Determination of Capital Account Balances Sample Clauses

Determination of Capital Account Balances. For purposes of Sections 6.1.B, and C, Capital Accounts shall, except as otherwise specifically provided therein, be determined as of the last day of the fiscal year in which a Capital Transaction occurs, after giving effect to allocations pursuant to Section 6.1.A and distributions during and within 60 days after such fiscal year pursuant to Section 6.2.B and D, but before giving effect to the allocation of any gain or loss from such Capital Transaction; provided that in applying Section 6.1.B First, capital accounts shall be determined prior to the distribution of the proceeds of the Capital Transaction resulting in the gain being allocated therein. If more than one Capital Transaction occurs in any fiscal year, the gain or loss therefrom shall be allocated in the order in which such Capital Transactions occur. For purposes of Section 6.1.B, the Capital Account of any Partner shall be determined after adding any amounts required to be contributed by such Partner to discharge Partnership obligations, including any amounts required to be contributed by any Limited Partner pursuant to Section 6.3.B.
Sample 1
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Determination of Capital Account Balances. For purposes of Sections 9.1.B, C, D and E, Capital Accounts shall, except as otherwise specifically provided therein, be determined as of the last day of the fiscal year, after giving effect to distributions during the 60 days after the end of the fiscal year and, in the case of allocations of Gain or Loss from a Capital Transaction, after giving effect to allocations of Net Income or Net Loss, but before giving effect to the applicable allocation of Gain or Loss from the Capital Transaction, including a Terminating Capital Transaction. In applying Sections 9.1.C First and 9.1.E(iii), Capital Accounts shall be determined prior to the distribution of the Capital Proceeds resulting in the Gain or Loss to be allocated under those Sections. If more than one Capital Transaction occurs in any fiscal year, the Gain or Loss shall be allocated in the order in which the Capital Transactions occur. For purposes of allocating Gain from a Terminating Capital Transaction, the Capital Account of the General Partner shall be determined after adding any amounts required to be contributed by the General Partner to discharge Partnership obligations. K. Allocations with Respect to Reserved Proceeds of Capital Transactions. To the extent that Capital Proceeds received by the Partnership are reserved pursuant to Sections 9.2.C and 9.3.A, the reserved proceeds shall, for purposes of Section 9.1.B First and 9.1.C Second, be deemed to have been distributed pursuant to Sections 9.2.C or 9.3, and any deduction allowed to the Partnership by reason of the subsequent payment of any contingent or unforeseen liability shall be allocated among the Partners in the same proportions that the amount paid on such a liability would otherwise have been distributed pursuant to Sections 9.2.C and 9.3. L. Tax Allocations; Section 704(c). Notwithstanding the provisions of Section 9.1, in accordance with Section 704(c) of the Internal Revenue Code (the 'Code') and the Income Tax Regulations thereunder, income, gain, loss, and deduction (including depreciation) with respect to any property contributed to the capital of the Partnership shall, solely for tax purposes, be allocated among the Partners so as to take account of any variation between the adjusted basis of such property to the Partnership for federal income tax purposes and its fair market value on the date of contribution. Furthermore, in the event the value at which Partnership assets are carried on its balance sheet maintained under the t...
Sample 1
Determination of Capital Account Balances. In applying Section 8.1.B First, Capital Accounts shall be determined prior to the distribution of the proceeds of the Capital Transaction resulting in the Gain being allocated therein. If more than one Capital Transaction occurs in any fiscal year, the Gain or Loss therefrom shall be allocated in the order in which such Capital Transactions occur.
Sample 1

Related to Determination of Capital Account Balances

  • 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.

  • Account Balance The Servicer must never allow any Custodial T&I Account to become overdrawn as to any individual related Borrower. If there are insufficient funds in the account, the Servicer must advance its own funds to cure the overdraft.

  • Account Balances Balances shown in your accounts may include deposits subject to verification by us. The balance reflected in the Service may differ from your records due to deposits in progress, checks outstanding, or other withdrawals, payments or charges. A transfer request may not result in immediate availability because of the time required to process the request. A transfer request must be made before the Business Day Cut-off time to be effective the same Business Day. The balances within the Service are updated periodically and the Service will display the most current "as of" date on the "accounts" summary page. There may be situations that cause a delay in an update of your balances. The Service will use the most current balance available at the time of a transaction to base our approval for account transfers.

