holders Unitholders who have positive Capital Accounts in compliance with Regulations Regulations, Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Unitholder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributionsCapital Contributions, distributions Distributions and allocations of Profits, Losses and other allocation items for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder Unitholder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions Distributions that would otherwise be made to the Unit Holders Unitholders pursuant to this Article X the Liquidation Provisions may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Unitholders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Unitholders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such the trust by the Company would otherwise have been distributed to the Unit Holders Unitholders pursuant to Section 10.2 7.2 of this the Agreement; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such the withheld amounts shall be distributed to the Unit Holders Unitholders as soon as practicable.
Appears in 7 contracts
Samples: Limited Liability Company Agreement (U. S. Premium Beef, LLC), Limited Liability Company Agreement, Limited Liability Company Agreement (U. S. Premium Beef, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company Company, with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen unforseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof; or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 6 contracts
Samples: Operating Agreement (Iowa Renewable Energy, LLC), Operating Agreement (Western Dubuque Biodiesel, LLC), Operating Agreement (Iowa Renewable Energy, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X 14 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X 14 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent contingent, conditional or unforeseen unmatured liabilities or obligations of the Company, in which case ; the assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement14.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company; provided, provided however, that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 6 contracts
Samples: Operating Agreement (Compass Group Diversified Holdings LLC), Operating Agreement (Compass Group Diversified Holdings LLC), Operating Agreement (Compass Diversified Holdings)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 5 contracts
Samples: Member Control Agreement (Granite Falls Energy, LLC), Member Control Agreement (Heron Lake BioEnergy, LLC), Operating Agreement (Tennessee Valley Agri-Energy, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s 's Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 4 contracts
Samples: Operating Agreement (Southwest Iowa Renewable Energy, LLC), Operating Agreement (Southwest Iowa Renewable Energy, LLC), Operating Agreement (Nedak Ethanol, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X Section 13 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s Capital Account, determined after debiting and crediting such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Yearsincome, including the Fiscal Year during which such liquidation occurs)gain, and loss allocations and distributions occurring prior to dissolution, such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X Section 13 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement13.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, ; provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (General Mills Inc), Limited Liability Company Agreement (General Mills Inc), Limited Liability Company Agreement (General Mills Inc)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case Company (the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof); or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 3 contracts
Samples: Operating Agreement (Advanced BioEnergy, LLC), Operating Agreement, Operating Agreement (Advanced BioEnergy, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X XII to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions distributions, and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X XII may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement12.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 3 contracts
Samples: Operating Agreement, LLC Operating Agreement, Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof; or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement (Advanced BioEnergy, LLC), Operating Agreement (Advanced BioEnergy, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(gl(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2l(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement (East Fork Biodiesel, LLC), Operating Agreement (East Fork Biodiesel, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1.704- 1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement (Gevo, Inc.)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X XII to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions distributions, and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X XII may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement12.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, ; provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement (Atlas Pipeline Partners Lp), Operating Agreement (Atlas Pipeline Partners Lp)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) of the Code (other than a “liquidation” as the result of termination under Section 708(b)(1)(B)) of the Code), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Taxable Years, including the Fiscal Taxable Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X 20 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent contingent, conditional or unforeseen unmatured liabilities or obligations of the Company, in which case ; the assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement20.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company; provided, provided however, that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement (KKR Financial Holdings LLC), Operating Agreement (KKR Financial Holdings LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g1.704- l(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704l.704-1(b)(2)(ii)(b)(2l(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; hereof or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement (Prairie Creek Ethanol LLC), Operating Agreement (Prairie Creek Ethanol LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof; or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement (Golden Grain Energy), Operating Agreement (East Kansas Agri Energy LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1.704- 1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 2 contracts
Samples: Member Control Agreement, Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1.704- 1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof; or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If and any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X Section 11 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement11.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 2 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Norfolk Southern Corp)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.Section
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(21 (b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidatorliquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(gl(b)(2)(ii)(g), distributions shall be made pursuant to this Article X Section 12 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(21 (b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s Capital Account, determined after debiting and crediting such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Yearsincome, including the Fiscal Year during which such liquidation occurs)gain and loss allocations and distributions occurring prior to dissolution, such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X Section 12 may be: :
(ia) distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement12.2; or or
