MEMBER'S ACCOUNTS. The Member will maintain separate capital and distribution accounts. The Member's capital account will be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv), each capital account will consist of the Member’s initial capital contribution:
MEMBER'S ACCOUNTS. The Managers shall maintain separate capital and distribution accounts for each member. Each Member's capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv).
MEMBER'S ACCOUNTS. The Management Committee shall maintain separate capital and distribution accounts for each Member. Each Member’s capital account shall be determined and maintained in the manner set forth in Treasury Regulation 1.704-1(b)(2)(iv) and shall consist of his initial capital contribution increased by:
MEMBER'S ACCOUNTS. The Company shall maintain separate capital accounts for each Member. Each Member's capital account shall reflect the Member's capital contributions and increases for the Member's share of any net income or gain of the Company. Each Member's capital account shall also reflect decreases for distributions made to the Member and the Member's share of any of the Company's losses and deductions.
MEMBER'S ACCOUNTS. Separate Capital Accounts for each Member shall be maintained by the Company, Each Member’s Capital Account shall reflect the Member’s capital contributions and increases for the Member’s share of any net income or gain of the Company, Bach Member’s Capital Account shall also reflect decreases for distributions made to the Member and the Member’s share of any losses and deductions of the Company.
MEMBER'S ACCOUNTS. The member's capital account will be determined and maintained in the manner set forth in Treasury Regulation 1.704-l(b)(2)(iv) and will consist of his or her initial capital contribution increased by:
MEMBER'S ACCOUNTS. Separate Capital Accounts will be maintained for each Member.
MEMBER'S ACCOUNTS. The Managers must maintain separate capital and distribution accounts for each Member. Each Member's capital account must be determined and maintained in the manner set forth in Treasury Regulation 1.704-l(b)(2)(iv) and will consist of the Member's initial capital contribution increased by: Any additional capital contribution made by the Member; Credit balances transferred from the member's distribution account to the member's capital account; and decreased by: Distributions to the Member in reduction of Company capital; The Member's share of Company losses if charged to the Member's capital account.
MEMBER'S ACCOUNTS. The Administrator shall establish and maintain an Account in the name of each Member. Separate records shall be maintained with respect to the portion of a Member's Account attributable to Elective Deferrals under Section 3 and transferred amounts under Section 14, and earnings thereon, and the portion of a Member's Account attributable to Company contributions under Section 4 and earnings thereon.
MEMBER'S ACCOUNTS. A capital account shall be established and maintained on the Company’s books with respect to each member, in accordance with the provisions of Treasury Regulation Section 1.704-1(b) and a separate Distribution Account for each Member related to his or her Common Units. Each Member’s Capital Account consist of such Member’s initial Capital Contribution increased by (a) any additional Capital Contributions made by such Member, and (b) credit balances transferred from such Member’s Distribution Account to his or her capital account, and decreased by (a) distributions to such Member in reduction of the Company capital, and (b) such Member’s share of the Company losses, when transferred from such Member’s Distribution Account. The chief executive officer shall (a) maintain the Member’s Capital Accounts at all times as determined above; (b) charge all distributions to the Member’s Distribution Account; (c) charge the Company’s losses to the Member’s Distribution Account, unless the chief executive officer elects to charge any such loss to the Member’s Capital Account; and (d) credit the Company’s Net Profits from operations to the Member’s Distribution Account. The chief executive officer may transfer to the Member’s Capital Account all or any portion of the credit balances in the Member’s Distribution Account. Any amounts transferred shall be in proportion to the Member’s Percentage Interest. A credit balance in a Member’s Distribution Account shall constitute a liability of the Company to that Member; it shall not constitute a part of the Member’s interest in the Company’s capital, until closed to said Member’s Capital Account. A debit balance in a Member’s Distribution Account, whether occasioned by distributions in excess of his or her share of the Company profits or by charging such Member for his or her share of the Company loss, shall not constitute an obligation of the Member to the Company; it shall not reduce such Member’s interest in the Company’s capital, until closed to said Member’s Capital Account. Payment of any amount owed to the Company shall be made at such time and in such manner as the chief executive officer may determine.
