Common use of Capital Accounts Generally Clause in Contracts

Capital Accounts Generally. (a) Except as otherwise provided in this Agreement, whenever it is necessary to determine the Capital Account of any Member for any purpose hereunder, the Capital Account of such Member shall be determined after giving effect to all adjustments provided for in Section 4.5 for the current Fiscal Year in respect of transactions effected prior to the date such determination is to be made. (b) No Member shall be entitled to withdraw any part of its Capital Account, or to receive any distribution from the Company except as specifically provided in this Agreement.

Appears in 7 contracts

Samples: Limited Liability Company Agreement (MPLX Lp), Limited Liability Company Agreement (Markwest Energy Partners L P), Limited Liability Company Agreement (Markwest Energy Partners L P)

AutoNDA by SimpleDocs

Capital Accounts Generally. (a) Except as otherwise provided in this Agreement, whenever Whenever it is necessary to determine the Capital Account of any Member for any purpose hereunder, the Capital Account of such Member shall be determined after giving effect to all adjustments provided for in Section 4.5 herein for the current Fiscal Year in respect of transactions effected prior to the date such determination is to be made. (b) No Member shall be entitled to withdraw any part of its Capital Account, or to receive any distribution from the Company LLC except as specifically provided in this Agreement.

Appears in 1 contract

Samples: Operating Agreement (Trestle Transport, Inc.)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!