(b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, ; provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event If the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall will be made pursuant to this Article X XII to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such that liquidation occurs), such Unit Holder shall that Member will have no obligation to make any contribution to the capital of the Company with respect to such that deficit, and such that deficit shall will not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X XII may be: :
(i) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall will be distributed to the Unit Holders Members from time to time, in the Liquidator’s reasonable discretion of the Liquidatordiscretion, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement12.2; or or
(bii) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such any withheld amounts shall will be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2)11.2. If any Unit Holder Member has a deficit balance in such Member’s his or her Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a A pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X XI may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the LiquidatorBoard of Managers, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement11.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X 11 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X 11 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assetsAssets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement11.3; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If and any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X Section 11 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement11.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Norfolk Southern Corp)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X XII to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704Section
1. 704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X XIII may be: :
(i) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement13.2 hereof; or or
(bii) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g)l(b)(2)(ii)(g) of the Regulations, (x) distributions shall be made pursuant to this Article X 11 to the Unit Holders Partners who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2l(b)(2)(ii)(b)(2) of the Regulations, and (y) if any General Partner’s Capital Account has a deficit balance (after giving effect to all contributions, distributions, and allocations for all taxable years, including the taxable year during which such liquidation occurs), such General Partner shall contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero in compliance with Section 1.704-1(b)(2)(ii)(b)(3) of the Regulations. If any Unit Holder Limited Partner has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions distributions, and allocations for all Fiscal Yearstaxable years, including the Fiscal Year taxable year during which such liquidation occurs), such Unit Holder Limited Partner shall have no obligation to make any contribution to the capital of the Company Partnership with respect to such deficit, and such deficit shall not be considered a debt owed to the Company Partnership or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Partners pursuant to this Article X 11 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Partners solely for the purposes of liquidating Company assetsPartnership Property, collecting amounts owed to the CompanyPartnership, and paying any contingent or unforeseen liabilities or obligations of the Company, Partnership or of the General Partner arising out of or in which case connection with the Partnership. The assets of any such trust shall be distributed to the Unit Holders Partners from time to time, in the reasonable discretion of the Liquidator, Liquidator in the same proportions as the amount distributed to such trust by the Company Partnership would otherwise have been distributed to the Unit Holders Partners pursuant to Section 10.2 of this Agreement11.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company Partnership liabilities (contingent or otherwise) and to reflect allow for the collection of the unrealized portion of any installment obligations owed to the CompanyPartnership, provided that such withheld amounts shall be distributed to the Unit Holders Partners as soon as practicable. The portion of the distributions that would otherwise have been made to each of the Partners that is instead distributed to a trust pursuant to Section 11.3(a) or withheld to provide a reserve pursuant to Section 11.3(b) shall be determined in the same manner as the expense or deduction would have been allocated if the Partnership had realized an expense equal to such amounts immediately prior to distributions being made pursuant to Section 11.2.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Regulations
Section 1.7041. 704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1.704- 1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1.704- 1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X Section 10 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 10 may be: (ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreementhereof; or (b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In (a) During the Pre-Corporate Period, in the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X 14 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If In such circumstances, if any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. .
(b) In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X 14 may be: :
(i) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case ; the assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement14.2 hereof; or or
(bii) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided provided, however, that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement (Macquarie Infrastructure CO LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X 14 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X 14 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case ; the assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement14.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided provided, however, that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement (Macquarie Infrastructure CO LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X XII to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X XII may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s 's Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement (Homeland Energy Solutions LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(gl(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2l(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (bii) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X XIII to the Unit Members and Interest Holders who have positive Capital Accounts in compliance accordance with Regulations Section 1.704-1(b)(2)(ii)(b)(213.2 (or, if applicable, Section 13.6). If , except that (b) if any Unit Member or Interest Holder has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions distributions, and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Member or Interest Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the LiquidatorBoard, a pro rata portion of the distributions that would otherwise be made to the Unit Members and Interest Holders pursuant to this Article X XIII may be: :
(ia) distributed to a trust established for the benefit of the Unit Members and Interest Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Members arising out of or in connection with the Company, in which case the . The assets of any such trust shall be distributed to the Unit Members and Interest Holders from time to time, in the reasonable discretion of the LiquidatorBoard, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement13.2 (or, if applicable, Section 13.6); or or
(b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Members and Interest Holders as soon as practicablepracticable in accordance with Section 13.2 (or, if applicable, Section 13.6).
