Determination of Capital Account Sample Clauses

Determination of Capital Account. For purposes of this Section 7.1(d), the Class A Limited Members’ Capital Accounts shall be determined as of the applicable Reset Valuation Date by (x) determining the Xxxx-to-Market Value of the Company’s Permitted Assets pursuant to Section 13.11 as of the last day of the Fiscal Quarter preceding the Fiscal Quarter in which the Reset Valuation Date occurs and adjusting the Gross Asset Values of all the Company’s Property pursuant to subparagraph (ii) of the definition of “Gross Asset Value” in Section 1.10 as of the Reset Valuation Date (assuming, for purposes of this Section 7.1(d)(ii), that, except as otherwise provided in this Section 7.1(d)(ii), such Xxxx-to-Market Value remained unchanged since the last day of such preceding Fiscal Quarter as of the applicable Reset Valuation Date and that the Xxxx-to-Market Value of any Inventory or any asset acquired during the Fiscal Quarter in which the Reset Valuation Date occurs is equal to the Gross Asset Value of such asset on the Reset Valuation Date), and (y) allocating the Estimated Profits and Losses, and other items of Company income, gain, loss, or deduction for the relevant Reset Valuation Allocation Year pursuant to Section 3; provided that any amount included in the Capital Account of a Class A Limited Member as a result of an allocation pursuant to Sections 3.1(h), 3.1(i), or 3.3(j) for which such Class A Limited Member is entitled to receive a distribution pursuant to Section 4.1(b)(i) shall be deemed to have been distributed to such Class A Limited Member for purposes this Section 7.1(d)(ii). Notwithstanding the provisions of the parenthetical in clause (x) of the immediately preceding sentence, the Xxxx-to-Market Value of the Company’s Permitted Assets shall take into account any financial activity during the Fiscal Quarter in which the Reset Valuation Date occurs to the extent necessary to account for (i) any asset dispositions during such Fiscal Quarter and (ii) with respect to any Subsidiary of the Company that is a “subchapter C” corporation under the Code, any earnings and profits of such Subsidiary during such Fiscal Quarter. In the event that a Class A Mandatory Remarketing is held, as provided in Section 7.1(a), on the three (3) month anniversary of any Class A Reset Date with respect to which a Failed Class A Mandatory Remarketing occurred or subsequent to a Failed Mandatory Remarketing that occurred as a result of any failure of (i) the Class A Remarketing Agent to completely perform i...
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Determination of Capital Account. The Capital Account of a Member shall be determined after giving effect to all allocations of income, gains, Profits and Losses of the Company for the current year and all distributions for such year in respect of transactions effected prior to the date of which such determination is to be made. A Member shall not be entitled to withdraw any part of his Capital Account or to receive any distribution from the Company, except as specifically provided in this Agreement. Any Member, including any additional or Substitute Member, who shall receive an interest in the Company or whose interest in the Company shall be increased by means of a transfer to him of all or part of the interest of another Member, shall have a Capital Account which reflects such transfer. Loans by any Member to the Company shall not be considered Capital Contributions and shall not increase the Capital Account of the lending Member.
Sample 1
Determination of Capital Account. Whenever it is necessary to determine the capital account of any Partner, such Partner’s capital account shall be determined after giving effect to all allocations of all income, gain, loss, deductions and credits of the Partnership for the current fiscal year (or part thereof) and all distributions for such fiscal year (or part thereof) in respect of transactions effected prior to the time as of which such determination is to be made.
Sample 1
Determination of Capital Account. For purposes of this Section 7.2(b), the Class B Limited Members’ Capital Accounts with respect to the Series of Class B Limited Membership Interests being remarketed shall be determined as of the Reset Valuation Date by (x) determining the Xxxx-to-Market Value of the Company’s Permitted Assets pursuant to
Sample 1

