Excess Nonrecourse Liability Safe Harbor. Pursuant to Section 1.752-3(a)(3) of the Regulations, solely for purposes of determining each Member’s proportionate share of the “excess nonrecourse liabilities” of the Company (as defined in Section 1.752-3(a)(3) of the Regulations), the Members’ respective interests in Company profits shall be determined under any permissible method reasonably determined by the Managers by Board Approval.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (New York REIT, Inc.), Membership Interest Purchase Agreement (New York REIT, Inc.)
Excess Nonrecourse Liability Safe Harbor. Pursuant to Regulations Section 1.752-3(a)(3) of the Regulations), solely for purposes of determining each Member’s 's proportionate share of the “"excess nonrecourse liabilities” " of the Company (as defined in Regulations Section 1.752-3(a)(3) of the Regulations)), the Members’ ' respective interests in Company profits shall be determined under any permissible method reasonably determined by the Managers by Board Approvaltheir Member Percentage Interests.
Appears in 2 contracts
Sources: Operating Agreement (Grill Concepts Inc), Operating Agreement (Grill Concepts Inc)
Excess Nonrecourse Liability Safe Harbor. Pursuant to Regulations Section 1.752-3(a)(3) of the Regulations), solely for purposes of determining each Member’s 's proportionate share of the “"excess nonrecourse liabilities” " of the Company (as defined in Regulations Section 1.752-3(a)(3) of the Regulations)), the Members’ ' respective interests in Company profits shall be determined under any permissible method reasonably determined by the Managers by Board Approvaltheir respective Units.
Appears in 1 contract
Excess Nonrecourse Liability Safe Harbor. Pursuant to Section Regulation § 1.752-3(a)(3) of the Regulations), solely for purposes of determining each Member’s proportionate share of the “excess nonrecourse liabilities” of the Company (as defined in Section Regulation § 1.752-3(a)(3) of the Regulations)), the Members’ respective interests in Company profits shall be determined under any permissible method reasonably determined by the Managers by Board Approvaltheir respective Percentage Interests.
Appears in 1 contract
Sources: Operating Agreement
Excess Nonrecourse Liability Safe Harbor. Pursuant to Section Regulation § 1.752-3(a)(3) of the Regulations), solely for purposes of determining each Member’s 's proportionate share of the “"excess nonrecourse liabilities” " of the Company (as defined in Section Regulation § 1.752-3(a)(3) of the Regulations)), the Members’ ' respective interests in Company profits shall be determined under any permissible method reasonably determined by the Managers by Board Approvaltheir respective Percentage Interests.
Appears in 1 contract