No Obligation to Contribute Deficit. If any Member has a deficit balance in his Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such 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.
Appears in 2 contracts
Samples: Operating Agreement (Chartermac), Limited Liability Company Agreement (Chartermac)
No Obligation to Contribute Deficit. If any Member has a deficit balance in his Capital Account (as defined in Schedule B) (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation dissolution 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.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Centerline Holding Co), Limited Liability Company Agreement (Chartermac)
