Section 503. Sharing of profits and losses

The profits and losses of a
  limited liability company shall be  allocated  among  the  members,  and
  among  the  classes  of  members,  if any, in the manner provided in the
  operating agreement. If the operating agreement  does  not  so  provide,
  profits  and  losses  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.