Determination of Capital Accounts. The Capital Accounts of the Partners shall be determined as of the end of the Accounting Period. In addition, the Capital Accounts of the Partners:
Determination of Capital Accounts. The Company shall compute the Capital Account of each Member on a reasonably current basis. Except as otherwise provided herein, the Capital Account of a Member shall be determined in all events solely in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv) and other applicable Treasury Regulations as the same may be amended or revised hereafter. To the extent that any provision of this Agreement is inconsistent with the requirements of Treasury Regulation Section 1.704(b)(2)(iv) as to the calculation of a Member's Capital Account, such Treasury Regulation shall control. Any references in this Agreement to the Capital Account of a Member shall be deemed to refer to such Capital Account as the same may be credited or debited from time to time as set forth above.
Determination of Capital Accounts. In the event the Class A Member or the Class B Member disputes in an appropriate proceeding the determination of its Capital Account, an independent determination of the Members' Capital Accounts shall be made without any special weight being given to any prior determination made within the discretion of the Managing Member.
Determination of Capital Accounts. Upon liquidation of the Company, all gains and losses from the sale or exchange of the Company’s assets shall be credited and charged to the Members for federal income tax purposes and capital account purposes as provided for in Article V. All assets to be distributed in kind and not actually sold or exchanged shall be deemed sold or exchanged with the gain or loss from such deemed sale or exchange being credited and charged to the Members for federal income tax purposes and capital account purposes as provided for in Article V.
Determination of Capital Accounts. Whenever it is necessary to determine the balance in the capital account of any Partner for purposes of this Agreement, such balance shall be determined after first giving effect to all allocations, for transactions effected prior to the time as of which such determination is made, of Profits, Losses and items thereof for the current year, and second, after giving effect to all distributions or deemed distributions for such year in respect of transactions effected prior to the date as of which such determination is to be made, and third, after giving effect to all allocations of Profits, Losses and items thereof for the transaction in question (that is, prior to giving effect to distributions or deemed distributions as a result of such transaction). Any Partner, including any additional or substitute Partner, who shall acquire or receive any Partnership Interest or whose Partnership Interest shall be increased by means of a transfer to him of all or part of the Partnership Interest of another Partner, shall have a capital account which reflects such transfer; provided, however, that Section 5.2(e)(ii) shall not be construed to effect any transfer of the capital account balance of the Defaulting Partner to the Nondefaulting Partner as of the date of exercise of such remedy, but shall affect the Partner's rights to Partnership Profits and Losses realized and distributions with respect to periods from and after such date.
Determination of Capital Accounts. Except as otherwise provided herein, the Capital Account of a Member shall be determined in all events solely in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv) as the same may be amended or revised hereafter, as determined by the Board in accordance with Section 7.2.1. Any references in this Agreement to the Capital Account of a Member shall be deemed to refer to such Capital Account as the same may be credited or debited from time to time as set forth above.
Determination of Capital Accounts. (a) The Company shall prepare and deliver to each Party the Preliminary Capital Account Schedule no later than one month after the date of this Agreement. The Parties shall determine and reflect on the Preliminary Capital Account Schedule (i) the estimated Asset Fair Market Value and Tax basis as of the date of this Agreement of each asset (or class of assets) comprising part of the initial Capital Contributions; and (ii) the estimated amount as of the date of this Agreement of any liability (or class of liability) assumed by the Company as part of the initial Capital Contributions (including, with particularity, the amount and class of any Section 1.752-7 Liability). The Parties shall also reflect on the Preliminary Capital Account Schedule an agreed-upon methodology by which the amounts set forth thereon shall be updated to reflect the actual amounts thereof as of the date of contribution pursuant to the JV Agreement, such methodology to be consistent with the methodology used for determining the amounts as of January 3, 2008.
Determination of Capital Accounts. Upon liquidation of the Company, all Net Income and Net Loss from the sale or exchange of Company assets shall be credited and charged to the Members for federal income tax purposes and capital account purposes as provided for in Article IV and all required capital account adjustments shall be made. All assets to be distributed in kind and not actually sold or exchanged shall be deemed sold or exchanged with the Net Income and Net Loss from such deemed sale or exchange being credited and charged to the Members for federal income tax purposes and capital account purposes as provided for in Article IV. All withdrawing accounts shall be closed into the capital accounts.
Determination of Capital Accounts. (a) A “Capital Account” shall be established for each Member and shall be maintained as necessary to comply with the maintenance of capital account provisions in Income Tax Regulations Section 1.704-1(b) (2) (iv). For example, each Member’s Capital Account shall be increased by the amount of such Member’s:
Determination of Capital Accounts. The "Capital Account" for each Partner for federal income tax purposes shall be determined and maintained in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv) as amended from time to time.
