Establishment and 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 any Net Income (or items thereof) of the Partnership, and (ii) the amount of any Partnership liabilities that are assumed by the Partner or secured by any Partnership property distributed to the Partner and (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 (or items thereof) of the Partnership, 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. 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 Managing 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. The Partnership Capital Accounts shall be maintained in accordance with the provisions of Treasury Regulations section 1.704-1(b)(2)(iv)(f) and, to the extent not inconsistent with such regulation, the provisions of this Agreement. The Capital Account of each holder of Managing Partner Units or Special Voting Units shall at all times be zero, except to the extent such holder also holds Partnership Interests other than Managing Partner Units or Special Voting Units.
Establishment and Maintenance of Capital Accounts. The Partnership shall establish and maintain a separate account (the "Capital Account") for each Partner. The initial balance of the Capital Account for each Partner shall be the amount as set out opposite the name of each of the Partners on Schedule 1 attached hereto. The Capital Account of each Partner shall be increased by (i) the dollar amount of any additional contributions made by such Partner and (ii) allocations to such Partner of income and gain (including income exempt from tax). The Capital Account of each Partner shall be decreased by (i) the dollar amount of any distributions made to such Partner, and (ii) allocations to such Partner of loss and deduction (including noncapital, nondeductible expenditures not deductible in computing the Partnership's income or loss for United States federal income tax purposes).
Establishment and Maintenance of Capital Accounts. (a) A separate Capital Account shall be established for each Member on the books of the Company reflecting such Member’s capital contributions to the Company. Each Member’s Capital Account shall be: (i) increased by any additional capital contributions made by such Member to the Company pursuant to the terms of this Agreement and such Member’s share of Net Gain and other items of income and gain allocated to such Member pursuant to Section 4.2; (ii) decreased by such Member’s share of Net Loss and other items of loss, deduction and expense allocated to such Member pursuant to Section 4.2 and the aggregate amount of all Distributable Cash distributed to such Member; and (iii) maintained in all respects in accordance with section 704(b) of the Code and the Treasury Regulations issued thereunder. 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.
Establishment and Maintenance of Capital Accounts. The Partnership shall establish and maintain for each Partner a separate account ("CAPITAL ACCOUNT") in accordance with the rules of Regulations Section 1.704-1(b)(2)(iv) and this Allocations Exhibit. The Capital Account of each Partner shall be increased by (i) the amount of all Capital Contributions and any other contributions made by such Partner to the Partnership pursuant to the Agreement, (ii) the amount of Net Income allocated to such Partner pursuant to Section 2.1 of this Allocations Exhibit, and (iii) the amount of any other items of income or gain specially allocated to such Partner pursuant to Section 3 of this Allocations Exhibit. The Capital Account of each Partner shall be decreased by (i) the amount of cash or Gross Asset Value (net of any liabilities to which the Partnership Assets distributed are subject) of any distributions of cash or property made to such Partner pursuant to the Agreement, (ii) the amount of Net Loss allocated to such Partner pursuant to Section 2.2 of this Allocations Exhibit, and (iii) the amount of any other items of deduction or loss specially allocated to such Partner pursuant to Section 3 of this Allocations Exhibit. The initial balance of each Partner's Capital Account shall equal the amount of such Partner's Capital Contribution to the Partnership on the date hereof as described in ARTICLE 2 of the Agreement. The Capital Accounts of each Partner shall be increased or decreased to reflect the revaluation of Partnership Assets under Section 1.3 of this Allocations Exhibit.
