Xxxxxxx Accounts. A separate Capital Account shall be maintained for each Member as set forth in Article 2 of Appendix A. The initial Capital Account of each Member shall be as reflected on Appendix B.
Xxxxxxx Accounts. A separate account (each, a “Capital Account”) shall be established and maintained for each Member which shall be increased by (i) the amount of cash and the fair market value, as determined by the Manager, of any other property contributed by such Member to the Company as a Capital Contribution (net of liabilities secured by such property or that the Company is considered to assume or take the property subject to pursuant to Code Section 752) and (ii) such Member’s share of the Net Profit of the Company, and the Capital Account shall be reduced by (i) the amount of cash and the fair market value, as determined by the Manager, of any other property distributed to such Member (net of liabilities secured by such property or that the Member is considered to assume or take the property subject to pursuant to Code Section 752) and (ii) such Member’s share of the Net Loss of the Company. It is the intention of the Members that the Capital Accounts of the Company be maintained in accordance with the provisions of Section 704(b) of the Code and the Regulations thereunder and that this Agreement be interpreted consistently therewith.
Xxxxxxx Accounts. The Company shall establish and maintain a separate Capital Account for each Member and for each permitted transferee of a Membership Interest. The Capital Account of each permitted transferee of a Membership Interest shall initially be equal to the Capital Account of the transferor as of the effective date of the Transfer.
Xxxxxxx Accounts. 11 3.0.Xx Requirement to Restore Negative Capital Account.11 3.0.Xxxxx by Members.11 3.0.Xx Reliance by Creditors.12 3.10.Issuance of Additional Membership Interests.12
Xxxxxxx Accounts. Your account will be considered dormant if you have not transacted business in your account for a period of two years. If your account becomes dormant, it will be subject to a dormant account fee in addition to any other applicable account fees. The Bank reserves the right to withhold any payment, withdrawal, or transfer from a dormant account until the Bank, to its sole and complete satisfaction, is able to reestablish contact with the owner of the dormant account. You agree to keep your account in active status. Under applicable law, we may be required to turn over to appropriate state authorities any funds held in the account if, for at least five (5) years, the account has been “inactive” as defined by Florida law. Prior to doing so, the Bank will mail a notice to your last known address. If you do not respond by the date set forth for response in the notice, we will forward the funds in the account to the
Xxxxxxx Accounts.
(A) The Company shall establish and maintain a separate capital account (the “Capital Account”) for each Member in the manner required by the Treasury Regulations under Section 704(b) of the Code. The Capital Account of a Member shall consist of its initial Capital Contribution and shall be increased by (i) the amount of any additional Capital Contributions, and (ii) the amount of all Net Income (and any item thereof) allocated to such Member, and decreased by (iii) the amount of all distributions or deemed distributions to such Member, and (iv) the amount of all Net Loss (and any item thereof) allocated to such Member. The Capital Accounts shall be determined, maintained, and adjusted in accordance with the Code and the Regulations, including the capital account maintenance rules in Regulations § 1.704-(1)(b)(2)(iv).
(B) If any Member shall lend any monies to, or perform any services for, the Company, the amount of any such loan or services shall not increase the Member’s Capital Account or affect in any way his or its share in the profits, losses or distributions of the Company.
(C) Any transferee of an Interest shall succeed to the Capital Account relating to the Interest transferred.
Xxxxxxx Accounts. Funds, securities and/or other property held in any dormant account may, under applicable state law, escheat to the state, meaning the state will take possession of the property. Generally, the laws of the state of your last known residence or domicile will apply in determining whether an account is dormant. State laws vary as to the circumstances under which an account will be considered dormant.
Xxxxxxx Accounts. Assets in your Account may be subject to state and federal law regarding abandoned and unclaimed property. If there is no activity in your Account (other than periodic interest payments or similar transactions initiated by us) for a prolonged period, as determined by the law of the relevant state (typically the state listed as your Account statement address in our records), your Account may be deemed abandoned, in which case we will turn over the Account Assets in your Account to the appropriate state authority, as required under applicable law. Unless we have previously determined that we do not have valid contact information for you, we will generally attempt to contact you prior to the expiration of the relevant unclaimed property law so that you may claim the account. To the extent permitted by applicable law, we will deduct from your Account any reasonable expenses we incur in attempting to contact you and, as necessary, in remitting the Account to the state once it has been deemed abandoned. Without limiting any other provision of this Agreement, once we have turned over your abandoned Account Assets to the relevant state authority, we will have no further obligation to you with respect to the Account, and you must apply to the relevant state authority to reclaim your property.
Xxxxxxx Accounts. An individual Capital Account shall be maintained for each Member consisting of that Member's Capital Contribution, (I) increased by that Member's share of Profits, (2) decreased by that Member's share of Losses, and (3) adjusted as required in accordance with applicable provisions of the IRC and Treasury Regulations.
Xxxxxxx Accounts. 1As part of the deal, the Seller waives the right to any claims against the Companies (except as stated in item 3.1). The amortised amount is about DKK 42 million.
