Member Capital Accounts. Separate capital accounts shall be maintained for each Member. Each Member's capital account shall consist of the Initial Contribution made by the Member, shall be increased by any additional capital contributions made and by the Member's share of the Profits of the Company, and shall be decreased by (a) distributions to the Member, and (b) the Member's share of Company Losses. Such capital accounts shall be maintained in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv), and shall be adjusted appropriately to reflect any other adjustments required in accordance with that Regulation, except to the extent such adjustments would materially affect the amount or timing of any amount otherwise distributable hereunder.
Appears in 2 contracts
Samples: Operating Agreement (Davidson M H & Co Inc/), Operating Agreement (Stonehill Institutional Partners Lp)
Member Capital Accounts. Separate capital accounts shall be ----------------------- maintained for each Member. Each Member's capital account shall consist of the Initial Contribution made by the Member, shall be increased by any additional capital contributions made and by the Member's share of the Profits of the Company, and shall be decreased by (a) distributions to the Member, and (b) the Member's share of Company Losses. Such capital accounts shall be maintained in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv), and shall be adjusted appropriately to reflect any other adjustments required in accordance with that Regulation, except to the extent such adjustments would materially affect the amount or timing of any amount otherwise distributable hereunder.
Appears in 1 contract
Member Capital Accounts. Separate capital accounts shall be maintained for each Member. Each Member's capital account shall consist of the Initial Contribution initial capital contribution made by the Member, shall be Member increased by any additional capital contributions made and by the Member's share of the Profits profits of the Company, and shall be decreased by (a) distributions to the Member, and (b) the Member's share of Company Losseslosses. Such capital accounts shall be maintained in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv), and shall be adjusted appropriately to reflect any other adjustments required in accordance with that Regulation, except to the extent such adjustments would materially affect the amount or timing of any amount otherwise distributable hereunder.
Appears in 1 contract