  • Capital Account (a) There shall be established for each Member on the books of the Company a Capital Account in accordance with Section 704 of the Code and the Treasury Regulations promulgated thereunder. (b) At the close of each Fiscal Year, and at certain other periods, as in the case of a withdrawal, there shall be determined for each Member, such Member’s closing Capital Account for such period which shall be determined by adjusting such Member’s opening Capital Account for such period, as the case may be, as follows: (i) by increasing such Member’s Capital Account by (A) such Member’s allocable share of each item of the Company’s income and gain for such period (allocated in accordance with Section 3.2(d)), and (B) the Capital Contributions, if any, made by such Member during such period and (ii) by decreasing such Member’s Capital Account by (A) the amount of cash or the Fair Value of any property distributed in kind to such Member by the Company during such period and (B) such Member’s allocable share of each item of the Company’s loss and deduction for such period (allocated in accordance with Section 3.2(d)). Each Member’s Capital Account shall be further adjusted with respect to any special allocations or adjustments pursuant to this Agreement. (c) In the event the Company is terminated during any period in accordance with ARTICLE 6, the closing Capital Accounts of the Members for such Fiscal Year then completed will be determined as of the date of termination of the Company in the manner provided in this Section 3.2. (d) For each Fiscal Period, as of the end of such Fiscal Period, each item of income, deduction, gain or loss of the Company (determined in accordance with U.S. tax principles as applied to the maintenance of capital accounts) shall be allocated among the Capital Accounts of the Members in such manner that as closely as possible gives economic effect to the provisions of Section 3.3 and Section 6.2(b). (e) If all or a portion of a Member’s Shares are Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the Shares so transferred.

  • Maintenance of Capital Accounts There shall be established for each Partner on the books of the Partnership as of the date such Partner becomes a Partner a capital account (each being a “Capital Account”). Each Capital Contribution by any Partner, if any, shall be credited to the Capital Account of such Partner on the date such Capital Contribution is made to the Partnership. In addition, each Partner’s Capital Account shall be (a) credited with (i) such Partner’s allocable share of Net Income of the Partnership and any item of income or gain (including unrealized gain to the extent allowable) that is specially allocated for Section 704(b) book purposes to such Partner pursuant to Section 5.4(e) or Section 6.2(b), and (ii) the amount of any Partnership liabilities that are assumed by the Partner or secured by any Partnership property distributed to the Partner, (b) debited with (i) the amount of distributions (and deemed distributions) to such Partner of cash or the fair market value of other property so distributed, (ii) such Partner’s allocable share of Net Loss of the Partnership and any item of deduction or loss (including unrealized loss to the extent allowable) that is specially allocated for Section 704(b) book purposes to such Partner pursuant to Section 6.2(b), and (iii) the amount of any liabilities of the Partner assumed by the Partnership or which are secured by any property contributed by the Partner to the Partnership and (c) otherwise maintained in accordance with the provisions of the Code and the United States Treasury Regulations promulgated thereunder. Any other item which is required to be reflected in a Partner’s Capital Account under Section 704(b) of the Code and the United States Treasury Regulations promulgated thereunder or otherwise under this Agreement shall be so reflected. The General Partner shall make such adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a Partner’s interest in the Partnership. Interest shall not be payable on Capital Account balances. Notwithstanding anything to the contrary contained in this Agreement, the General Partner shall maintain the Capital Accounts of the Partners in accordance with the principles and requirements set forth in Section 704(b) of the Code and the United States Treasury Regulations promulgated thereunder, provided, however, for purposes of this Agreement, (i) each holder of a series of Class B Common Units that is also a holder of regular Common Units, another series of Class B Common and/or a series of Class C Common Units and (ii) each holder of a series of Class C Common Units that is also a holder of regular Common Units, another series of Class C Common Units and/or a series of Class B Common Units shall, in each case under clause (i) or clause (ii), be deemed to have a separate Capital Account for each series of Class B Common Units, for each series of Class C Common Units and for the regular Common Units held by such holder. The Capital Account balance of a Partner with respect to each Preferred Unit held by such Partner shall equal the Liquidation Preference per Preferred Unit as of the date such Preferred Unit is initially issued and shall be increased as set forth in Article XVI.

  • 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.

  • Member's Capital Accounts A Capital Account for the Member shall be maintained by the Company. The Member's Capital Account shall reflect the Member’s capital contributions and increases for any net income or gain of the Company. The Member’s Capital Account shall also reflect decreases for distributions made to the Member and the Member’s share of any losses and deductions of the Company.

  • Deficit Capital Accounts No Member will be required to pay to the Company, to any other Member or to any third party any deficit balance that may exist from time to time in the Member’s 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.

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