No Restoration of Deficit Capital Account Balances. If any Member has a deficit balance in its Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which the liquidation occurs), then such Member shall have no obligation to make any Capital Contribution 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 (Commonwealth Energy Corp), Limited Liability Company Agreement (Commonwealth Energy Corp)
No Restoration of Deficit Capital Account Balances. If any Member has a deficit balance in its Adjusted Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which the liquidation occurs), then such Member shall have no obligation to make any Capital Contribution 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 (Hard Rock Hotel Holdings, LLC), Limited Liability Company Agreement (Hard Rock Hotel Holdings, LLC)
