Common use of Establishment and Determination of Capital Accounts Clause in Contracts

Establishment and Determination of Capital Accounts. A capital --------------------------------------------------- account ("Capital Account") shall be established for each Member in accordance --------------- with the Treasury Regulations under Section 704(b) of the Code. In accordance with such Treasury Regulations, the Capital Account of each Member shall consist of such Member's initial Capital Contribution and shall be (i) increased by any additional Capital Contributions made by such Member pursuant to the terms of this Agreement and such Member's share of items of income and gain allocated to such Member pursuant to Article V and (ii) decreased by such Member's share of --------- items of loss, deduction and expense allocated to such Member pursuant to Article V and any distributions to such Member of cash or the fair market value --------- of any other property (net of liabilities assumed by such Member and liabilities to which such property is subject) distributed to such Member. 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 increased or decreased from time to time as set forth above. The Capital Account maintenance rules set forth in this Section 4.1 are intended to be consistent with the capital account maintenance ----------- rules of Treasury Regulation Section 1.704-1(b)(2)(iv).

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Stein Avy H), Limited Liability Company Agreement (Stein Avy H), Limited Liability Company Agreement (Stein Avy H)

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Establishment and Determination of Capital Accounts. A capital --------------------------------------------------- account ("Capital Account") shall be established for each Member in accordance --------------- with on the Treasury Regulations under Section 704(b) books of the CodeCompany. In accordance with such Treasury Regulations, the Each Member’s Capital Account of each Member shall consist of such Member's initial Capital Contribution and shall be (i) increased by any additional Capital Contributions made by such Member pursuant to the terms of this Agreement and such Member's ’s share of Profits and any other items of income and gain allocated to such Member pursuant to Article ARTICLE V and (other than Section 5.8), (ii) decreased by such Member's ’s share of --------- items of lossLosses, deduction and expense allocated to such Member pursuant to Article V and any distributions to such Member the amount of cash or the fair market value --------- of any other property (net of liabilities assumed by such Member and liabilities to which such property is subject) distributed to such Member, and any other item of loss or deduction allocated to such Member pursuant to ARTICLE V, and (iii) adjusted as otherwise required by the Code and the regulations thereunder, including but not limited to, the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). 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 increased or decreased from time to time as set forth above. The Capital Account maintenance rules set forth in 1811258 * Confidential portions of this Section 4.1 are intended to be consistent exhibit have been redacted and filed separately with the capital account maintenance ----------- rules Securities and Exchange Commission pursuant to a confidential treatment request in accordance with Rule 24b-2 promulgated under the Securities Exchange Act of Treasury Regulation Section 1.704-1(b)(2)(iv)1934, as amended. Redacted portions are indicated with “[****].

Appears in 1 contract

Samples: Limited Liability Company Agreement (Pc Tel Inc)

Establishment and Determination of Capital Accounts. A capital --------------------------------------------------- account ("Capital Account") shall be established for each Member in accordance --------------- with on the Treasury Regulations under Section 704(b) books of the CodeCompany. In accordance with such Treasury Regulations, the Each Member’s Capital Account of each Member shall consist of such Member's initial Capital Contribution and shall be (i) increased by any additional Capital Contributions made by such Member pursuant to the terms of this Agreement and such Member's ’s share of Profits and any other items of income and gain allocated to such Member pursuant to Article ARTICLE V and (other than Section 5.8), (ii) decreased by such Member's ’s share of --------- items of lossLosses, deduction and expense allocated to such Member pursuant to Article V and any distributions to such Member the amount of cash or the fair market value --------- of any other property (net of liabilities assumed by such Member and liabilities to which such property is subject) distributed to such Member, and any other item of loss or deduction allocated to such Member pursuant to ARTICLE V, and (iii) adjusted as otherwise required by the Code and the regulations thereunder, including but not limited to, the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). 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 increased or decreased from time to time as set forth above. The Capital Account maintenance rules set forth in * Confidential portions of this Section 4.1 are intended to be consistent exhibit have been redacted and filed separately with the capital account maintenance ----------- rules Securities and Exchange Commission pursuant to a confidential treatment request in accordance with Rule 24b-2 promulgated under the Securities Exchange Act of Treasury Regulation Section 1.704-1(b)(2)(iv)1934, as amended. Redacted portions are indicated with “[****].

Appears in 1 contract

Samples: Limited Liability Company Agreement (Pc Tel Inc)

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Establishment and Determination of Capital Accounts. A capital account --------------------------------------------------- account ("Capital Account") shall be established for each Member in accordance --------------- with the -------------- Treasury Regulations under Section 704(b) of the Code. In accordance with such Treasury Regulations, the Capital Account of each Member shall consist of such Member's initial Capital Contribution as listed on Schedule A as of the date hereof, and shall be (i) increased by any additional Capital Contributions made by such Member pursuant to the terms of this Agreement and such Member's share of items of income and gain allocated to such Member pursuant to Article V and (ii) --------- decreased by such Member's share of --------- items of loss, deduction and expense allocated to such Member pursuant to Article V and any distributions to such --------- Member of cash or the fair market value --------- of any other property (net of liabilities assumed by such Member and liabilities to which such property is subject) distributed to such Member. 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 increased or decreased from time to time as set forth above. The Capital Account maintenance rules set forth in this Section 4.1 are intended to ----------- be consistent with the capital account maintenance ----------- rules of Treasury Regulation Section 1.704-1(b)(2)(iv).

Appears in 1 contract

Samples: Limited Liability Company Agreement (Stein Avy H)

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