Preventative Gross Income Allocation. Special allocations of Profit (or items thereof) may be made to any Member if the Managing Member determines that such Member’s Capital Account would otherwise have a deficit capital account balance that (in absolute value) exceeds the maximum deficit balance that would be permitted under the 704(b) Regulations.
Appears in 3 contracts
Samples: Operating Agreement (Rock Fund VII-A, LLC), Operating Agreement (Rock Fund VII-A, LLC), Operating Agreement (TRP Fund VII LLC)
Preventative Gross Income Allocation. Special allocations of Profit Net Income (or items thereof) may be made to any Member if the Managing Member determines that such Member’s Capital Account would otherwise have a deficit capital account balance that (in absolute value) exceeds the maximum deficit balance that would be permitted under the 704(b) Regulations.
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