Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 32 contracts
Samples: Operating Agreement (Homeland Energy Solutions LLC), Operating Agreement (Highwater Ethanol LLC), Operating Agreement (Homeland Energy Solutions LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 27 contracts
Samples: Operating Agreement, Operating Agreement (Siouxland Renewable Holdings, LLC), Operating Agreement
Qualified Income Offset. In the event any Member Owner unexpectedly receives any adjustments, allocations, or distributions described in Sections section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company Trust income and gain shall be specially allocated to such Member the Owner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Owner as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c7.03(c) shall be made only if and to the extent that the Member Owner would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III VII have been tentatively made as if this Section 3.3(c7.03(c) were not in the this Agreement.
Appears in 15 contracts
Samples: Trust Agreement, Trust Agreement (National Collegiate Student Loan Trust 2006-3), Trust Agreement (National Collegiate Funding LLC)
Qualified Income Offset. In the event that any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Regulations Sections 1.704-1.704- 1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c5.3(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III V have been tentatively made as if this Section 3.3(c5.3(c) were not in the this Agreement.
Appears in 13 contracts
Samples: Limited Liability Company Agreement (Oasis Midstream Partners LP), Limited Liability Company Agreement (Oasis Midstream Partners LP), Contribution and Simplification Agreement (Oasis Petroleum Inc.)
Qualified Income Offset. In the event any Member Unitholder unexpectedly receives any adjustments, allocations, or distributions Distributions described in Regulations, Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member the Unitholder in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Unitholder as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member Unitholder would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the Agreement.this Appendix E.
Appears in 11 contracts
Samples: Limited Liability Company Agreement (U. S. Premium Beef, LLC), LLC Agreement, Limited Liability Company Agreement (U. S. Premium Beef, LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c5.6(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 5 have been tentatively made as if this Section 3.3(c5.6(c) were not in the Agreement.
Appears in 8 contracts
Samples: Operating Agreement (Granite Falls Energy, LLC), Operating Agreement (Granite Falls Energy, LLC), Operating Agreement (Granite Falls Energy, LLC)
Qualified Income Offset. In the event any Member Unit Holder unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member Unit Holder in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Unit Holder as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member Unit Holder would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 7 contracts
Samples: Member Control Agreement (Granite Falls Energy, LLC), Member Control Agreement, Member Control Agreement (Heron Lake BioEnergy, LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 6 contracts
Samples: Operating Agreement (Iowa Renewable Energy, LLC), Operating Agreement (Central Iowa Energy, LLC), Operating Agreement (Iowa Renewable Energy, LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided provided, that an allocation pursuant to this Section 3.3(c5.3(b) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 5 have been tentatively made as if this Section 3.3(c) were not in the Agreementmade.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (Plains All American Pipeline Lp), Limited Liability Company Agreement (Plains All American Pipeline Lp), Limited Liability Company Agreement (Plains All American Pipeline Lp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible; provided, provided that an allocation pursuant to this Section 3.3(c4.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 4 have been tentatively made as if this Section 3.3(c4.3(c) were not in the this Agreement.
Appears in 6 contracts
Samples: Operating Agreement (Compass Group Diversified Holdings LLC), Operating Agreement (Compass Group Diversified Holdings LLC), Operating Agreement (Compass Diversified Holdings)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 4 have been tentatively made as if this Section 3.3(c4.3(c) were not in the this Amended Agreement.
Appears in 4 contracts
Samples: Operating Agreement (Macquarie Infrastructure CO LLC), Operating Agreement (Macquarie Infrastructure CO LLC), Operating Agreement (Macquarie Infrastructure CO Trust)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Kansas City Southern), Limited Liability Company Agreement (Norfolk Southern Corp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5(5) or (6), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain (consisting of a pro rata portion of each item of Company income, including gross income, and gain for such year) shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.3(c) shall be made only if and only to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III IV have been tentatively made as if this Section 3.3(c4.3(c) were not in the this Agreement.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Federal National Mortgage Association Fannie Mae), Limited Liability Company Agreement (Federal Home Loan Mortgage Corp), Limited Liability Company Agreement (Federal Home Loan Mortgage Corp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c6.2(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III VI have been tentatively made as if this Section 3.3(c6.2(c) were not in the Agreementapplicable.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (JGWPT Holdings Inc.), Limited Liability Company Agreement (JLL JGW Distribution, LLC), Limited Liability Company Agreement (JGWPT Holdings Inc.)
Qualified Income Offset. In the event any Member shall unexpectedly receives receive any adjustments, allocations, allocations or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain there shall subsequently be specially allocated to such Member in an amount items of income and manner sufficient gain so as to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible; provided, provided however, that an allocation pursuant to this Section 3.3(c1(c) shall be made only if if, and to the extent that the extent, such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Exhibit C, other than those required by this Section 1(c), have been tentatively made as if this Section 3.3(c) were not in the Agreementmade.
