Capital and Capital Accounts. (a) The Capital Contribution of each Partner shall be as set forth on Schedule A. No interest shall be paid on any Capital Contribution. No Partner shall have the right to withdraw its Capital Contribution or to demand and receive property of the Partnership in return for its Capital Contribution, except as may be specifically provided in this Agreement or required by law.
(b) An individual Capital Account shall be established and maintained on behalf of each Partner, including any additional or substituted Partner who shall hereafter receive an interest in the Partnership. In accordance with Treasury Regulation Section 1.704-1(b), the Capital Account of each Partner shall consist of (i) the amount of cash such Partner has contributed to the Partnership plus (ii) the fair market value of any property such Partner has contributed to the Partnership net of any liabilities assumed by the Partnership or to which such property is subject plus (iii) the amount of profits or income (including tax-exempt income) allocated to such Partner less (iv) the amount of losses and deductions allocated to such Partner less (v) the amount of all cash distributed to such Partner less (vi) the fair market value of any property distributed to such Partner net of any liabilities assumed by such Partner or to which such property is subject less (vii) such Partner's share of any other expenditures which are not deductible by the Partnership for Federal income tax purposes or which are not allowable as additions to the basis of Partnership property and shall be (viii) subject to such other adjustments as may be required under the Code. The Capital Account of a Partner shall not be affected by any adjustments to basis made pursuant to Section 743 of the Code but shall be adjusted with respect to adjustments to basis made pursuant to Section 734 of the Code.
Capital and Capital Accounts. (a) The capital of the Partnership shall be the aggregate amount of the cash and the Gross Asset Value of property contributed by the General Partner and by the Limited Partners as set forth in Schedule A. No interest shall be paid by the Partnership on any Capital Contribution to the Partnership. Schedule A shall be amended from time to time to reflect the withdrawal or admission of Partners, any changes in the Partnership Interests held by a Partner arising from the transfer of an Interest to or by such Partner and any change in the amounts to be contributed or agreed to be contributed by any Partner. No Partner shall have the right to withdraw or receive a return of any of its Capital Contributions except as set forth in this Agreement.
(b) An individual Capital Account shall be established and maintained for each Partner, including any additional or substituted Partner who shall hereafter receive an interest in the Partnership. The Capital Account of each Partner shall be maintained in accordance with the following provisions:
(i) To each Partner's Capital Account there shall be credited such Partner's Capital Contributions, such Partner's distributive share of Profits, and any items in the nature of income or gain that are specially allocated pursuant to Section 10.4 hereof, and the amount of any Partnership liabilities that are assumed by such Partner or that are secured by any Partnership Property distributed to such Partner;
(ii) To each Partner's Capital Account there shall be debited the amount of cash and the Gross Asset Value of any Partnership Property distributed to such Partner pursuant to any provision of this Agreement, such Partner's distributive share of Losses, and any items in the nature of expenses or losses that are specially allocated pursuant to Section 10.4 hereof, and the amount of any liabilities of such Partner that are assumed by the Partnership or that are secured by any property contributed by such Partner to the Partnership. In the event that the Gross Asset Values of Partnership assets are adjusted pursuant to this Agreement, the Capital Accounts of all Partners shall be adjusted simultaneously to reflect the aggregate net adjustment as if the Partnership recognized gain or loss equal to the amount of such aggregate net adjustment.
(c) The original Capital Account established for any Assignee (as hereinafter defined) shall be in the same amount as, and shall replace, the adjusted Capital Account of the Partner which such A...
Capital and Capital Accounts. (a) The initial Capital Contribution of each Member is as set forth in Exhibit A. No interest may be paid on any other Capital Contribution.
(b) The Company will establish and maintain individual Capital Accounts on behalf of each Member, including any additional or Substituted Member who shall subsequently receive any interest in the Company. The Capital Account of each Member consists of (1) the amount of cash the Member has contributed to the Company, (2) less any liabilities assumed by the Company or to which the property is subject, plus (3) the amount of profits or income (including tax-exempt income) allocated to the Member, less (4) the amount of losses and deductions allocated to the Member, less (5) the amount of all cash distributed to the Member, less (6) the fair market value of any property distributed to the Member, net of any liability assumed by the Member or to which the property is subject, less (7) the Member's share of any other expenditures that are not deductible by the Company for federal income tax purposes or that are not allowable as additions to the basis of Company property, and (8) subject to any other adjustments that may be required under the Code. The Capital Account of a Member is not affected by any adjustments to basis made pursuant to Section 743 of the Internal Revenue Code, but must be adjusted with respect to adjustments to basis made pursuant to Section 734 of the Internal Revenue Code.
(c) No Member has the right to withdraw his or her Capital Contribution or to demand and receive property of the Company or any distribution in return for his or her Capital Contribution, except as may be specifically provided in this Agreement or required by law. No Member may receive out of Company property any part of his, her, or its Capital Contribution until (1) all liabilities of the Company, except liabilities to the Members on account of their loans, have been paid or sufficient Company property remains to pay them, and (2) all Members consent, unless the return of the contributions to capital is rightfully demanded as provided in the Act.
