Special Adjustments. The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to IRC Section 734(b) or IRC Section 743(b), but only to the extent that such adjustments are required to be taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and subparagraph 2.4 of this Exhibit "A"; provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph 1.
Appears in 4 contracts
Samples: Operating Agreement (Salem Communications Corp /De/), Operating Agreement (Salem Communications Corp /De/), Operating Agreement (Salem Communications Corp /De/)
