Special Basis Adjustment. At the request of either the transferor or transferee in connection with a transfer of a Membership Interest in the Company, the Board will, at the request of any Member, cause the Company to make the election provided for in Code Section 754 and maintain a record of the adjustments to Basis of Property resulting from that election. Any such transferee shall pay all costs incurred by the Company in connection with such election and the maintenance of such records.
Appears in 3 contracts
Samples: Operating Agreement (Diamond Resorts Corp), Operating Agreement (Diamond Resorts Corp), Operating Agreement (Diamond Resorts Parent, LLC)
Special Basis Adjustment. At the request of either the transferor or transferee in connection with a transfer of a Membership Interest in the Company, the Management Board willmay, at the request of any Memberin its sole discretion, cause the Company to make the election provided for in Code Section 754 and maintain a record of the adjustments to Basis of Property Assets resulting from that election. Any such transferee shall pay all costs incurred by the Company in connection with such election and the maintenance of such records.
Appears in 1 contract
