Drawing Accounts. A drawing account, to which withdrawals shall be debited, shall be maintained on the partnership books on behalf of each partner. Withdrawals may be subject to such limitations as the partners may from time to time adopt. Each partner’s drawing account shall be closed to his or her income account at the close of each fiscal year.
Drawing Accounts. An individual drawing account shall be ---------------- maintained for the General and each Limited Partner. All withdrawals other than the salary of the General shall be charged to his drawing account. Each Partner's share of profits and losses shall be credited or charged to his drawing account. A credit balance of a Partner's drawing account shall constitute a Partnership liability to that Partner; it shall not constitute a part of his capital account of his interest in the capital of the Partnership. If, after the net profit or the net loss of the Partnership for the fiscal year has been determined, a partner's drawing account shows a deficit (a debit balance), whether occasioned by drawings in excess of his share of Partnership profits or by charging him for his share of a Partnership loss, the deficit shall constitute an obligation of that Partner to the Partnership to the extent of the Partner's capital account, but in no event shall any Limited Partner be liable for any amount beyond the balance in his capital account. Payment of any amount owing to the Partnership shall be made in a manner and time determined by the General Partner. Such obligations shall not e made payable on demand nor shall interest be charged thereon above the prime interest rate plus 1 percentage point. The Limited Partners may determine, by vote of a majority in interest, to transfer any portion of their respective profit or loss to their capital accounts at any time, provided the transfers do not change the Partners respective Partnership interests except by written consent of all Partners.
Drawing Accounts. The Company shall distribute to Members from Available Company Cash an amount equal to the presently due and payable Tax Liabilities of the Members (including any amounts necessary to pay the amount of Tax Liabilities for prior periods for which inadequate amounts of Available Company Cash were available to meet the Member's Tax Liabilities). "Tax Liabilities" means income tax liabilities which may be chargeable to any Member, or, if such member is not a taxpaying entity, each beneficial owner of such Member who is a taxpaying entity (using the maximum income tax rate applicable to such taxpaying entity) for each fiscal year of the Company, in respect of the taxable income of the Company (net of any prior taxable loss of the Company not previously used to offset taxable income of the Company) shown on the information returns of the Company as of the end of the fiscal year of the Company as to which such determination is being made. "Available Company Cash" means cash in excess of the cash reserves provided for in Section 7.1.
Drawing Accounts. An individual drawing account shall be maintained for each Partner. All withdrawals by a Partner shall be charged to his or her drawing account. Withdrawals during the year shall be limited to such amounts as the Partners, by a majority vote, shall determine from time to time. Each Partner’s share of any Partnership net loss shall be charged to his or her drawing account, unless the Partners, by a majority vote, agree to charge such loss to the capital accounts of the Partners. Each Partner’s share of Partnership profits shall be credited to his or her drawing account. The Partners may determine by a majority vote to transfer to Partnership capital all or any portion of the credit balances in the respective drawing accounts of the Partners, provided that the amounts thus transferred shall be in the proportions of the Partners’ interests in profits or losses of the Partnership.
Drawing Accounts. Separate drawing accounts shall be maintained for each Partner. All withdrawals made by a Partner shall be charged to its drawing account. Each Partner's share of profits and losses shall be credited or charged to its drawing account. Unless a balance in a partner's drawing account in its favor (a credit balance) is transferred to its capital account as hereinafter provided, it shall constitute a liability of the Partnership to that Partner payable as provided in paragraph C of this Article VIII, without interest; it shall not constitute a part of its capital account or its interest in the capital of the Partnership. Unless a deficit in a Partner's drawing account (a debit balance) is transferred to its capital account as hereinafter provided, it shall constitute an obligation of that Partner to the Partnership and shall not reduce its capital account or its interest in the capital of the Partnership, regardless of whether said deficit is occasioned by the Partner's drawings in excess of its share of Partnership profits or by charging it for its share of Partnership losses. Payment of any obligation thus owing to the Partnership shall be made in a manner and time determined by the General Partner.
Drawing Accounts. 20. An individual drawing account will be maintained for each Member. Each Member will be entitled to draw against their share of the profits in such amounts and at such time as will be agreed by the Members. Losses will also be credited to the individual drawing accounts and each Member will be required to maintain a positive balance in their Drawing Account at all times. Failure to maintain a positive balance may be deemed an Involuntary Withdrawal of the offending Member and may be treated accordingly by the remaining Members.
Drawing Accounts. No Member shall at any time be entitled to any drawing account in the Company, unless (and then only to the extent) expressly approved by the Board.
Drawing Accounts. Partners shall be entitled to make draws upon the assets of the partnership, but only if (1) working capital after payment of the draws shall be sufficient to satisfy debts, and (2) the capital accounts of the partnership will not be impaired.
Drawing Accounts. A drawing account shall be maintained for each Member, which account shall be (i) credited with such Member’s percentage interest in income of the Company as provided in Section 5.02 hereof and (ii) charged with such Member’s percentage interest of losses of the Company as provided in Section 5.02 hereof and (iii) charged with such Member’s withdrawals and any distributions to such Members, as provided in Section 5.02 hereof. A credit balance in a Member’s drawing account shall constitute a liability of the Company to such Member. A debit balance in a Member’s drawing account shall constitute a liability of the Member to the Company.
Drawing Accounts. 4 7. Claim Against Other Partner . 4 8’ Limitation on Partners . 5 9.
