Capital Accounts of Members. The amount of any additional Capital Contribution made by any Member or Economic Interest Owner shall be added to the Capital Account of such contributing Member or Economic Interest Owner as of the date of expiration of the thirty (30) day periods and/or ten (10) day period, as the case may be, set out in Sections 6.2 and 6.3 (a) above. Any increase in a Member's or Economic Interest Owner's Preference Contribution Account pursuant to Section 6.3(e) shall not be added to such Member's or Economic Interest Owner's Capital Account.
Capital Accounts of Members and Operation Thereof
Capital Accounts of Members. An individual capital account shall be determined and maintained for each Member in accordance with Regulations Section 1.704-1(b)(2)(iv), which provides that a Member’s capital account shall be increased by (i) the amount of cash contributed to the Company by such Member, (ii) the Fair Market Value of property contributed by such Member to the Company (net of liabilities secured by such contributed property that the Company is considered to assume or take subject to under Code Section 752), and (iii) any Company Net Income or Gain (or item thereof) allocated to such Member (including income and gain exempt from tax). A Member’s capital account shall be decreased by (i) the amount of cash distributed by the Company to such Member, (ii) the Fair Market Value of property distributed to such Member by the Company (net of liabilities secured by such distributed property that such Member is considered to assume or take subject to under Code Section 752), (iii) such Member’s allocable share of Company expenditures described in Code Section 705(a)(2)(B), and (iv) any Company Net Loss (or item thereof) allocated to such Member. Such Net Income, Gain, and Net Loss shall be determined in accordance with the federal income tax return filed by the Company, the allocations provided for in Section 6 of this Agreement, and by reference to the definitions contained in Section 17, provided that, in any circumstances in which property is reflected on the books of the Company (as maintained in accordance with Regulations Section 1.704-1(b)(2)(iv)) at a book value that differs from the adjusted tax basis of such property, Net Income, Gain, and Net Loss (or item thereof) shall be determined by reference to the book value of such property. Such allocation of book items shall be made in accordance with Regulations Section 1.704- 1(b)(2)(iv)(g). In the event a Member transfers all or any portion of his Company interest, the transferee shall succeed to the individual capital contributions, capital account and capital account balance of the transferor to the extent such individual capital contributions, capital account and capital account balance relate to the transferred interest. Neither contributions to the capital of the Company nor the Members’ capital account balances shall bear interest.
Capital Accounts of Members. (a) There shall be established for each Member a single capital account, regardless of the payout status of the Membership interest owned by such Member or when or how such Member's interest in the Company is obtained, which capital account shall be maintained and adjusted as follows: The capital account of a Member shall first be credited with the amount of his or her Initial Capital Contribution to the Company determined pursuant to this Agreement. Each such account shall then be increased by such Member's additional Capital Contributions to the Company (including the fair market value of any property contributed by such Member to the Company (net of any liabilities securing such contributed property that the Company is considered to assume or take subject to under Code Section 752)) and by such Member's allocable share of Company income and gain (or items thereof), including tax exempt income and gain, unrealized income and gain allocated upon a Revaluation Adjustment pursuant to Section 10.1(c)(i) of this Agreement, and Book Allocations (as defined in Section 10.1 of this Agreement), but excluding such Member's share of Tax Allocations. Each such account shall then be decreased by: (i) such Member's allocable share of expenditures of the Company which are not deductible (or with respect to which the Company has not made a proper election to amortize) in computing the Company's taxable income; (ii) such Member's allocable share of Company loss or deduction (or items thereof) including unrealized loss or deduction allocated upon a Revaluation Adjustment pursuant to Section 10.1(c)(i) of this Agreement and Book Allocations, but excluding losses of the Company not deductible in computing the Company's taxable income and Tax Allocations; and (iii) amounts distributed to such Member pursuant to this Agreement (including the fair market value of any property distributed to such Member by the Company) net of any liabilities securing such distributed property that such Member is considered to assume or take subject to pursuant to Code Section 752.
Capital Accounts of Members. The amount of any additional Capital Contribution made by any Member or Economic Interest Owner shall be added to the Capital Account of such contributing Member or Economic Interest Owner.
Capital Accounts of Members. The Company shall maintain records of the capital account of each member in at least two categories: first (the "capital account"): to reflect the total capital contribution of money, property, and services of the member; and second (the "income account"): to reflect the total undistributed share of Company profits (or losses) allocated to the member, with this income account initially set at a zero dollar ($0) balance and increased by allocation of profits to that member and decreased by allocation of losses or distribution of assets to that member. No member or any successor in interest to a member: (i) shall be paid interest on its capital account or its income account; (ii) shall have the right to demand and receive property other than cash in return of its capital account or income account; and (iii) shall have the right to demand or receive cash or other property of the Company in return of its capital contributions until the termination of the Company, except as otherwise agreed in writing by all of the members. At regular intervals set by membership resolution, or on January 1 and July 1 of each year if not otherwise agreed by the members, the Accounts Manager shall determine the aggregate value of all Company assets (including without limitation the Contracts), less the aggregate value of all Company liabilities (including without limitation any loans from members) and capital accounts, and inform the members of the net value of the Company (the "Value") for use under provisions of ss.ss. 4.08 and 4.09 below.
Capital Accounts of Members
