Reallocation of Losses Related to Excess Distributions. If, as a result of an Interest Holder receiving a distribution of cash or property that it is required to return because the distribution was not authorized by this Agreement, Loss which otherwise would have been allocated to the Interest Holder was allocated to one or more other Interest Holders (and such allocation has not been reversed pursuant to Section 4.2.2.4), then subsequent profit and Loss shall be allocated to the Interest Holder and to the other Interest Holders so as, in connection with the return of such cash or property (to the extent of the value thereof), to effect a reallocation of such Loss to the Interest Holder.
Appears in 4 contracts
Samples: Operating Agreement (Cinergy Corp), Limited Liability Company Agreement (Cinergy Corp), Operating Agreement (Cinergy Corp)
Reallocation of Losses Related to Excess Distributions. If, as a result of an Interest Holder receiving a distribution of cash or property that it is required to return because the distribution was not authorized by this Agreement, Loss which otherwise would have been allocated to the Interest Holder was allocated to one or more other Interest Holders (and such allocation has not been reversed pursuant to Section 4.2.2.4), then subsequent profit Profit and Loss shall be allocated to the Interest Holder and to the other Interest Holders so as, in connection with the return of such cash or property (to the extent of the value thereof), to effect a reallocation of such Loss to the Interest Holder.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC)
