No Deficit Restoration Obligation. If any Member has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all fiscal periods including the fiscal period during which the liquidation occurs), such Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any Person for any purpose whatsoever.
Appears in 5 contracts
Samples: Limited Liability Company Agreement (Texas Rare Earth Resources Corp.), Limited Liability Company Agreement (Biolife Solutions Inc), Limited Liability Company Agreement (Lorus Therapeutics Inc)
No Deficit Restoration Obligation. If any Member has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all fiscal periods including the fiscal period during which the liquidation occurs), such Member shall will have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall will not be considered a debt owed to the Company or to any Person for any purpose whatsoever.
Appears in 1 contract
Samples: Limited Liability Company Agreement (ASAlliances Biofuels, LLC)
No Deficit Restoration Obligation. If any Member has a deficit balance in its Capital Account (after giving effect to all contributionsCapital Contributions, distributions and allocations for all fiscal periods including the fiscal period during which the liquidation occurs), such Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever.. Article 16 AMENDMENTS 16.1
Appears in 1 contract
No Deficit Restoration Obligation. If any Member has shall have a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all fiscal periods including the fiscal period during which the liquidation occurs)Account, such Member shall have no obligation obligation, including upon dissolution or liquidation of the Company, to restore such negative balance or make any contribution to the capital of the Company with respect to such deficit, and such deficit shall not be considered a debt owed contributions to the Company or to any Person for any purpose whatsoeverby reason thereof, except as may be required by Applicable Law.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Peak Resources LP)
