In-Kind Distribution. Except as otherwise expressly provided herein, without the prior approval of the Manager, Assets of the Company, other than cash, shall not be distributed in-kind to the Members. If any Assets of the Company are distributed to the Members in-kind for purposes of this Agreement, such Assets shall be valued on the basis of the Gross Asset Value thereof (without taking into account section 7701(g) of the Code) on the date of Distribution; and any Member entitled to any Interest in such Assets shall receive such Interest as a tenant-in-common with the other Member(s) so entitled with an undivided Interest in such Assets in the amount and to the extent provided for in Articles 4 and 2.2 of the Agreement. Upon such Distribution, the Capital Accounts of the Members shall be adjusted to reflect the amount of gain or loss that would have been allocated to the Members pursuant to the appropriate provision of this Agreement had the Company sold the Assets being distributed for their Gross Asset Value (taking into account section 7701(g) of the Code) immediately prior to their Distribution.
In-Kind Distribution. Assets of the Company (other than cash) shall not be distributed in kind to the Members without the prior written approval of the Members.
In-Kind Distribution. Except as otherwise expressly provided herein, without the prior approval of the Manager, Assets of the Company, other than cash, shall not be distributed in-kind to the Members. If any Assets of the Company are distributed to the Members in-kind for purposes of this Agreement, such Assets shall be valued on the basis of the Gross Asset Value thereof (without taking into account section 7701(g) of the Code) on the date of Distribution; and any Member entitled to any Interest in such Assets shall receive such Interest as a tenant-in-common with the other Member(s) so entitled with an undivided Interest in such Assets in the amount and to the extent provided for in Articles 4 and 2.2 of the Agreement. Upon such Distribution, the earnings and profits of the Company shall be adjusted for any gain or loss pursuant to section 311(b) of the Code.
In-Kind Distribution. Subject to Section 10.06, assets of the Company (other than cash) shall not be distributed in kind to the Members without approval of the Co-Managing Member. In the event of any distribution of real property in kind, each Member hereby waives any right of partition in respect thereof.
In-Kind Distribution. Except as otherwise expressly provided herein, without the prior approval of the Manager, assets of the Company, other than cash, shall not be distributed inkind to the Members. If any assets of the Company are distributed to the Members in kind for purposes of this Agreement, such assets shall be valued on the basis of the Gross Asset Value thereof (without taking into account section 7701(g) of the Code) on the date of Distribution; and any Member entitled to any Interests in such Assets shall receive such Interest as a tenant in common with the other Member(s) so entitled with an undivided Interest in such assets in the amount and to the extent provided for in Articles 4 and 2.2 of the Agreement. Upon such Distribution, the Capital Accounts of the Members shall be adjusted to reflect the amount of gain or loss that would have allocated to the Members pursuant to the appropriate provision of this Agreement had the Company sold the Assets being distributed for their Gross Asset Value (taking into account section 7701(g) of the Code) immediately prior to their Distribution.
In-Kind Distribution. Except as otherwise expressly provided herein, assets of the Company, other than cash shall not be distributed in kind to the Members, without the prior approval of the Manager. If any assets of the Company are distributed to the Members in kind for purposes of this Agreement, such assets shall be valued on the basis of the Gross Asset Value thereof (without taking into account Section 7701(g) of the Code) on the date of distribution; and any Member entitled to any interest in such assets shall receive such interest as a tenant-in-common with the other Member(s) so entitled with an undivided interest in such assets in the amount and to the extent provided for in Section 10.1. Upon such distribution, the Capital Accounts of the Members shall be adjusted to reflect the amount of gain or loss that would have been allocated to the Members pursuant to the appropriate provision of this Agreement and the Company sold the assets being distributed for their Gross Asset Value (taking into account Section 7701(g) of the Code) immediately prior to their distribution.
In-Kind Distribution. If any assets of the Partnership are distributed in kind to the Partners, those assets shall be valued on the basis of their fair market value, as determined by an appraiser selected by the General Partner and any Partner entitled to receive such assets may receive an interest in such assets as a tenant-in-common with all other Partners so entitled.
In-Kind Distribution. Except as otherwise expressly provided herein, without the prior approval of the General Partner, Assets of the Company, other than cash, shall not be distributed in-kind to the Limited Partners. If any Assets of the Company are distributed to the Limited Partners in-kind for purposes of this Agreement, such Assets shall be valued on the basis of the Gross Asset Value thereof (without taking into account section 7701(g) of the Code) on the date of Distribution; and any Limited Partner entitled to any Interest in such Assets shall receive such Interest as a tenant-in-common with the other Limited Partner(s) so entitled with an undivided Interest in such Assets in the amount and to the extent provided for in Articles 4 and 2.2 of the Agreement. Upon such Distribution, the Capital Accounts of the Limited Partners shall be adjusted to reflect the amount of gain or loss that would have been allocated to the Limited Partners pursuant to the appropriate provision of this Agreement had the Company sold the Assets being distributed for their Gross Asset Value (taking into account section 7701(g) of the Code) immediately prior to their Distribution.
In-Kind Distribution. Except as otherwise expressly provided herein, assets of the Fund, other than cash, shall not be distributed, in kind, to the Members, without the prior approval of the Manager.
In-Kind Distribution. If any assets of the Company are distributed in kind to the Members, those assets shall be valued on the basis of their fair market value, as determined by an appraiser selected by the Board and any Member entitled to receive such assets may receive an interest in such assets as a tenant-in-common with all other Members so entitled.
