Transfers of Membership Interests. All items of Profit and Loss allocable to any Membership Interest that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Approval; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Regulations thereunder.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Capital Southwest Corp), Limited Liability Company Agreement (KCAP Financial, Inc.), Operating Agreement (Capital Southwest Corp)
Transfers of Membership Interests. All items of Profit and Loss allocable to any Membership Interest Company interest that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Board Approval; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Regulations thereunder.
Appears in 3 contracts
Samples: Securities Purchase Agreement (Newtek Business Services Corp.), Limited Liability Company Agreement (Newtek Business Services Corp.), Limited Liability Company Agreement (BlackRock Capital Investment Corp)
Transfers of Membership Interests. All items of Profit and Loss allocable to any Membership Interest that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Member Approval; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Regulations thereunder.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement, Operating Agreement (Medley Capital Corp), Operating Agreement (Sierra Income Corp)
Transfers of Membership Interests. All items of Profit and Loss allocable to any interests in the Company held by a Member (“Membership Interest Interest”) that may have been transferred or otherwise disposed of shall be allocated between the transferor and the transferee based on an interim closing of the books, as determined in good faith with Prior Manager Approval; provided, however, that this allocation must be made in accordance with a any method permissible under Section 706 of the Code and the Regulations thereunderthereunder as determined by the Board.
Appears in 1 contract
Samples: Limited Liability Company Agreement (MONROE CAPITAL Corp)
