Negative Capital Account Balance. The Sole Member shall not at any time have any liability to the Company for any negative balance in its Capital Account except to the extent that such negative balance arose as the result of distributions in violation of this Agreement or applicable law.
Negative Capital Account Balance. The Member shall not have any obligation to the Company or any other person to restore a negative balance in its Capital Account to zero, except upon final distribution from the Company in a dissolution, liquidation, or other termination of the Company or withdrawal or termination of the Member as a “Member” of the Company.
Negative Capital Account Balance. A negative balance in any Partner’s Capital Account which exists upon termination of the Partnership (after the allocation of all Profits and Losses through termination) shall not constitute a debt or liability of such Partner to the Partnership, to any creditor of the Partnership, to any other Partner, or to any other person for any purpose whatsoever, 4824-1329-4339.8 and such Partner shall have no obligation to make any additional capital contribution to the Partnership by reason of such negative balance.
Negative Capital Account Balance. Notwithstanding anything to the contrary in this Agreement, upon a liquidation within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), if any Member has a deficit Capital Account balance (after giving effect to all contributions, distributions, allocations and other Capital Account adjustments 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, and the negative balance of such Member's Capital Account shall not be considered a debt owed by such Member to the Company or to any other person for any purpose whatsoever.
Negative Capital Account Balance. A negative or deficit balance in any Member’s Capital Account is not, and will not be deemed to be, an asset of the Company, and no Member with a negative or deficit balance in its Capital Account has or will have any obligation to the Company, any other Member or any third party or creditor to restore said negative or deficit balance in its Capital Account upon liquidation or dissolution of the Company (and for purposes of this Section 4.03, the references to Capital Account shall be deemed to also include the capital account of any Member for financial or book purposes or as set forth in the Delaware Act or under common law).
