Adjustment of Gross Asset Value. If the Gross Asset Value of an LLC Asset is adjusted pursuant to paragraph (b) of the definition of “Gross Asset Value,” all Members’ Capital Accounts shall be adjusted to reflect the manner in which the unrealized income, gain, loss and deduction inherent in such LLC Asset (that has not been reflected in the Capital Accounts previously) would be allocated among the Members if there were a taxable disposition of such LLC Asset for its fair market value (but not for less than the amount of any nonrecourse indebtedness secured by such LLC Asset).
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Hughes Communications, Inc.), Limited Liability Company Agreement (Directv Group Inc)
Adjustment of Gross Asset Value. If the Gross Asset Value of an LLC Asset is adjusted pursuant to paragraph (b) of the definition of “"Gross Asset Value,” " all Members’ ' Capital Accounts shall be adjusted to reflect the manner in which the unrealized income, gain, loss and deduction inherent in such LLC Asset (that has not been reflected in the Capital Accounts previously) would be allocated among the Members if there were a taxable disposition of such LLC Asset for its fair market value (but not for less than the amount of any nonrecourse indebtedness secured by such LLC Asset).
Appears in 1 contract
Sources: Limited Liability Company Agreement (Skyterra Communications Inc)