(as those terms are defined in Article VI of this Agreement), losses shall be allocated as follows: Losses shall be allocated to the Member until his Capital Account has been reduced to zero. Notwithstanding subparagraph A of this section, losses shall not be allocated to the to the extent that such allocation would cause such to have an Adjusted Capital Account Deficit or would increase such Member's Adjusted Capital Account Deficit. Section 6.3. Adjustments. Except as otherwise provided in this Agreement, all of income, gain, loss, deduction, and any other allocations not otherwise provided for shall be allocated to the Member. Section 6.4. Distributions. The Company, by action of the Member, make distributions from time to time to the Member in the amount of the cash available for distribution after providing for normal operating expenses and appropriate reserves. ARTICLE VII - FISCAL MATTERS Section 7.1. Fiscal Year. The fiscal year of the Company will end on the last day of _____________ of each year, unless otherwise determined by resolution of the Member. Section 7.2. Deposits. All funds of the Company must be deposited from time to time to the credit of the Company in such banks, trust companies, or other depositories as the Member selects. Section 7.3. Loans. No Third Party Loans may be contracted on behalf of the Company or no evidences of indebtedness may be used in its name, unless authorized by the Member. Section 7.4. Tax Matters. The Manager shall be designated as the "Tax Matters Partner" of the Company pursuant to Section 6231(a) (7) of the Code. The Manager shall take such actions as are necessary to cause the Member to become a "Notice Partner" within the meaning of Section 6223 of the Code. The Manager shall not take any action contemplated by Section 6223 through Section 6229 of the Code without the approval of the Member. ARTICLE VIII DEATH OF THE MEMBER – The death of the Member shall not terminate the Company. No inventory or appraisal shall be Settlement of ship Interest.
(as those terms are defined in Article VI of this Agreement), losses shall be allocated as follows: Losses shall be allocated to the Member until his Capital Account has been reduced to zero. Notwithstanding subparagraph A of this section, losses shall not be allocated to the to the extent that such allocation would cause such to have an Adjusted Capital Account Deficit or would increase such Member's Adjusted Capital Account Deficit. Section 6.3. Adjustments. Except as otherwise provided in this Agreement, all of income, gain, loss, deduction, and any other allocations not otherwise provided for shall be allocated to the Member. Section 6.4. Distributions. The Company, by action of the Member, make distributions from time to time to the Member in the amount of the cash available for distribution after providing for normal operating expenses and appropriate reserves. ARTICLE VII - FISCAL MATTERS Section 7.1. Fiscal Year. The fiscal year of the Company will end on the last day of _____________ of each year, unless otherwise determined by resolution of the Member. Section 7.2. Deposits. All funds of the Company must be deposited from time to time to the credit of the Company in such banks, trust companies, or other depositories as the Member selects. Section 7.3. Loans. No Third Party Loans may be contracted on behalf of the Company or no evidences of indebtedness may be used in its name, unless authorized by the Member. Section 7.4. Tax Matters. The Manager shall be designated as the "Tax Matters Partner" of the Company pursuant to Section 6231(a) (7) of the Code. The Manager shall take such actions as are necessary to cause the Member to become a "Notice Partner" within the meaning of Section 6223 of the Code. The Manager shall not take any action contemplated by Section 6223 through Section 6229 of the Code without the approval of the Member. ARTICLE VIII – DEATH OF THE MEMBER The death of the Member shall not terminate the Company. Settlement of ship Interest. No inventory or appraisal shall be
Single%20Owner%20LLC%20Operating%20Agreement_0.docx