Drawing Accounts Sample Clauses

Drawing Accounts. 4 Section 6.5.

Drawing Accounts. An individual drawing account shall be ---------------- maintained for the General and each Limited Partner. All withdrawals other than the salary of the General shall be charged to his drawing account. Each Partner's share of profits and losses shall be credited or charged to his drawing account. A credit balance of a Partner's drawing account shall constitute a Partnership liability to that Partner; it shall not constitute a part of his capital account of his interest in the capital of the Partnership. If, after the net profit or the net loss of the Partnership for the fiscal year has been determined, a partner's drawing account shows a deficit (a debit balance), whether occasioned by drawings in excess of his share of Partnership profits or by charging him for his share of a Partnership loss, the deficit shall constitute an obligation of that Partner to the Partnership to the extent of the Partner's capital account, but in no event shall any Limited Partner be liable for any amount beyond the balance in his capital account. Payment of any amount owing to the Partnership shall be made in a manner and time determined by the General Partner. Such obligations shall not e made payable on demand nor shall interest be charged thereon above the prime interest rate plus 1 percentage point. The Limited Partners may determine, by vote of a majority in interest, to transfer any portion of their respective profit or loss to their capital accounts at any time, provided the transfers do not change the Partners respective Partnership interests except by written consent of all Partners.

Drawing Accounts. No Member shall at any time be entitled to any drawing account in the Company, unless (and then only to the extent) expressly approved by the Board.

Drawing Accounts. A drawing account shall be maintained for each Member, which account shall be (i) credited with such Member’s percentage interest in income of the Company as provided in Section 5.02 hereof and (ii) charged with such Member’s percentage interest of losses of the Company as provided in Section 5.02 hereof and (iii) charged with such Member’s withdrawals and any distributions to such Members, as provided in Section 5.02 hereof. A credit balance in a Member’s drawing account shall constitute a liability of the Company to such Member. A debit balance in a Member’s drawing account shall constitute a liability of the Member to the Company.

Drawing Accounts. Separate drawing accounts shall be maintained for the Members. All withdrawals made by the Members shall be charged to their drawing accounts. Each Member's share of profits and losses shall be credited or charged to its drawing account. Unless a balance in a Member's drawing account in its favor (a credit balance) is transferred to its capital account as hereinafter provided, it shall constitute a liability of the Company to that Member payable as provided in paragraph 4.3 of this Article 4, without interest; it shall not constitute a part of its capital account or its interest in the capital of the Company. Unless a deficit in a Member's drawing account (a debit balance) is transferred to its capital account as hereinafter provided, it shall constitute an obligation of that Member to the Company and shall not reduce its capital account or its interest in the capital of the Company, regardless of whether said deficit is occasioned by the Member's drawings in excess of its share of Company profits or by charging the Member for its share of Company losses. Payment of any obligation thus owing to the Company shall be made in a manner and time determined by the Managers, together with Members who are not Managers holding a majority of the interest of all such Members in the capital of the Company.

Drawing Accounts. An individual drawing account shall be maintained for each Partner. All withdrawals by a Partner shall be charged to its drawing account. Withdrawals during the year shall be limited to such accounts as the Partners, by a majority vote, shall determine from time to time. Each Partner’s share of any Partnership net loss shall be charged to its drawing account, unless the Partners agree to charge such loss to the capital accounts of the Partners. Each Partner’s share of Partnership profits shall be credited to its drawing account. The Partners may determine by a majority vote to transfer to Partnership capital all or any portion of the credit balances in the respective drawing accounts of the Partners, provided that the amounts thus transferred shall be in the proportions of the Partners’ interests in profits or losses of the Partnership.

Drawing Accounts. The Company shall distribute to Members from Available Company Cash an amount equal to the presently due and payable Tax Liabilities of the Members (including any amounts necessary to pay the amount of Tax Liabilities for prior periods for which inadequate amounts of Available Company Cash were available to meet the Member's Tax Liabilities). "Tax Liabilities" means income tax liabilities which may be chargeable to any Member, or, if such member is not a taxpaying entity, each beneficial owner of such Member who is a taxpaying entity (using the maximum income tax rate applicable to such taxpaying entity) for each fiscal year of the Company, in respect of the taxable income of the Company (net of any prior taxable loss of the Company not previously used to offset taxable income of the Company) shown on the information returns of the Company as of the end of the fiscal year of the Company as to which such determination is being made. "Available Company Cash" means cash in excess of the cash reserves provided for in Section 7.1.

Drawing Accounts. A separate drawing account ("Drawing Account") shall be maintained for each Partner. Each Partner's share of the Company losses shall be charged to that Partner's Drawing Account. Each Partner's share of the Company profit shall be credited to that Partner's Drawing Account. In the event the profit and loss interest of a Partner is transferred to another Partner or Partners, a corresponding transfer of the Drawing Account balance of the transferor Partner shall be made to the Drawing Account(s) of the transferee Partner or Partners.

Drawing Accounts. Separate drawing accounts shall be maintained for each Partner. All withdrawals made by a Partner shall be charged to its drawing account. Each Partner's share of profits and losses shall be credited or charged to its drawing account. Unless a balance in a partner's drawing account in its favor (a credit balance) is transferred to its capital account as hereinafter provided, it shall constitute a liability of the Partnership to that Partner payable as provided in paragraph C of this Article VIII, without interest; it shall not constitute a part of its capital account or its interest in the capital of the Partnership. Unless a deficit in a Partner's drawing account (a debit balance) is transferred to its capital account as hereinafter provided, it shall constitute an obligation of that Partner to the Partnership and shall not reduce its capital account or its interest in the capital of the Partnership, regardless of whether said deficit is occasioned by the Partner's drawings in excess of its share of Partnership profits or by charging it for its share of Partnership losses. Payment of any obligation thus owing to the Partnership shall be made in a manner and time determined by the General Partner.