Publicly Traded Partnership Restrictions. No Transfer by a Non-Managing Member of its Membership Interests, any Redemption, or any other acquisition of Membership Units by the Company or the Managing Member may be made to or by any person if the Managing Member determines, in its reasonable discretion, that such Transfer, Redemption or acquisition creates a material risk that the Company will be classified as a publicly traded partnership under Section 7704 of the Code.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Morgans Hotel Group Co.), Limited Liability Company Agreement (Morgans Hotel Group Co.)
Publicly Traded Partnership Restrictions. No Transfer by a Non-Managing Member or the Managing Member of its Membership Interests, any Redemption, Interests or any other acquisition of Membership Units by the Company or the Managing Member may be made to or by any person if the Managing Member determines, in its reasonable discretion, that such Transfer, Redemption Transfer or acquisition creates a material risk that the Company will be classified as a publicly traded partnership under Section 7704 of the Code.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Morgans Hotel Group Co.)
Publicly Traded Partnership Restrictions. No Transfer by a the Non-Managing Member or the Managing Member of its Membership Interests, any Redemption, Interests or any other acquisition of Membership Units by the Company or the Managing Member may be made to or by any person if the Managing Member determines, in its reasonable discretion, that such Transfer, Redemption Transfer or acquisition creates a material risk that the Company will be classified as a publicly traded partnership under Section 7704 of the Code.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Morgans Hotel Group Co.)
