Positive Basis Member means any Member whose Interest is repurchased by the Company and who has Positive Basis as of the effective date of the repurchase, but such Member shall cease to be a Positive Basis Member at such time as it shall have received allocations pursuant to clause (i) of paragraph (b) equal to its Positive Basis as of the effective date of such repurchase.
Positive Basis Member means any Member who withdraws from the Company and who has Positive Basis as of the effective date of its withdrawal (determined prior to any allocations made pursuant to this Section 5.4).
Positive Basis Member means any Member who withdraws from the Fund and who has a Positive Basis as of the effective date of its withdrawal but such Member shall cease to be a Positive Basis Member at such time as it shall have received allocations pursuant to clause (i) of the preceding sentence equal to its Positive Basis as of the effective date of its withdrawal.
Examples of Positive Basis Member in a sentence
As used in this Section 5.7, the term "Positive Basis Member" means any Member who withdraws from the Fund and who has a Positive Basis as of the effective date of such Member's withdrawal.
More Definitions of Positive Basis Member
Positive Basis Member has the meaning set out in Section 5.7(d) of this Agreement.
Positive Basis Member means any Member whose Interest is repurchased by the Fund and who has Positive Basis as of the effective date of the repurchase, but such Member shall cease to be a Positive Basis Member at such time as it shall have received allocations pursuant to clause (i) of the second paragraph of this Section 5.8 equal to its Positive Basis as of the effective date of such repurchase. Notwithstanding anything to the contrary in the foregoing, if the Fund realizes taxable income and gains in any Fiscal Year with respect to which the Special Member is entitled to an Incentive Allocation under Section 5.7 hereof, the Board of Managers (at the request of the Special Member) may specially allocate such gains to the Special Member in an amount by which the Incentive Allocation exceeds the Special Member's "adjusted tax basis" (determined without regard to any allocation to be made pursuant to this paragraph) in its interest in the Fund as of the time it withdraws such Incentive Allocation. The Special Member's "adjusted tax basis", for these purposes, shall be increased by any amount of the Incentive Allocation withdrawal that it elects to contribute as a Member to the Fund as of the date of the withdrawal of the Incentive Allocation.
Positive Basis Member means any Member who withdraws capital from the Company or has its Interest, or a portion thereof, repurchased by the Company and who has a Positive Basis as of the effective date of such withdrawal or repurchase, but such Member shall cease to be a Positive Basis Member at such time as it shall have received allocations pursuant to clause (i) of the Section 5.7(b) above equal to its Positive Basis as of the effective date of such withdrawal or repurchase; (iii) the term “Negative Basis” shall mean, with respect to any Member and as of any time of calculation, the amount by which the total of such Member’s Capital Account as of such time is less than its “adjusted tax basis,” for federal income tax purposes, in its Interest as of such time (determined without regard to any adjustments made to such “adjusted tax basis” by reason of any transfer or assignment of such Interest, including by reason of death and without regard to such Member’s share of the liabilities of the Company under Section 752 of the Code); and (iv) the term “Negative Basis Member” shall mean any Member who withdraws capital from the Company or has its Interest, or a portion thereof, repurchased by the Company, and who has a Negative Basis as of the effective date of such withdrawal or repurchase but such Member shall cease to be a Negative Basis Member at such time as it shall have received allocations pursuant to clause (i) of Section 5.7(c) above equal to its Negative Basis as of the effective date of such withdrawal or repurchase.
Positive Basis Member has the meaning set forth in Section 6.7(b).
Positive Basis Member means any Member who withdraws from the Fund and who has a Positive Basis as of the effective date of such Member's withdrawal. As used in this Section 5.7, the term "Negative Basis" means, with respect to any Member and as of any time of calculation, the amount by which such Member's "adjusted tax basis," for U.S. federal income tax purposes, in such Member's Interest as of that time (determined without regard to any adjustments made to the "adjusted tax basis" by reason of any Transfer of the Interest, including by reason of death, and without regard to such Member's share of the liabilities of the Fund under section 752 of the Code) exceeds the Member's Capital Account as of such time. As used in this Section 5.7, the term "Negative Basis Member" means any Member who withdraws from the Fund and who has a Negative Basis as of the effective date of such Member's withdrawal.
Positive Basis Member means any Member who withdraws from the Fund and who has Positive Basis as of the effective date of its withdrawal, but such Member shall cease to be a Positive Basis Member at such time as it shall have received allocations pursuant to clause (i) of the preceding sentence equal to its Positive Basis as of the effective date of its withdrawal, (iii) the term "Negative Basis" shall mean, with respect to any Member and as of any time of calculation, the amount by which its "adjusted tax basis" for Federal income tax purposes in its interest in the Fund as of such time (determined without regard to any adjustments made to such "adjusted tax basis" by reason of any transfer or assignment of such interest, including by reason of death) exceeds its interest in the Fund as of such time, and (iv) the term "Negative Basis Member" shall mean any Member who withdraws from the Fund and who has Negative Basis as of the effective date of its withdrawal, but such Member shall cease to be a Negative Basis Member at such time as it shall have received allocations pursuant to clause (i) of the preceding sentence equal to its Negative Basis as of the effective date of its withdrawal.
Positive Basis Member means any Member whose Units are repurchased by the Company and who has Positive Basis as of the effective date of such repurchase, but such Member shall cease to be a Positive Basis Member at such time as it shall have received allocations pursuant to clause (i) of the second paragraph of this Section 5.7 equal to its Positive Basis as of the effective date of such repurchase, (iii) the term "Negative Basis" means, with respect to any Member and as of any time of calculation the excess of such Member's "adjusted tax basis" in its Units (determined without regard to any adjustments made to such adjusted tax basis by reason of any transfer or assignment of such Units, including by reason of death and without regard to such Member's share of the liabilities of the Company under section 752 of the Code) over the amount which such Member is entitled to receive upon repurchase of his Units or liquidation of the Company, and (iv) the term "Negative Basis Member" shall mean any Member whose Units are repurchased by the Company and who has a Negative Basis as of the effective date of such repurchase, but such Member shall cease to be a Negative Basis Member at such time if it shall have received allocations equal to such Member's Negative Basis as of the effective date of the repurchase.