Intention to Comply with Regulations. The Members intend for the Company’s allocations of Profit and Loss to comply with Code Sections 704(b) and 704(c) and the corresponding Regulations. Accordingly, the Members agree that, notwithstanding any other provision of this Agreement, the Company may revise such allocations to the extent the Managing Member determines, after consultation with the Company’s accountants or tax counsel, that such revision is necessary or desirable for the Company’s allocations to comply with the Code and Regulations.
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Samples: Operating Agreement (Rock Fund VII-A, LLC), Operating Agreement (Rock Fund VII-A, LLC), Operating Agreement (TRP Fund VII LLC)
Intention to Comply with Regulations. The Members intend for the Company’s allocations of Profit Net Income and Net Loss to comply with Code Sections 704(b) and 704(c) and the corresponding Regulations. Accordingly, the Members agree that, notwithstanding any other provision of this Agreement, the Company may revise such allocations to the extent the Managing Member determines, after consultation with the Company’s accountants or tax counsel, that such revision is necessary or desirable for the Company’s allocations to comply with the Code and Regulations.
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