Appears in 1 contract
Samples: Limited Liability Company Agreement (MGP Ingredients Inc)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(gl(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2l(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Samples: Operating and Member Control Agreement (Otter Tail Ag Enterprises, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (bii) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (i) distributions shall be made pursuant to this Article X Section 6.2 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2)1(b)(2)(ii)(B)(2) of the Treasury Regulations. If any Unit Holder Member has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X VI may be: :
(i) distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any Company and distributed from such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement6.1; or or
(bii) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company Partnership is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g)1.704- l(b)(2)(ii)(g) of the Regulations, (x) distributions shall be made pursuant to this Article X 11 to the Unit Holders Partners who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2l(b)(2)(ii)(b)(2) of the Regulations, and (y) if any General Partner’s Capital Account has a deficit balance (after giving effect to all contributions, distributions, and allocations for all taxable years, including the taxable year during which such liquidation occurs), such General Partner shall contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero in compliance with Section 1.704-1(b)(2)(ii)(b)(3) of the Regulations. If any Unit Holder Limited Partner has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions distributions, and allocations for all Fiscal Yearstaxable years, including the Fiscal Year taxable year during which such liquidation occurs), such Unit Holder Limited Partner shall have no obligation to make any contribution to the capital of the Company Partnership with respect to such deficit, and such deficit shall not be considered a debt owed to the Company Partnership or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Partners pursuant to this Article X 11 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Partners solely for the purposes of liquidating Company assetsPartnership Property, collecting amounts owed to the CompanyPartnership, and paying any contingent or unforeseen liabilities or obligations of the Company, Partnership or of the General Partner arising out of or in which case connection with the Partnership. The assets of any such trust shall be distributed to the Unit Holders Partners from time to time, in the reasonable discretion of the Liquidator, Liquidator in the same proportions as the amount distributed to such trust by the Company Partnership would otherwise have been distributed to the Unit Holders Partners pursuant to Section 10.2 of this Agreement11.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company Partnership liabilities (contingent or otherwise) and to reflect allow for the collection of the unrealized portion of any installment obligations owed to the CompanyPartnership, provided that such withheld amounts shall be distributed to the Unit Holders Partners as soon as practicable. The portion of the distributions that would otherwise have been made to each of the Partners that is instead distributed to a trust pursuant to Section 11.3(a) or withheld to provide a reserve pursuant to Section 11.3(b) shall be determined in the same manner as the expense or deduction would have been allocated if the Partnership had realized an expense equal to such amounts immediately prior to distributions being made pursuant to Section 11.2.
Appears in 1 contract
Samples: Limited Partnership Agreement (Hospital of Fulton, Inc.)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g1.704- l(b)(2)(ii)(g), distributions shall be made pursuant to this Article X Section 12 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company CX is “"liquidated” " within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (i) distributions shall be made pursuant to this Article X Section 12.3 to the Unit Holders Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2)1(b)(2)(ii)(B)(2) of the Treasury Regulations. If any Unit Holder Member has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company CX with respect to such deficit, and such deficit shall not be considered a debt owed to the Company CX or to any other Person person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Mem-bers pursuant to this Article X XII may be: :
(i) distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the CompanyCX, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any CX and distributed from such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company CX would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement12.2; or or
(bii) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the CompanyCX, provided that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement (Xethanol Corp)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), (a) distributions shall be made pursuant to this Article X Section 12 to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s his Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X Section 12 may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the . The assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement12.2 hereof; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.. lvi 4850-8819-3010\6 LP BIOSCIENCES LLC amended and restated operating agreement
Appears in 1 contract
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g1.704‑1(b)(2)(ii)(g), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(21.704‑1(b)(2)(ii)(b)(2). If any Unit Holder has a deficit balance in such Member’s Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Years, including the Fiscal Year during which such liquidation occurs), such Unit Holder shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders pursuant to this Article X may be: (i) distributed to a trust established for the benefit of the Unit Holders for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company, in which case the assets of any such trust shall be distributed to the Unit Holders from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders pursuant to Section 10.2 of this Agreement; or (b) withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company, provided that such withheld amounts shall be distributed to the Unit Holders as soon as practicable.
Appears in 1 contract
Samples: Operating Agreement (Southwest Iowa Renewable Energy, LLC)
Compliance with Certain Requirements of Regulations; Deficit Capital Accounts. In the event the Company is “liquidated” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g) (other than a “liquidation” as the result of termination under Section 708(b)(1)(B)) of the Code), distributions shall be made pursuant to this Article X to the Unit Holders who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Unit Holder Member has a deficit balance in such Member’s its Capital Account (after giving effect to all contributions, distributions and allocations for all Fiscal Allocation Years, including the Fiscal Allocation Year during which such liquidation occurs), such Unit Holder Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever. In the discretion of the Liquidator, a pro rata portion of the distributions that would otherwise be made to the Unit Holders Members pursuant to this Article X XVIII may be: :
(ia) distributed Distributed to a trust established for the benefit of the Unit Holders Members for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent contingent, conditional or unforeseen unmatured liabilities or obligations of the Company, in which case ; the assets of any such trust shall be distributed to the Unit Holders Members from time to time, in the reasonable discretion of the Liquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Unit Holders Members pursuant to Section 10.2 of this Agreement18.2; or or
(b) withheld Withheld to provide a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment obligations owed to the Company; provided, provided however, that such withheld amounts shall be distributed to the Unit Holders Members as soon as practicable.
Appears in 1 contract