No Obligation to Restore Capital Accounts. In the event any Member has a deficit balance in any of its Capital Accounts at the time of the Company’s dissolution, it shall not be required to restore such account to a positive balance or otherwise make any payments to the Company or its creditors or other Third Parties in respect of such deficiency.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Riviera Resources, LLC), Limited Liability Company Agreement (Linn Energy, Inc.), Limited Liability Company Agreement (Exco Resources Inc)
No Obligation to Restore Capital Accounts. In the event any Member has a deficit balance in any of its Capital Accounts Account as determined for Federal income tax purposes at the time of the Company’s dissolutiondissolution and following the application of Section 13.3, it such Member shall not be required to restore such account to a positive balance or otherwise make any payments to the Company or its creditors or other Third Parties in respect of such deficiency.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (PBF Holding Co LLC), Subscription Agreement (PBF Holding Co LLC)
No Obligation to Restore Capital Accounts. In the event any Member has a deficit balance in any of its Capital Accounts at the time of the Company’s dissolutiondissolution and following the application of Section 13.3(b), it shall not be required to restore such account to a positive balance or otherwise make any payments to the Company or its creditors or other Third Parties in respect of such deficiency.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Phillips 66 Partners Lp)
No Obligation to Restore Capital Accounts. In the event any Member has a deficit balance in any of its Capital Accounts at the time of the Company’s dissolutiondissolution and following the application of Section 16.03(b)(ii), Section 16.03(b)(iii), Section 16.03(c)(ii), Section 16.03(c)(iii) and Section 16.03(c)(iv), it shall not be required to restore such account to a positive balance or otherwise make any payments to the Company or its creditors or other Third Parties in respect of such deficiency.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Enbridge Energy Partners Lp)
No Obligation to Restore Capital Accounts. In the event any Member has a deficit balance in any of its Capital Accounts at the time of the Company’s dissolution, it shall not be required to restore such account to a positive balance or otherwise make any payments to the Company or its creditors or other Third Parties third parties in respect of such deficiency.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Exco Resources Inc)
No Obligation to Restore Capital Accounts. In the event any Member has a deficit balance in any of its Capital Accounts Account at the time of the Company’s dissolutiondissolution and following the application of Section 13.03(b), it shall not be required to restore such account to a positive balance or otherwise make any payments to the Company or its creditors or other Third Parties in respect of such deficiency.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Enbridge Energy Partners Lp)
