Common use of Opening Accounts Clause in Contracts

Opening Accounts. The following accounts will be established as to each Partner on the books of the Partnership as of the date on which that Partner first makes a Capital Contribution: 4.1.1 A Capital Account with an initial balance equal to such Partner’s Initial Capital Contribution to the Partnership, to be subsequently adjusted pursuant to Section 4.3 and 4.4; and 4.1.2 A Loss Carryforward Account with an initial balance of zero, to be subsequently adjusted pursuant to Section 4.6.