Transfers of Units. All items of Profit, Loss and credit allocable to any Units 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 by the Board; 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 4 contracts
Samples: Limited Liability Company Operating Agreement (Bluerock Institutional High Income Credit Fund), Limited Liability Company Operating Agreement (EP Income Co LLC), Limited Liability Company Operating Agreement (Eagle Point Credit Co LLC)
Transfers of Units. All items of Profit, Loss and credit allocable to any Units 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 by the BoardManaging Member; 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 1 contract
Samples: Limited Liability Company Operating Agreement (Garrison Capital LLC)
Transfers of Units. All items of Profit, Loss and credit allocable to any Units 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 by the BoardManager; 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 1 contract
Samples: Limited Liability Company Operating Agreement (WhiteHorse Finance, LLC)
