Common use of Property Distributions and Installment Sales Clause in Contracts

Property Distributions and Installment Sales. If any assets of the Company shall be distributed in kind pursuant to this Article 5, such assets shall be distributed to the Members entitled thereto in the same proportions as the Members would have been entitled to cash Distributions. The amount by which the fair market value of any property to be distributed in kind to the Members exceeds or is less than the then prevailing Asset Value of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Members as if such property had been sold at its fair market value immediately prior to such Distribution. If any assets are sold in transactions in which, by reason of Section 453 of the Code, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company for purposes of allocation of Net Profit or Net Loss under this Article 5 and, if such sales shall involve substantially all the assets of the Company, the Company shall be deemed to have been dissolved and terminated notwithstanding any election by the Members to continue the Company for purposes of collecting the proceeds of such sales.

Property Distributions and Installment Sales. If any assets of the Company a Series shall be distributed in kind pursuant to this Article 5VII, such assets shall be distributed to the Members entitled thereto in the same proportions as the such Members would have been entitled to cash Distributions. The amount by which the fair market value Fair Market Value of any property to be distributed in kind to the such Members exceeds or is less than the then prevailing Asset Value of such property shall, to the extent not otherwise recognized by the Companysuch Series, be taken into account in determining Net Profit and Net Loss and determining the Series Capital Accounts of the its Members as if such property had been sold at its fair market value Fair Market Value immediately prior to such the Distribution. If any assets are sold in transactions in which, by reason of the provisions of Section 453 of the CodeCode or any successor thereto, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company such Series for purposes of allocation of Net Profit or Net Loss under this Article 5 VII, and, if such sales shall involve substantially all the assets of the CompanyCompany or such Series, the Company or such Series shall be deemed to have been dissolved and terminated notwithstanding any election by the Members to continue the Company or such Series, as the case may be, for purposes of collecting the proceeds of such sales.

Property Distributions and Installment Sales. If any assets of The Manager may from time to time including upon liquidation determine to distribute property other than cash to the Company Members. In such a case, such in-kind Distribution shall be distributed in kind pursuant to this Article 5, such assets shall be distributed made to the Members entitled thereto in the same proportions as the Members would have been entitled to cash Distributionsdistributions. The amount by which the fair market value of any property to be distributed in kind to the Members exceeds or is less than the then prevailing Asset Value tax basis of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Members as if such property had been sold at its fair market value immediately prior to such Distributionits distribution. If any assets are sold in transactions in which, by reason of Section the provisions of section 453 of the CodeCode or any successor thereto, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company for purposes of allocation of Net Profit or Net Loss under this Article 5 6, and, if such sales shall involve substantially all the assets of the Company, the Company shall be deemed to have been dissolved and terminated notwithstanding any election by the Members to continue the Company for purposes of collecting the proceeds of such sales.

Property Distributions and Installment Sales. If any assets of the Company shall be distributed in kind pursuant to this Article 57, such assets shall be distributed to the Members entitled thereto in the same proportions proportion as the Members would have been entitled to cash Distributionsdistributions. The amount by which the fair market value of any property to be distributed in kind to the Members exceeds or is less than the then prevailing Asset Value book values of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Members as if such property had been sold at its fair market value immediately prior to such Distributionvalue. If any assets are sold in transactions in which, by reason of Section the provisions of section 453 of the CodeCode or any successor thereto, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company for purposes of allocation of Net Profit or Net Loss under this Article 5 7, and, if such sales shall involve substantially all the assets of the Company, the Company shall be deemed to have been dissolved and terminated to the extent required by the Treasury Regulations under section 704(b) of the Code notwithstanding any election by the Members to continue the Company for purposes of collecting the proceeds of such sales.

Property Distributions and Installment Sales. If any assets of The Members may from time to time determine to distribute property other than cash to the Company Members. In such a case, such in-kind Distribution shall be distributed in kind pursuant to this Article 5, such assets shall be distributed made to the Members entitled thereto in the same proportions as the Members would have been entitled to cash Distributionsdistributions. The amount by which the fair market value of any property to be distributed in kind to the Members exceeds or is less than the then prevailing Asset Book Value of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Members as if such property had been sold at its fair market value immediately prior to such Distributionits distribution. If any assets are sold in transactions in which, by reason of Section the provisions of section 453 of the CodeCode or any successor thereto, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company for purposes of allocation of Net Profit or Net Loss under this Article 5 7, and, if such sales shall involve substantially all the assets of the Company, the Company shall be deemed to have been dissolved and terminated notwithstanding any election by the Members to continue the Company for purposes of collecting the proceeds of such sales.

Property Distributions and Installment Sales. If any assets of The Required Members may from time to time determine to distribute property other than cash to the Company Members. In such a case, such in-kind Distribution shall be distributed in kind pursuant to this Article 5, such assets shall be distributed made to the Members entitled thereto in the same proportions as the Members would have been entitled to cash Distributionsdistributions. The amount by which the fair market value of any property to be distributed in kind to the Members exceeds or is less than the then prevailing Asset Book Value of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Members as if such property had been sold at its fair market value immediately prior to such Distributionits distribution. If any assets are sold in transactions in which, by reason of Section the provisions of section 453 of the CodeCode or any successor thereto, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company for purposes of allocation of Net Profit or Net Loss under this Article 5 7, and, if such sales shall involve substantially all the assets of the Company, the Company shall be deemed to have been dissolved and terminated notwithstanding any election by the Members to continue the Company for purposes of collecting the proceeds of such sales.

Property Distributions and Installment Sales. If any assets of the Company shall be distributed in kind pursuant to this Article 5VII, such assets shall be distributed to the Members entitled thereto in the same proportions as the Members would have been entitled to cash Distributions. The amount by which the fair market value Fair Market Value of any property to be distributed in kind to the Members exceeds or is less than the then prevailing Asset Value of such property shall, to the extent not otherwise recognized by the Company, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Members as if such property had been sold at its fair market value Fair Market Value immediately prior to such the Distribution. If any assets are sold in transactions in which, by reason of the provisions of Section 453 of the CodeCode or any successor thereto, gain is realized but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company for purposes of allocation of Net Profit or Net Loss under this Article 5 VII, and, if such sales shall involve substantially all the assets of the Company, the Company shall be deemed to have been dissolved and terminated notwithstanding any election by the Members to continue the Company for purposes of collecting the proceeds of such sales.