Restoration of Negative Capital Accounts. Except as otherwise provided in this Agreement, neither an Investor Partner nor the Initial Limited Partner shall be obligated to the Partnership or to any other Partner to restore any negative balance in his Capital Account. The Managing General Partner shall be obligated to restore the deficit balance in its Capital Account.
Restoration of Negative Capital Accounts. At no time shall a Member with a negative balance in its Capital Account have any obligation to the Company or to any other Member to restore such negative balance.
Restoration of Negative Capital Accounts. Neither the General Partner nor any Limited Partner shall be obligated to restore any deficit balance in its Capital Account or shall be personally liable for the return of the Capital Contributions of any Partner, or any portion thereof, including upon and after dissolution of the Partnership, it being expressly understood that (a) any such return shall be made solely from ASAC assets and (b) a deficit in a Partner’s Capital Account shall not constitute an ASAC asset.
Restoration of Negative Capital Accounts. No Member shall be obligated to restore any deficit balance in its Capital Account or be personally liable for the return of the Capital Contributions of any other Member, or any portion thereof or return thereon, it being expressly understood that (x) any such return shall be made solely from Company Assets and amounts set aside in the Reserve Account but subject to the distribution provisions set forth in Section 4.03 hereof, and (y) a deficit in a Member’s Capital Account shall not constitute a Company Asset.
Restoration of Negative Capital Accounts. Except as otherwise required by law, no Partner shall have any obligation to the Partnership or the other Partners or to any other Person, including creditors of the Partnership, to restore any negative balance in its Capital Account.
Restoration of Negative Capital Accounts. No Venturer with a deficit in his or her Capital Account shall be obligated to restore the amount of such deficit to the Joint Venture.
Restoration of Negative Capital Accounts. If, at the closing date of a proposed transfer of all of a Partner’s Partnership Interest, pursuant to Article VIII or otherwise, such Partner has a negative capital account balance, the proposed transfer shall not be consummated unless and until such Partner makes an additional capital contribution in cash in an amount sufficient to restore such Partner’s capital account balance to zero. Similarly, in the event of the dissolution of the Partnership pursuant to Article IX, if a Partner has a negative capital account balance on the date of dissolution, such Partner shall, prior to any distribution to the Partners pursuant to Article IX and within 90 days after the date of dissolution, restore its capital account balance to zero.
Restoration of Negative Capital Accounts. No Venturer shall be obligated to the Venture or to any other Venturer to restore any negative balance in his Capital Account. If the Capital Account of any Venturer has a deficit balance (after giving effect to all contributions, distributions, and allocations for all taxable years, including the taxable year during which such liquidation occurs), such Venturer shall not be obligated to make any contribution to the capital of the Venture with respect to such deficit, and such deficit shall not be considered a debt owed to the Venture or to any other person for any purpose whatsoever.
Restoration of Negative Capital Accounts. Except as otherwise provided in this Agreement, neither the Initial Limited Partner nor any other Limited Partner shall be obligated to the Partnership or to any other Partner to restore any negative balance in his Capital Account, except for those Limited Partners who converted from General Partner status, and in such case only to the extent such Partners had negative capital account balances in their Capital Accounts at the time of such conversion and such negative balances have not been previously restored through subsequent allocations of credits or contributions to the Partnership by such Partner. The Managing General Partner and all Additional General Partners shall be obligated to restore the deficit balance in their Capital Accounts.
Restoration of Negative Capital Accounts. At no time during the term of the Partnership or upon the dissolution and liquidation of the Partnership shall a Partner with a negative balance in his Capital Account have any obligation to the Partnership or to any other Partner to restore such negative balance, except in respect of any negative balance resulting from withdrawal of capital or a distribution in contravention of this Agreement.
