No Deficit Restoration. No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.
No Deficit Restoration. If, upon liquidation, the Managing Member has a deficit balance in its capital account, after taking into account all capital account adjustments for the Company’s Fiscal Year during which liquidation occurs, neither the Managing Member nor the Special Member shall have any obligation to contribute cash to the capital of the Company to restore such deficit balance.
No Deficit Restoration. Neither Partner shall be liable for the return of the capital contributions of the other Partner, or any portion thereof; nor shall any Partner be required to pay any deficit in its capital account upon dissolution of the Partnership.
No Deficit Restoration. Notwithstanding any other provision of this Agreement to the contrary, upon liquidation of a Member’s Interest in the Company (whether or not in connection with a liquidation of the Company), no Member shall have any liability to restore any deficit in its Capital Account. In addition, no allocation to any Member of any loss, whether attributable to depreciation or otherwise, shall create any asset of or obligation to the Company, even if such allocation reduces the Capital Account of any Member or creates or increases a deficit in such Capital Account; it is also the intent of the Members that no Member shall be obligated to pay any such amount to or for the account of the Company or any creditor of the Company. Except as set forth in Section 13.11, no creditor of the Company is intended as a third-party beneficiary of this Agreement nor shall any such creditor have any rights hereunder.
No Deficit Restoration. If, upon liquidation, Member has a deficit balance in its capital account, after taking into account all capital account adjustments for the Company Fiscal Year during which liquidation occurs, Member shall have no obligation to contribute cash to the capital of the Company to restore such deficit balance.
No Deficit Restoration. No Member whose Capital Account has a deficit balance upon the Company’s liquidation shall be obligated to contribute to the Company’s capital with respect to such deficit. A deficit Capital Account shall not be considered to represent a Member’s obligation to the Company, any Company creditor or any other Member, for any purpose whatsoever.
No Deficit Restoration. If, upon liquidation, any Partner has a deficit balance in its capital account, after taking into account all capital account adjustments for the Partnership’s Fiscal Year during which liquidation occurs, such Partner shall have no obligation to contribute cash to the capital of the Partnership to restore such balance. Notwithstanding the foregoing, any Partner may elect to make a deficit restoration contribution in its sole discretion.
No Deficit Restoration. 51 Article XI GENERAL................................................................................ 51
No Deficit Restoration. 40 Section 11.12
No Deficit Restoration. The Members intend and agree that no Member shall be obligated to pay any deficit in its Capital Account to or for the account of the Company or any creditor of the Company.
