Common use of Member's Capital Accounts Clause in Contracts

Member's Capital Accounts. No Member shall have any right to withdraw any portion of its Capital Account, except as otherwise provided herein. No interest shall be paid to any Member with respect to its Capital Contributions. Each Member’s initial Capital Account is set forth on Schedule I, which initial Capital Accounts apply the principles of Regulation Section 1.704-1(b)(2)(iv)(d) and thereafter such Capital Accounts shall be adjusted as follows: (a) The Capital Account of each Member shall be increased by: (i) The amount of any Net Profits (and any items of income or gain), allocated to such Member; (ii) The amount, if any, of any Company liabilities assumed by such Member or taken subject to or in connection with the distribution of property to such Member by the Company; (iii) The amount of any cash contributed by the Member to the Company; and (iv) The initial Asset Value of property contributed to the Company by such Member. (b) The Capital Account of each Member shall be decreased by: (i) The amount of cash distributed to such Member by the Company; (ii) The amount of any Net Losses (and any items of deduction or loss) allocated to such Member; (iii) The Asset Value of any property distributed to such Member by the Company; and (iv) The amount of any liabilities of such Member assumed by the Company or taken subject to or in connection with the contribution of property by such Member to the Company. The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations under Section 704(b) of the Code and, to the extent not inconsistent with the provisions of this Agreement, shall be interpreted and applied in a manner consistent with such Regulations.

Member's Capital Accounts. No Member shall have any right to withdraw any portion of its Capital Account, except as otherwise provided herein. No interest shall be paid to any Member with respect to its Capital Contributions. Each Member’s 's initial Capital Account is set forth on Schedule I, which initial Capital Accounts apply the principles of Regulation Section 1.704-1(b)(2)(iv)(d) and thereafter such Capital Accounts shall be adjusted as follows: (a) The Capital Account of each Member shall be increased by: (i) The amount of any Net Profits (and any items of income or gain), allocated to such Member; (ii) The amount, if any, of any Company liabilities assumed by such Member or taken subject to or in connection with the distribution of property to such Member by the Company; (iii) The amount of any cash contributed by the Member to the Company; and (iv) The initial Asset Value of property contributed to the Company by such Member. (b) The Capital Account of each Member shall be decreased by: (i) The amount of cash distributed to such Member by the Company; (ii) The amount of any Net Losses (and any items of deduction or loss) allocated to such Member; (iii) The Asset Value of any property distributed to such Member by the Company; and (iv) The amount of any liabilities of such Member assumed by the Company or taken subject to or in connection with the contribution of property by such Member to the Company. The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations under Section 704(b) of the Code and, to the extent not inconsistent with the provisions of this Agreement, shall be interpreted and applied in a manner consistent with such Regulations.

Member's Capital Accounts. No Member shall have any right to withdraw any portion of its Capital Account, except as otherwise provided herein. No interest shall be paid to any Member with respect to its Capital Contributions. Each Member’s initial Capital Account is set forth opposite their respective names on Schedule I, I in the column with the title “Initial Capital Contribution,” which initial Capital Accounts apply the principles of Regulation Section 1.704-1(b)(2)(iv)(d) and thereafter such Capital Accounts shall be adjusted as follows: (a) The Capital Account of each Member shall be increased by: (i) The amount of any Net Profits (and any items of income or gain), ) allocated to such Member; (ii) The amount, if any, of any Company liabilities assumed by such Member or taken subject to or in connection with the distribution of property to such Member by the Company; (iii) The amount of any cash contributed by the Member to the Company; and (iv) The initial Asset Value of property contributed to the Company by such Member. (b) The Capital Account of each Member shall be decreased by: (i) The amount of cash distributed to such Member by the Company; (ii) The amount of any Net Losses (and any items of deduction or loss) allocated to such Member; (iii) The Asset Value of any property distributed to such Member by the Company; and (iv) The amount of any liabilities of such Member assumed by the Company or taken subject to or in connection with the contribution of property by such Member to the Company. The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations under Section 704(b) of the Code and, to the extent not inconsistent with the provisions of this Agreement, shall be interpreted and applied in a manner consistent with such Regulations.

Member's Capital Accounts. No Member 2.2.1 The Company shall have any right to withdraw any portion of its Capital Account, except as otherwise provided herein. No interest shall be paid to any Member with respect to its Capital Contributions. Each Member’s initial maintain a separate Capital Account is set forth on Schedule Ifor each Member, which initial Capital Accounts apply the principles of Regulation Section 1.704-1(b)(2)(iv)(d) and thereafter such Capital Accounts Account shall be adjusted as followsbe: (a) The Capital Account of each Member shall be increased by: (i) The A. Increased for the amount of any Net Profits (cash and any items of income or gain), allocated to such Member; (ii) The amount, if any, fair market value of any Company property (net of any liabilities assumed by such Member or taken subject to or in connection with the distribution of property to such Member secured by the Company; (iiiproperty that the Company assumes or takes subject to) The amount of any cash contributed by the Member to and for the Member's share of any income or gain of the Company; and B. Decreased for the amount of any cash and fair market value of any property (ivnet of any liabilities secured by the property that the Member assumes or takes subject to) The initial Asset Value of property contributed distributed to the Member, for the Member's share of any losses and deductions of the Company by such Memberand for any expenditures under IRC Section 705(a)(2)(B). (b) The 2.2.2 In the event that a Membership Interest, or any portion thereof, shall be transferred in accordance with this Operating Agreement, the transferee shall succeed to the Capital Account of each the transferor Member shall be decreased by:or any portion thereof so transferred. (i) The amount 2.2.3 All of cash distributed to such Member by the Company; (ii) The amount of any Net Losses (and any items of deduction or loss) allocated to such Member; (iii) The Asset Value of any property distributed to such Member by the Company; and (iv) The amount of any liabilities of such Member assumed by the Company or taken subject to or in connection with the contribution of property by such Member to the Company. The foregoing provisions regarding the establishment and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations under Treas Reg Section 704(b1.704-1(b)(2)(iv) of the Code and, to the extent not inconsistent with the provisions of this Agreement, and shall be interpreted and applied to comply with said Treasury Regulation. The Members further agree to make such adjustments to the Capital Accounts as may be necessary or appropriate in a manner consistent order to comply with such Regulationssaid Treasury Regulation. 2.2.4 Except as otherwise expressly provided herein or under the Act, no Member shall be entitled to receive any interest or return on any contributions to the Company or on the Members' Capital Accounts, nor shall any Member have any interest, right or claim in or to any assets of the Company.