Property Distributions. If any assets of the Company shall be distributed in kind pursuant to this Article 7, 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 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 the Distribution.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp)
Property Distributions. If any assets of the Company shall be ----------------------- distributed in kind pursuant to this Article 7, 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 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 the Distribution.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Penn Octane Corp)
