Common use of DISTRIBUTE REMAINING ASSETS TO MEMBERS Clause in Contracts

DISTRIBUTE REMAINING ASSETS TO MEMBERS. For any period during which the Company is a disregarded entity for federal income tax purposes, the Company shall distribute any remaining assets to its Member. For any period during which the Company is a partnership for federal income tax purposes, the Company shall distribute any remaining assets to the Members in accordance with their respective capital accounts (after giving effect to the allocation of all Profits and Losses). No Member shall be obligated to contribute cash or property to restore a negative capital account balance during the existence of the Company or upon its dissolution and liquidation.