Common use of Operational Rules Clause in Contracts

Operational Rules. (a) For purposes of Section 8.3, the Capital Account balances of the Members shall be adjusted, prior to determining the amount of any distribution provided for therein, to reflect all prior Company distributions and all distributions made contemporaneously with the distributions provided for in Section 8.3, as well as all Company Net Gain or Net Loss attributable to any distributions previously or contemporaneously made in kind. (b) The valuation of securities distributed in kind shall be made in the manner provided in Article XII. Each class of securities to be distributed in kind shall be distributed to the Members in proportion to their respective shares of the entire amount to be distributed (determined as provided in Sections 8.3 or, with respect to Liquidating Distributions, Section 11.3), except to the extent that a disproportionate distribution of such securities is necessary in order to avoid distributing fractional shares. For purposes of the preceding sentence, each lot of stock or other securities having a separately identifiable tax basis or holding period shall be treated as a separate class of securities.

Operational Rules. (a) For purposes of Section 8.39.3, the Capital Account balances of the Members Partners shall be adjusted, prior to determining the amount of any distribution provided for therein, to reflect all prior Company Partnership distributions and all distributions made contemporaneously with the distributions provided for in Section 8.39.3, as well as all Company Partnership Net Gain or Net Loss attributable to any distributions previously or contemporaneously made in kind. (b) The valuation of securities distributed in kind shall be made in the manner provided in Article XII. X. Each class of securities to be distributed in kind shall be distributed to the Members Partners in proportion to their respective shares of the entire amount to be distributed (determined as provided in Sections 8.3 Section 9.3 or, with respect to Liquidating Distributions, Section 11.312.2), except to the extent that a disproportionate distribution of such securities is necessary in order to avoid distributing fractional shares. For purposes of the preceding sentence, each lot of stock or other securities having a separately identifiable tax basis or holding period shall be treated as a separate class of securities.