Related to Determination of Capital Account

  • Composition of Capital Accounts A separate capital account shall be maintained by the Partnership for each Partner in accordance with Section 704(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and Treasury Regulations promulgated thereunder. There shall be credited to each Partner’s capital account (i) the amounts of money contributed by the Partner to the Partnership, (ii) the fair market value of property contributed by the Partner to the Partnership (net of liabilities secured by such contributed property that the Partnership is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to the Partner of Partnership income and gain (or items thereof), including income and gain exempt from tax, as computed for book purposes, in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g), as set forth pursuant to Section 5.5 of this Agreement. Each Partner’s capital account shall be decreased by (i) the amount of money distributed to the Partner by the Partnership, (ii) the fair market value of property distributed to the Partner by the Partnership (net of liabilities secured by such distributed property that such Partner is considered to assume or take subject to pursuant to Section 752 of the Code), (iii) allocations to such Partner of expenditures of the Partnership described in Section 705(a)(2)(B) of the Code, and (iv) allocations of Partnership loss and deduction (or items thereof), including loss or deduction, computed for book purposes, as described in Treasury Regulation Section 1.704-1(b)(2)(iv)(g), as set forth pursuant to Section 5.5 of this Agreement. If the General Partner also acquires a Limited Partnership Interest in the Partnership, it shall nonetheless have a single capital account that reflects both its interest as a General Partner and its interest as a Limited Partner. If a Partner owns more than one Partnership Interest, such Partner shall nonetheless have a single capital account that reflects all Partnership Interests of such Partner.

  • Transfer of Capital Accounts The original Capital Account established for each substituted Member shall be in the same amount as the Capital Account of the Member (or portion thereof) to which such substituted Member succeeds, at the time such substituted Member is admitted to the Company. The Capital Account of any Member whose interest in the Company shall be increased or decreased by means of the transfer of Shares. Any reference in this Agreement to a Capital Contribution of or distribution to a Member that has succeeded any other Member shall include any Capital Contributions or distributions previously made by or to the former Member on account of its Shares.

  • Maintenance of Capital Accounts The Company shall maintain a Capital Account for each Member on the books of the Company in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such provisions, the following provisions:

  • Establishment and Determination of Capital Accounts A “Capital Account” shall be established and maintained for the Member on the books of the Company, and shall be maintained and adjusted appropriately in accordance with the regulations under Section 704(b) of the Code. The Member shall not be required to make any capital contributions to the Company, and shall not be required to lend any funds to the Company. The Member shall not be paid interest on any capital contribution to the Company or on any part of its Capital Account.

  • Return of Capital Contribution From time to time the Partnership may have cash in excess of the amount required for the conduct of the affairs of the Partnership, and the General Partner may, with the Consent of the Special Limited Partner, determine that such cash should, in whole or in part, be returned to the Partners, pro rata, in reduction of their Capital Contribution. No such return shall be made unless all liabilities of the Partnership (except those to Partners on account of amounts credited to them pursuant to this Agreement) have been paid or there remain assets of the Partnership sufficient, in the sole discretion of the General Partner, to pay such liabilities.

  • Return of Capital Contributions No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence.

  • Status of Capital Contributions (a) No Member shall receive any interest, salary or drawing with respect to its Capital Contributions or its Capital Account, except as otherwise specifically provided in this Agreement.

  • Distribution of Cash (a) The Partnership shall distribute cash on a quarterly (or, at the election of the General Partner, more frequent) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such quarter (or other distribution period) in accordance with Section 5.2(b).

  • Deficit Capital Account Upon the dissolution of the Company, any Member having a deficit balance in its Capital Account shall contribute to the Company the amount of cash or other assets (at their fair market value) necessary to bring the balance of such Member's Capital Account to zero after taking into account all allocations required by the regulations under Section 704(b) of the Code and all distributions of cash and other assets.

  • Reduction of capital The Borrower shall not redeem or purchase or otherwise reduce any of its equity or any other share capital or any warrants or any uncalled or unpaid liability in respect of any of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or capital redemption or other undistributable reserve in any manner.

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