Allocation of Certain Expenditures. Except as otherwise provided for in this Agreement and unless prohibited by the 1940 Act, any expenditures payable by the Master Fund, to the extent determined by the Board to have been paid or withheld on behalf of, or by reason of particular circumstances applicable to, one or more but fewer than all of the Members, shall be charged to only those Members on whose behalf such payments are made or whose particular circumstances gave rise to such payments. Such charges shall be debited from the Capital Accounts of such Members as of the close of the Fiscal Period during which any such items were paid or accrued by the Master Fund.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (PNC Long-Short Master Fund LLC), Limited Liability Company Agreement (Mercantile Long-Short Manager Master Fund LLC), Limited Liability Company Agreement (PNC Alternative Strategies Master Fund LLC)
Allocation of Certain Expenditures. Except as otherwise provided for in this Agreement and unless prohibited by the 1940 Act, any expenditures payable by the Master FundPortfolio, to the extent determined by the Board to have been paid or withheld on behalf of, or by reason of particular circumstances applicable to, one or more but fewer than all of the Members, shall be charged to only those Members on whose behalf such payments are made or whose particular circumstances gave rise to such payments. Such charges shall be debited from the Capital Accounts of such Members as of the close of the Fiscal Period during which any such items were paid or accrued by the Master FundPortfolio.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Growth Capital Master Portfolio, LLC), Limited Liability Company Agreement (Growth Capital Master Portfolio, LLC)
Allocation of Certain Expenditures. Except as otherwise provided for in this Agreement and unless prohibited by the 1940 Act, any expenditures payable by the Master Fund, to the extent determined by the Board of Managers to have been paid or withheld on behalf of, or by reason of particular circumstances applicable to, one or more but fewer than all of the Members, shall be charged to only those Members on whose behalf such payments are made or whose particular circumstances gave rise to such payments. Such charges shall be debited from the Capital Accounts of such Members as of the close of the Fiscal Period during which any such items were paid or accrued by the Master Fund.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Excelsior Low Volatility Hedge Fund of Funds Master Fund LLC)
