Initial Capital Accounts. The initial Capital Account balance of each Partner equals the amount of cash contributed by each Partner as its Initial Capital Contribution, which balances have been determined in accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(f).
Initial Capital Accounts. As of the date of this Agreement, Schedule A sets forth the initial Capital Account balance of each Member with respect to each class of Membership Unit held by such Member.
Initial Capital Accounts. The Company shall establish an individual Capital Account for each Member. The Company shall determine and maintain each Capital Account in accordance with Regulations Section 1.704-1(b)(2)(iv). The Capital Accounts of the Members as of the date hereof are as reflected in Exhibit 2.2.
Initial Capital Accounts. The initial capital accounts of the General and the Limited Partner and their respective Units shall be as follows, after the contribution of the capital contributions referred to above: General Partner: $ 1.00 Limited Partner: $1,800,000.00
Initial Capital Accounts. Each Member shall have an initial Capital Account balance equal to the amount set forth as such Member’s Initial Capital Account Balance on Schedule A. Such initial Capital Account balances are a result of the following transactions: in the case of Maxygen, the contribution by Maxygen to the Company of certain assets, properties, rights, claims, liabilities and obligations on the terms and conditions set forth in the Asset Contribution Agreement followed by a cash investment by Maxygen in the Company; and, in the case of Bio, a cash investment by Maxygen in the Company. Except as specifically provided in this Agreement, no Person shall be permitted or required to make a Capital Contribution to the Company.
Initial Capital Accounts. The capital account of each Member as of the Tax Effective Date (the “Initial Capital Account” of such Member) shall equal (a) the total Capital Contributions of such Member or such Member’s predecessor prior to the Tax Effective Date (reduced by the amount of any liabilities of such Member or such Member’s predecessor assumed by the Company prior to the Tax Effective Date or which were secured by such Capital Contributions), as set forth on Schedule B, plus (b) the aggregate Net Profits and any items in the nature of income or gain, if any, allocated to such Member or such Member’s predecessor with respect to all Fiscal Years or portions thereof ending prior to the Tax Effective Date (as may be adjusted after the date hereof upon audit of the Company’s books and records), minus (c) the aggregate Net Losses and any items in the nature of expenses or losses allocated to such Member or such Member’s predecessor with respect to all Fiscal Years or portions thereof ending prior to the Tax Effective Date (as may be adjusted after the date hereof upon audit of the Company’s books and records), minus (d) the amount of cash and the fair market value of any Property, if any, distributed to such Member or such Member’s predecessor prior to the Tax Effective Date (reduced by the amount of any Company liabilities assumed by such Member or such Member’s predecessor prior to the Tax Effective Date or which are secured by any Property distributed to such Member or such Member’s predecessor prior to the Tax Effective Date). The Initial Capital Accounts shall also include any other adjustments required under Section 3.3 of the Existing LLC Agreement prior to the Tax Effective Date.
Initial Capital Accounts. At the execution of this Agreement, each Member shall have as its Initial Capital Account balance the amount set forth opposite such Member's name on Exhibit A attached hereto ("Initial Capital Contributions").
Initial Capital Accounts. Each Member shall have an initial Capital Account balance equal to the initial Capital Contribution made by such Member to the Company in the amount set forth on Schedule A annexed hereto. Upon admission of Additional Members after the Initial Closing Date or contribution of Additional Contributions by any Investor Members, Schedule A annexed hereto shall be updated accordingly.
Initial Capital Accounts. By virtue of the contributions made by the Members on or before the date hereof other than the Preferred Contributions, the Members each have the Capital Accounts equal to $0.00. By virtue of the Preferred Contribution made by Glimcher on the date hereof, Glimcher has a Capital Account equal to $34,000,000. By virtue of the Second Preferred Contribution made by Glimcher on the date hereof, Glimcher's Capital Account shall be credited with $2,365,846.
Initial Capital Accounts. (a) The Company shall establish a capital account (a “Capital Account”) for each Member, which shall be maintained and adjusted as provided in this Article VI. Each Member’s initial Capital Account is set forth on Schedule B.
