APPLICATION FOR WAIVER. In the event that the Board determines that the application of the provisions of Section 3.04(a) or Section 3.04(b) of this Appendix would cause a distortion in the economic arrangement among the Members, the Board may, on behalf of the Company, request a waiver of the application of either or both of such provisions pursuant to Treas. Reg. §1.704-2(f)(4) or Treas. Reg. §1.704-2(i)(4).
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Sources: Operating Agreement, Operating Agreement
APPLICATION FOR WAIVER. In the event that the Board of Managers determines that the application of the provisions of Section 3.04(a) or Section 3.04(b) of this Appendix A would cause a distortion in the economic arrangement among the Members, the Board any Officer may, on behalf of the Company, request a waiver of the application of either or both of such provisions pursuant to Treas. Reg. §§ 1.704-2(f)(4) or Treas. Reg. §§ 1.704-2(i)(4).
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