Establishment and Maintenance of Capital Accounts. Distribution Upon Liquidation in Accordance with Capital Accounts
Establishment and Maintenance of Capital Accounts. (a) A capital account (“Capital Account”) shall be established for each Member. Each Member’s Capital Account shall be determined and maintained in accordance with the rules of Treas. Reg. §1.704-1(b)(2)(iv). Pursuant to those rules, a Member’s Capital Account shall be increased by:
(i) the amount of any money contributed by such Member to the LLC;
(ii) the Fair Market Value, on the date of contribution, of property (other than money) contributed by such Member to the LLC (net of liabilities secured by such contributed property that the LLC either assumes or to which it takes subject); and
(iii) allocations of Gross Income; and shall be decreased by:
(iv) the amount of money distributed to such Member by the LLC (except as payments of principal and interest on any loans);
(v) except as provided in Section 3.2 below, the Fair Market Value, as of the date of distribution, of property (other than money) distributed to such Member by the LLC (net of liabilities secured by such distributed property that the Member assumes or subject to which it takes the property); and
Establishment and Maintenance of Capital Accounts. The Manager will establish and maintain a single Capital Account for each Member which reflects each Member's Capital Contributions to the Company. Each Capital Account will also reflect the allocations and Distributions made pursuant to paragraphs 9 and 10 and otherwise be adjusted in accordance with Code Section 704 and the principles set forth in Regulations Sections 1.704-l(b) and 1.704-2. In applying such principles, any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-l(b)(2)(iv)(i) will be allocated among the Members in proportion to their respective Percentage Interests. The Members intend that the Company be treated as a partnership for tax purposes.
Establishment and Maintenance of Capital Accounts. The Company shall establish and maintain a separate account for each Member with respect to each class or series in which it has invested (each, a "CAPITAL ACCOUNT"). The initial balance of the Capital Account shall be such Member's Initial Capital Contribution to the Company. The Capital Account of each Member shall be increased by (i) the dollar amount of any additional Capital Contributions made by such Member in cash, (ii) the fair market value of any property (other than cash) contributed to the Company by such Member (net of liabilities to which such property is subject for purposes of Section 752 of the Code), and (iii) allocations to such Member of Net Income (and items thereof). The Capital Account of each Member shall be decreased by (i) the dollar amount of any distributions made to such Member in cash, (ii) the fair market value of any property (other than cash) distributed to such Member (net of any liabilities to which such property is subject for purposes of Section 752 of the Code) and (iii) allocations to such Member of Net Loss (and items thereof).
Establishment and Maintenance of Capital Accounts. The ------------------------------------------------- Partnership shall establish and maintain a separate account (the "CAPITAL ACCOUNT") for each Partner. The initial balance of the Capital Account for each Partner shall be the amount as set out opposite the name of each of the Partners on Schedule 1 attached hereto. The Capital Account of each Partner shall be increased by (i) the dollar amount of any additional contributions made by such Partner and (ii) allocations to such Partner of income and gain (including income exempt from tax). The Capital Account of each Partner shall be decreased by (i) the dollar amount of any distributions made to such Partner, and (ii) allocations to such Partner of loss and deduction (including noncapital, nondeductible expenditures not deductible in computing the Partnership's income or loss for United States federal income tax purposes).
Establishment and Maintenance of Capital Accounts. The Company shall establish and maintain for each Member a separate account (“Capital Account”) in accordance with the rules of Treasury Regulations Section 1.704-1(b)(2)(iv) and this Allocations Exhibit. The Capital Account of each Member shall be increased by (i) the amount of cash or the Gross Asset Value of any property contributed (or deemed contributed) by a Member to the Company (net of liabilities secured by the property or to which the property is subject) pursuant to the Agreement, (ii) the amount of Net Profits allocated to such Member pursuant to this Allocations Exhibit, and (iii) the amount of any other items of income or gain specially allocated to such Member pursuant to this Allocations Exhibit. The Capital Account of each Member shall be decreased by (x) the amount of cash or Gross Asset Value (net of liabilities secured by the property or to which the property is subject) of any distributions of cash or property made to such Member pursuant to the Agreement, (y) the amount of Net Loss allocated to such Member pursuant to this Allocations Exhibit, and (z) the amount of any other items of deduction or loss specially allocated to such Member pursuant to this Allocations Exhibit. The Capital Accounts of each Member shall be increased or decreased to reflect the revaluation of Company assets under Section 1.2 of this Allocations Exhibit.
