N.Y. Ltd. Liab. Co. Law § 504

§ 504. Sharing of distributions. Distributions of cash or other assets\nof a limited liability company shall be allocated among the members, and\namong classes of members, if any, in the manner provided in the\noperating agreement, which may, among other things, establish record\ndates for distributions. If the operating agreement does not so provide,\ndistributions shall be allocated on the basis of the value, as stated in\nthe records of the limited liability company, if so stated, of the\ncontributions of each member, but not including defaulted obligations to\nmake contributions, to the extent they have been received by or promised\nto the limited liability company and have not been returned to any such\nmember.\n