Appears in 3 contracts
Samples: Operating Agreement (GreenSky, Inc.), Operating Agreement (GreenSky, Inc.), Operating Agreement (GreenSky, Inc.)
Qualified Income Offset. In the event that any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c3.3(a) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.3(a) were not in the this Operating Agreement.
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Qualified Income Offset. In the event any Member Unit Holder unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member Unit Holder in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member Unit Holder would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 3 contracts
Samples: Operating Agreement (Nedak Ethanol, LLC), Operating Agreement (Nedak Ethanol, LLC), Operating Agreement (Nedak Ethanol, LLC)
Qualified Income Offset. In the event any If a Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible; provided, provided however, that an allocation pursuant to this Section 3.3(c4.5(b) shall be made only if and only to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III IV have been tentatively made as if this Section 3.3(c4.5(b) were not in the this Agreement.
Appears in 3 contracts
Samples: Securities Purchase Agreement (Nord Anglia Education, Inc.), Limited Liability Company Agreement, Transaction Agreement (Nord Anglia Education, Inc.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c6.3(c) shall be made only if and only to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 6 have been tentatively made as if this Section 3.3(c6.3(c) were not in the Agreement.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Diamond Resorts Parent, LLC), Limited Liability Company Operating Agreement (Diamond Resorts Parent, LLC), Limited Liability Company Agreement (Diamond Resorts Parent, LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) Subsection 3.3.3 shall be made only if and only to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 3 have been tentatively made as if this Section 3.3(c) Subsection 3.3.3 were not in the Agreement.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Longview Clinic Operations Company, LLC), Limited Liability Company Agreement (Quorum Health Group Inc), Limited Liability Company Agreement (Quorum Health Group Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1.704- 1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Member Control Agreement
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1.704- 1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Qualified Income Offset. In the event that any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (General Mills Inc), Limited Liability Company Agreement (General Mills Inc), Limited Liability Company Agreement (General Mills Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections sections 1.704-1(b)(2)(ii)(d)(41(b)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.2(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III IV have been tentatively made as if this Section 3.3(c4.2(c) were not in the this Agreement.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Health Management Associates Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5l(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6l(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 2 contracts
Samples: Operating Agreement (East Fork Biodiesel, LLC), Operating Agreement (East Fork Biodiesel, LLC)
Qualified Income Offset. In the event that any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible; provided, provided however, that an allocation pursuant to this Section 3.3(c3.2(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c3.2(c) were not in the this Agreement.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (At&t Inc.), Limited Liability Company Agreement (At&t Inc.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c5.2(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 5 have been tentatively made as if this Section 3.3(c5.2(c) were not in the Agreement.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Public Service Co of New Hampshire), Limited Liability Company Agreement (Nstar/Ma)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c3.04(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.04(c) were not in the Agreement.
Appears in 2 contracts
Samples: Partnership Agreement (Ims Health Inc), Agreement (Ims Health Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), ) or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c3.7(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.7(c) were not in the Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Chesapeake Corp /Va/), Operating Agreement (Georgia Pacific Corp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Joint Sales Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Metabolix Inc), Operating Agreement (Metabolix, Inc.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704l.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5l(b)(2)(ii)(d)(5), or 1.704l.704-1(b)(2)(ii)(d)(6l(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Prairie Creek Ethanol LLC), Operating Agreement (Prairie Creek Ethanol LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 2 contracts
Samples: Operating Agreement, Limited Liability Company Operating Agreement (Western Wind Energy Corp)
Qualified Income Offset. In the event that any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Atlas Pipeline Partners Lp), Operating Agreement (Atlas Pipeline Partners Lp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall will be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall 3.3.4 will be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) 3.3.4 were not in the Agreement. This provision is intended to comply with the qualified income offset requirement contained in Section 1.704-1(b)(2)(ii)(d)(3) of the Regulations and will be construed in accordance with the provisions thereof.
Appears in 2 contracts
Samples: Operating Agreement (Life Time Fitness Inc), Operating Agreement (Life Time Fitness Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1.704- 1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.. (d)
Appears in 2 contracts
Samples: Operating Agreement (Cardinal Ethanol LLC), Operating Agreement (Cardinal Ethanol LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible; provided, provided that an allocation pursuant to this Section 3.3(c4.2(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III IV have been tentatively made as if this Section 3.3(c4.2(c) were not in the this Agreement.
