Establishment of Capital Accounts. A separate capital account (each, a “Capital Account”) shall be maintained for each Member. For book purposes, each Member's Capital Account will be separated into a contribution account and an income (loss) account and will be maintained according to generally accepted accounting principles consistently applied. Sections 3.5 and 3.6 below describe the appropriate accounting treatment for tax purposes of the Capital Accounts.
Establishment of Capital Accounts. A separate Capital Account shall be established and maintained in respect of each Partner.
Establishment of Capital Accounts. The Company shall establish and maintain for each Member on its books a capital account (a “Capital Account”). Each Member’s Capital Account (a) shall be increased by (i) the amount of money contributed by such Member to the Company, (ii) the Book Value of property contributed by that Member to the Company (net of liabilities secured by the contributed property that the Company is considered to assume or take subject to under Section 752 of the Code) and (iii) allocations to such Member of Net Profits and any other items of income or gain allocated to such Member, and (b) shall be decreased by (i) the amount of money distributed to such Member by the Company, (ii) the Book Value of property distributed to such Member by the Company (net of liabilities secured by the distributed property that such Member is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to such Member of Net Losses and any other items of loss or deduction allocated to such Member. The Capital Accounts shall also be increased or decreased to reflect a revaluation of Company property pursuant to paragraph (b) of the definition of Book Value. On the transfer of all or part of a Member’s Units, the Capital Account of the transferor that is attributable to the transferred Units shall carryover to the Permitted Transferee Member in accordance with the provisions of Treas. Reg. §1.704-1(b)(2)(iv)(1). A Member that has more than one class of Units shall have a single Capital Account that reflects all such Units.
Establishment of Capital Accounts. A capital account shall be established and maintained for each Partner in accordance with Section 704(b) of the Internal Revenue Code of 1986, as amended from time to time (the "Code"), the U.S. Treasury Regulations promulgated thereunder (the "Regulations") and this Agreement.
Establishment of Capital Accounts. There will be established on the books of the Partnership an Opening Capital Account for each Partner in accordance with the definitions and methods of allocation prescribed in this Agreement.
Establishment of Capital Accounts. The General Partner shall establish a separate Capital Account on the books of the Partnership for each Capital Contribution made by a Partner; except that a single Capital Account may be established for all Capital Contributions made by the General Partner. The opening balance of a Capital Account will be the amount of the Capital Contribution made thereto. The balance of each Capital Account shall be adjusted as provided in Section 5.02(b).
Establishment of Capital Accounts. Separate capital accounts shall be established and maintained for each Partner in accordance with Section 1.704-l(b)(2)(iv) of the Treasury Regulations, as amended from time to time.
Establishment of Capital Accounts. An individual Capital Account shall be established for each Member. The Capital Account of each Member shall consist of its initial Capital Contribution and shall be increased by: (i) any additional Capital Contributions by such Member; (ii) such Member's share of any income or gains, including the Profits allocated to such Member pursuant to this Agreement; and (iii) such Member's share of any income or gain exempt from federal income tax (determined in the same manner as Profits are allocated to such Members), and shall be decreased by: (i) such Member's share of Losses allocated to such Member pursuant to this Agreement; (ii) any Distribution to such Member of cash or the fair market value of any other property (net of liabilities assumed by such Member and liabilities to which such property is subject); and (iii) such Member's share of expenditures of the Company described in Code Section 705(a)(2)(B) (determined in the same manner as Losses are allocated to such Members).
Establishment of Capital Accounts. A capital account (the "Capital Account") shall be established and maintained for each Member. The Capital Account of each Member shall be (a) credited with any income of the Company allocated to such Member pursuant to the terms of this Agreement and the amount of cash and net fair market value (as set forth in Section 4.2 for the Capital Contributions and as mutually agreed by Prime and UST in writing for any subsequent Capital Contributions) of any property contributed by such Member under this Agreement; (b) debited with the amount of cash and the net fair market value (as reasonably determined by Prime and UST in writing) of any property distributed to such Member by the Company (including without limitation the distributions to Prime described in Section 5.1 hereto) and with any deductions, losses and expenditures of the Company allocated to such Member pursuant to the terms of this Agreement, and (c) otherwise kept in conformance with Regulations Sections 1.704-1(b) and 1.704-2.
Establishment of Capital Accounts. (a) A separate Capital Account shall be maintained for each Partner. The Capital Account of each Partner shall be (i) credited with the total of such Partner's Capital Contributions (as adjusted pursuant to Section 3.1) plus all Profit and Gain on Disposition computed in accordance with Section 5.1(b) and allocated to the Partner in the manner provided in Section 5.3 (but without regard to Section 5.3(c)) or 5.4, and (ii) debited with the sum of (A) all Loss and Loss on Disposition computed in accordance with Section 5.1(b) and allocated to the Partner in the same manner as provided in Section 5.3 (but without regard to Section 5.3(c)) or 5.4 and (B) all cash and the Net Agreed Value of any property distributed by the Partnership to such Partner pursuant to Sections 5.2 (except that in the case of a redemption of a Partner's Interest that has reduced such Partner's Capital Contribution pursuant to Section 3.1(a)(ii), such Partner's Capital Account shall be debited