(d) Subject to the provisions of subparagraph (c) of this paragraph, a Member may rightfully demand the return of his or her or its Capital Contribution (1) on the dissolution of the Company, or (2) as may otherwise be provided in the Act. A Member may demand and receive only cash in return for the Member's Capital Contribution.
Capital and Capital Accounts. (a) An individual capital account (the "Capital Account") shall be established and maintained on behalf of each Member in accordance with federal income tax accounting principles and Treasury Regulation Section 1.704-1(b).
(b) Except as may be determined by the Managing Member and approved by the Consent of the Members, no Member shall be required to make any Capital Contributions to the Company. The Capital Account of any Member who makes a Capital Contribution shall be credited for the amount of such Capital Contribution, but no such Member shall receive an increased Membership Interest in the Company for making any Capital Contribution unless Consented to by the Managing Member.
(c) No interest shall be paid on any Capital Contribution or on a Member's balance in its Capital Account.
(d) Loans or services by any Member to the Company shall not be considered contributions to the capital of the Company.
(e) No Member shall have the right to withdraw its Capital Contribution or to demand and receive property of the Company or any distribution in return for its Capital Contribution, except as may be specifically provided in this Agreement or required by law.
(f) Except as may be required by the Act, no Member shall have any liability or obligation to the Company or to another Member to restore a negative or deficit balance in such Member's Capital Account.
(g) The Company shall increase or decrease the Capital Accounts of all Members to reflect a revaluation of Company assets in accordance with, and upon the happening of such events as described in, Treasury Regulations Section 1.704-1(b)(2)(iv)(f).
Capital and Capital Accounts. (a) The capital of the Partnership shall be the aggregate amount of the cash and the Gross Asset Value of property contributed by the General Partner and by the Limited Partners as set forth in Schedule A. No interest shall be paid by the Partnership on any Capital Contribution to the Partnership. Schedule A shall be amended from time to time to reflect the withdrawal or admission of Partners, any changes in the Partnership Interests held by a Partner arising from the transfer of an Interest to or by such Partner and any change in the amounts to be contributed or agreed to be contributed by any Partner. No Partner shall have the right to withdraw or receive a return of any of its Capital Contributions except as set forth in this Agreement.
Capital and Capital Accounts. 3.1 Members of the Company at the Effective Date 10 3.2 Transfer of Membership Interests and Admission of Substitute Members 10 3.3 Issuance of Additional Membership Interests 10 3.4 Subsequent Capital Contributions 10 3.5 Loans to the Company 10 3.6 Capital Accounts 11 3.7 General Provisions Regarding Capital Contributions 11 3.8 Limitation on Liability 12
Capital and Capital Accounts. (1) The capital of the Partnership consists of the aggregate of all sums of money or other property contributed by the Partners and not returned to them.
(2) The General Partner has made an initial capital contribution of US$1,000.00 to the Partnership. The General Partner may make, but will have no obligation to make, further contributions to the capital of the Partnership in cash or property in any amount as determined by the General Partner.
(3) Each Limited Partner has made Capital Commitments pursuant to its Subscription Agreement, and in connection therewith shall be issued Units in the Partnership in accordance with the terms set out in such Subscription Agreement. The amount of the Capital Commitments and the Units purchased shall be as set forth in the applicable Subscription Agreement.
(4) The General Partner shall maintain a separate capital account for each Partner and shall, on receipt of an amount in respect of a Capital Contribution of a Partner, credit the capital account of such Partner with such amount.
(5) The General Partner shall also credit the capital account of each Partner with all income allocated to such Partner in accordance with the terms of this Agreement and shall debit the capital account with all losses allocated to such Partner in accordance with the terms of this Agreement and by the amount of any funds distributed from time to time by the Partnership to such Partner in accordance with the terms of this Agreement.
(6) The interest of a Partner shall not terminate by reason of there being a negative or nil balance in such Partner’s capital account. No Limited Partner shall be responsible for any losses of any other Limited Partner, nor share in the income or allocation of losses or expenses attributable to any other Partner.
(7) No interest shall be paid to any Partner on any amount that it has contributed to the Partnership, except as expressly provided in this Agreement.
Capital and Capital Accounts. Section 5.1 Capital Contributions. FI shall contribute to the capital of the Company U.S. $3,168,000. FC shall contribute to the capital of the Company U.S. $32,000.
Capital and Capital Accounts. (a) Capital Accounts - A capital account shall be maintained for each Partner and shall be credited with the amounts of contributions to the Partnership when made, shall be credited or charged, as the case may be, with its distributive share of the Partnership profit, gain or loss, and shall be charged with the amounts of any distributions to its Partners pursuant to subparagraph 6 (c).
(b) No Interest - No interest shall be paid by the Partnership on any capital contributed to the Partnership by any Partner.
Capital and Capital Accounts. 3.1 Membership Interests and Units
3.2 Initial Capital Contributions
