Common use of Liquidation of Member’s Interest Clause in Contracts

Liquidation of Member’s Interest. If there is a Liquidation of a Member’s interest in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital Account balance, if any, of such Member for the taxable year during which such Liquidation occurs after proper adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

Appears in 14 contracts

Samples: Operating Agreement, Limited Liability Company Agreement (Cottonwood Multifamily Reit Ii, Inc.), Joint Venture Agreement (Cottonwood Multifamily Reit Ii, Inc.)

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Liquidation of Member’s Interest. If there is a Liquidation of a Member’s 's interest in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital Account balance, if any, of such Member for the taxable year during which such Liquidation occurs after proper adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

Appears in 5 contracts

Samples: Operating Agreement (NNN 2003 Value Fund LLC), Operating Agreement (NNN 2002 Value Fund LLC), Operating Agreement (Ridgewood Properties Inc)

Liquidation of Member’s Interest. If there is a Liquidation of a Member’s or Manager’s interest in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital Account balance, if any, of such Member or Manager for the taxable year during which such Liquidation occurs after proper adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

Appears in 4 contracts

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

Liquidation of Member’s Interest. If there is a Liquidation of a Member’s interest Interest or a Manager’s Interest in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital Account balance, if any, of such Member or Manager for the taxable year during which such Liquidation occurs after proper adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

Appears in 4 contracts

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

Liquidation of Member’s Interest. If there is a Liquidation of a Member’s or Manager’s interest in the CompanyFund, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital Account balance, if any, of such Member or Manager for the taxable year during which such Liquidation occurs after proper adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the end of the taxable year of the Company Fund during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

Appears in 2 contracts

Samples: Limited Liability Company Agreement, Operating Agreement

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Liquidation of Member’s Interest. If there is a Liquidation of a Member’s interest Interest or the Manager’s Interest in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital Account balance, if any, of such Member or Manager for the taxable year during which such Liquidation occurs after proper adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Cottonwood Multifamily Opportunity Fund, Inc.)

Liquidation of Member’s Interest. If there is a Liquidation of a -------------------------------- Member’s 's interest in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital Account balance, if any, of such Member for the taxable year during which such Liquidation occurs after proper adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

Appears in 1 contract

Samples: Operating Agreement (T Reit Inc)

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