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

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 Article 3 of this Allocations Exhibit. The Capital Account of each Partner shall be decreased by (x) the amount of cash or Gross Asset Value (net of any liabilities to which such property is subject) of any distributions of cash or property made to such Partner pursuant to the Agreement, (y) the amount of Net Loss allocated to such Partner pursuant to Section 2.2 of this Allocations Exhibit, and (z) the amount of any other items of deduction or loss specially allocated to such Partner pursuant to Article 3 of this Allocations Exhibit. 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.

Appears in 1 contract

Samples: Macerich Co

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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 Article Section 3 of this Allocations Exhibit. The Capital Account of each Partner shall be decreased by (xi) the amount of cash or Gross Asset Value (net of any liabilities to which such property is the Partnership Assets distributed are subject) of any distributions of cash or property made to such Partner pursuant to the Agreement, (yii) the amount of Net Loss allocated to such Partner pursuant to Section 2.2 of this Allocations Exhibit, and (ziii) the amount of any other items of deduction or loss specially allocated to such Partner pursuant to Article 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 Assets under Section 1.3 of this Allocations Exhibit.

Appears in 1 contract

Samples: Partnership Agreement (Macerich Co)

Establishment and Maintenance of Capital Accounts. The Partnership shall establish and maintain for each Partner a separate account ("CAPITAL ACCOUNTCapital 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 Article Section 3 of this Allocations Exhibit. The Capital Account of each Partner shall be decreased by (xi) the amount of cash or Gross Asset Value (net of any liabilities to which such property is the Partnership Assets distributed are subject) of any distributions of cash or property made to such Partner pursuant to the Agreement, (yii) the amount of Net Loss allocated to such Partner pursuant to Section 2.2 of this Allocations Exhibit, and (ziii) the amount of any other items of deduction or loss specially allocated to such Partner pursuant to Article 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 Assets under Section 1.3 of this Allocations Exhibit.1.3

Appears in 1 contract

Samples: Partnership Agreement (Simon Debartolo Group Inc)

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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 Article 3 of this Allocations Exhibit. The Capital Account of each Partner shall be decreased by (x) the amount of cash or Gross Asset Value (net of any liabilities to which such property is subject) of any distributions of cash or property made to such Partner pursuant to the Agreement, (y) the amount of Net Loss allocated to such Partner pursuant to Section 2.2 of this Allocations Exhibit, and (z) the amount of any other items of deduction or loss specially allocated to such Partner pursuant to Article 3 of this Allocations Exhibit. 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.Section

Appears in 1 contract

Samples: Employment Agreement

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