Appears in 2 contracts
Samples: Operating Agreement (1847 Holdings LLC), Operating Agreement (Atlas Industries Holdings LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Regulations section 1.704-1(b)(2)(ii)(d)(4), section 1.704-1(b)(2)(ii)(d)(5), ) or section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c6.3(e) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 6.3 have been tentatively made as if this Section 3.3(c6.3(e) were not in the this Agreement.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Ashford Hospitality Trust Inc), Limited Liability Company Operating Agreement (Ashford Hospitality Trust Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.5(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III IV have been tentatively made as if this Section 3.3(c4.5(c) were not in the this Agreement.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Motorsport Gaming Us LLC), Limited Liability Company Agreement (Motorsport Gaming Us LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible; provided, provided that an allocation pursuant to this Section 3.3(c4.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 4 have been tentatively made as if this Section 3.3(c4.3(c) were not in the this Agreement.
Appears in 2 contracts
Samples: Operating Agreement (KKR Financial Holdings LLC), Operating Agreement (KKR Financial Holdings LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-Regulations Section 1.704- 1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) 3.9.3 shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) 3.9.3 were not in the Agreement.
Appears in 2 contracts
Samples: LLC Operating Agreement (Endexx Corp), LLC Operating Agreement (Endexx Corp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company Fund income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the any Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible; provided, provided however, that an allocation pursuant to this Section 3.3(c) 4.6.3 shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 4.6 have been tentatively made as if this Section 3.3(c) 4.6.3 were not in the this Agreement.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Ridgewood Energy X Fund, LLC), Limited Liability Company Agreement (Ridgewood Energy X Fund, LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1.704- 1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.Agreement.
Appears in 1 contract
Samples: Operating Agreement
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided provided, that an allocation pursuant to this Section 3.3(c3.2(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.2(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (New England Realty Associates Limited Partnership)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall will be specially allocated to such that Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of that Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c3.2(c) shall will be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.2(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5(5) or (6), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain (consisting of a pro rata portion of each item of Company income, including gross income, and gain for such year) shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c2(C)(3) shall be made only if and only to the extent that the such Member would have an a Adjusted Capital Account Deficit after all other allocations provided for in Section 2 of this Article III Exhibit 1 have been tentatively made as if this Section 3.3(c2(C)(3) were not in the Agreementthis Exhibit.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Thermoenergy Corp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1.704 1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company Fund income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(cSection 4.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III ARTICLE 4 have been tentatively made as if this Section 3.3(cSection 4.3(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Capitala Finance Corp.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5l(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.3 (c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Environtech Inc.)
Qualified Income Offset. In the event that any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(41.704- l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(51 (b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations1 (b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c4.2(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 4 have been tentatively made as if this Section 3.3(c4.2(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.;
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly ----------------------- receives any adjustments, allocations, or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-Section 1.704- 1(b)(2)(ii)(d)(6) of the Regulations, items of Company LLC income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the -------------- extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as ----------- if this Section 3.3(c) were not in the Agreement.. --------------
Appears in 1 contract
Samples: Limited Liability Company Agreement (Forest Bank LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), Sections 1.704-1(b)(2)(ii)(d)(5), ) or Sections 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) 4.4.3 shall be made only if and only to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) 4.4.3 were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Federated National Holding Co)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1.704- 1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 1 contract
Samples: Operating Agreement
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), ) or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Arch of Wyoming LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4l(b)(2)(ii)(d)(4), . 1.704-1(b)(2)(ii)(d)(5l(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulationsl(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c7.3(c) shall only be made if, and only if and to the extent that the that, such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 7 have been tentatively made as if this Section 3.3(c7.3(c) were not in the this Agreement.
Appears in 1 contract
Samples: Operating Agreement (PERRIGO Co PLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(41.704 -l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c3.03(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 3 have been tentatively made as if this Section 3.3(c3.03(c) were not in the Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 4 have been tentatively made as if this Section 3.3(c4.3(c) were not in the this Agreement.
Appears in 1 contract
Samples: Operating Agreement (Macquarie Infrastructure Assets Trust)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible; provided, provided that that, an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article ARTICLE III have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, allocations or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible; provided, provided that that, an allocation pursuant to this Section 3.3(c3.2(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article ARTICLE III have been tentatively made as if this Section 3.3(c3.2(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustmentsadjustment, allocationsallocation, or distributions distribution described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company the Company’s income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible; provided, provided however, that an allocation pursuant to this Section 3.3(c) 3.4.3 shall be made only if if, and to the extent that that, the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) 3.4.3 were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), . 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c7.3(c) shall only be made if, and only if and to the extent that the that, such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 7 have been tentatively made as if this Section 3.3(c7.3(c) were not in the this Agreement.
Appears in 1 contract
Samples: Operating Agreement (PERRIGO Co PLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(41.704 -l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c3.2(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c3.2(c) were not in the Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the negative Adjusted Capital Account Deficit Balance of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.5(c) shall be made only if and only to the extent that the such Member would have an a negative Adjusted Capital Account Deficit Balance after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c4.5(c) were not in the Agreement.
