Laserfiche WebLink
<br />"Capital Account": With respect to any Member, such Member's initial or subsequent <br />Capital Contributions to the Company, plus such Member's share of any net income of the <br />Company, f8duced by such Member's share of any net loss of the Company and the amount of <br />any distributions of cash or the fair market value of assets distributed by the Company to such <br />Member (net of any liabilities of the Company assumed by such Member and any liabilities to <br />which such distributed property is subject), and as otherwise increased or decreased in <br />accordance with the provisions of Regulation ~ 1.704-1 (b )(2) (iv). <br /> <br />"Capital eonlnlHllion": With respect to each Member, the total amount of cash and <br />agreed fair market value of any property contribtrted by such Member (net of any liabilities <br />assumed by the Company and any liabilities to which such property is ~) in accordance with <br />this Agreement and as initially set forth on Exhibit A, attached hereto and Incorporated herein by <br />reference. . <br /> <br />-code": n,e Interna' Revenue Code of 1986, as amended from time to time, and all <br />successors thereto. <br /> <br />"Company": FL GILL H20, LLC, a Colorado limited liability company. <br /> <br />.......: C011ectiveIy, (i) the three entities identified below as Members together with <br />(ii) any person or entity who may hereafter be admitted as a Member of the Company by with the <br />agreement of all of the Members accordance with the provisions hereof. <br /> <br />........ ".,.,..",: The entire ownership interest of a Member in the Company at any <br />particular time, including the Member's share of the profits and tosses of the Company, the nght <br />to receive distributions from the Company and the right to any and aU other benefits to which such <br />Member may be entitled as provided in this Agreement and in the Act, together with the <br />obtigations of such Member to compty with an the tenns and provisions of this Agreement and of <br />the Act. <br /> <br />"Outstanding PeR:elIfag6 Ifttetesr': With respect to any Member and as of any date. <br />the percentage of his economic ownership rights in the Company. The initial Outstanding <br />Pementage InteIest of each of the Members is 33 113 pereent (33 113%) as set forth on Exhibit A, <br />and shall be subject to adjustment from time to time in accordance with the terms hereof. <br /> <br />"Outstancllng Inee,.,.",: Any Member Interests which have been issued to a Member in <br />accordance with the terms hereof. <br /> <br />~- ",.,....... .The taxable income and taxable toss of the Company for federal <br />income tax purposes, detennined as of the close of the period in question, including, where the <br />context requires. related federal income tax items such as capital gain and toss, tax preferences, <br />investment interest investment tax credits, and depreciation. <br /> <br />"Regulations": The Treasury Regulations interpreting the Code. <br /> <br />ARTICLE It <br />GENERAL <br /> <br />-2- <br />