N.Y. Limited Liability Company Law § 504: Sharing of distributions

§ 504. Sharing of distributions. Distributions of cash or other assets

of a limited liability company shall be allocated among the members, and

among classes of members, if any, in the manner provided in the

operating agreement, which may, among other things, establish record

dates for distributions. If the operating agreement does not so provide,

distributions shall be allocated on the basis of the value, as stated in

the records of the limited liability company, if so stated, of the

contributions of each member, but not including defaulted obligations to

make contributions, to the extent they have been received by or promised

to the limited liability company and have not been returned to any such

member.