Appears in 1 contract
Samples: Contribution and Formation Agreement (Cousins Properties Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit adjusted capital account deficit of the Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c5.1(b)(iii) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit adjusted capital account deficit after all other allocations provided for in this Article III V have been tentatively made as if this Section 3.3(c5.1(b)(iii) were not in the this Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (AGCO International GmbH)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1.704- 1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 1 contract
Samples: Operating Agreement
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1.704 1(b)(2)(ii)(d)(4), 1.704-1.704 1(b)(2)(ii)(d)(5), or 1.704-1.704 1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 1 contract
Samples: Operating Agreement (Little Sioux Corn Processors LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(51.704- l(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6l(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event If any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), ) or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c6.3(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 6 have been tentatively made as if this Section 3.3(c6.3(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Tidelands Oil & Gas Corp/Wa)
Qualified Income Offset. In the event If any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), 1 (b)(2)(ii)(d)(5) or Section 1.704-1(b)(2)(ii)(d)(61 (b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such each Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c7.4(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 7.4(c) have been tentatively made as if this Section 3.3(c7.4(c) were not in the Agreement.
Appears in 1 contract
Samples: Operating Agreement (Excel Corp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, adjustments allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704l.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.3 (c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Environtech Inc.)
Qualified Income Offset. In the event any Member unexpectedly receives ----------------------- any adjustments, allocations, or distributions described in Sections Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), ) or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company LLC income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the ------------- extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as ----------- if this Section 3.3(c) were not in the Agreement.. -------------
Appears in 1 contract
Samples: Limited Liability Company Agreement (Forest Bank LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company LLC income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c5.2(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 5 have been tentatively made as if this Section 3.3(c5.2(c) were not in the Agreement.
Appears in 1 contract
Samples: Operating Agreement
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(41 (b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(51 (b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(61 (b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the Agreement.. (d)
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Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
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Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5), or Section 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.1.2(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 4 have been tentatively made as if this Section 3.3(c4.1.2(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Moody National REIT I, Inc.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(41.7041(b)(2)(ii)(d) (4), 1.704-1(b)(2)(ii)(d)(51.704(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations1.7041(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.8(g) shall be made only if and to the extent that the such Member would have an Adjusted adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 4.8 have been tentatively made as if this Section 3.3(c4.8(g) were not included in the this Operating Agreement.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Gza Geoenvironmental Technologies Inc)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c3.3 (c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Environtech Inc.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicable, possible; provided that an allocation pursuant to this Section 3.3(cB.2(c) shall be made only if and only to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Exhibit B have been tentatively made as if this Section 3.3(cB.2(c) were not in the Agreement.
Appears in 1 contract
Samples: Operating Agreement (Medcath Corp)
Qualified Income Offset. In the event any If a Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), then items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the any Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c9.2(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III ARTICLE 9 have been tentatively made as if this Section 3.3(c9.2(c) were not in the this Agreement.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (SFX Entertainment, INC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(41.704‑1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(51.704‑1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(61.704‑1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III have been tentatively made as if this Section 3.3(c) were not in the Agreement.
Appears in 1 contract
Samples: Operating Agreement (Southwest Iowa Renewable Energy, LLC)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1.704 1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company Fund income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III ARTICLE 4 have been tentatively made as if this Section 3.3(c4.3(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Capitala Finance Corp.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of the Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c4.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III IV have been tentatively made as if this Section 3.3(c4.3(c) were not in the this Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Amerada Hess Corp)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1.704- 1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit as soon as practicable, provided that an allocation pursuant to this Section 3.3(c) shall be made only if and to the extent that the Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 3 have been tentatively made as if this Section 3.3(c) were not in the this Agreement.
Appears in 1 contract
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations), items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c1.4(c) shall only be made if, and only if and to the extent that the that, such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III Section 1.4 have been tentatively made as if this Section 3.3(c1.4(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Torque Lifestyle Brands, Inc.)
Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in Sections 1.704-1(b)(2)(ii)(d)(4Regulation Section 1.704 -1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5Section 1.704 -1(b)(2)(ii)(d)(5) or Section 1.704 -1(b)(2)(ii)(d)(6), or 1.704-1(b)(2)(ii)(d)(6) of the Regulations, items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Adjusted Capital Account Deficit of such Member as soon quickly as practicablepossible, provided that an allocation pursuant to this Section 3.3(c3.6(c) shall be made only if and to the extent that the such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article III 3 have been tentatively made as if this Section 3.3(c3.5(c) were not in the Agreement.
Appears in 1 contract
Samples: Limited Liability Company Membership Purchase Agreement (Banyan Corp /Or/)