Deficit Capital Account Balances. Notwithstanding anything to the contrary contained in this Operating Agreement, and notwithstanding any custom or rule of law to the contrary, to the extent that the deficit, if any, in the capital account of any Member results from or is attributable to deductions and losses of the Company (including non-cash items such as depreciation), or distributions of money pursuant to this Operating Agreement to all Members in proportion to their respective Ownership Percentages, upon dissolution of the Company such deficit shall not be an asset of the Company and such Members shall not be obligated to contribute such amount to the Company to bring the balance of such Member’s capital account to zero.
Deficit Capital Account Balances. Upon liquidation of the Company, no Member with a deficit balance in his Capital Account shall have any obligation to restore such deficit balance, or to make any contribution to the capital of the Company.
Deficit Capital Account Balances. Upon liquidation of the Partnership or the liquidation of a Partner’s interest in the Partnership, no Partner with a deficit balance in its Capital Account shall have the obligation to restore such deficit balance by making an additional contribution to the capital of the Partnership, except as may be required under the Act.
Deficit Capital Account Balances. Notwithstanding anything herein to the contrary, upon the liquidation of the Company or the applicable Series, no Member shall be required to make any Capital Contribution to the Company with respect to the relevant Series in respect of any deficit in such Member’s Capital Account.
Deficit Capital Account Balances. The Members shall not be obligated at any time to repay or restore to the Company all or any part of any distributions made to the Members by the Company, nor shall any Member be required to restore a deficit Capital Account balance to the Company.
Deficit Capital Account Balances. Upon liquidation of the -------------------------------- Partnership, no Limited Partner with a deficit balance in its Capital Account shall have any obligation to restore such deficit balance, or to make any contribution to the capital of the Partnership, except to the extent such Limited Partner is personally liable to make contributions to the capital of the Partnership pursuant to Section 1.04 of this Agreement. Upon liquidation of the partnership, the General Partner shall be obligated to contribute to the capital of the Partnership within ninety (90) days after the date of such liquidation an amount equal to his deficit Capital Account balance which amount shall be paid to the creditors of the Partnership or distributed to the other Partners in accordance with their positive Capital Account balances.
Deficit Capital Account Balances. If any Manager’s Capital Accounts have a deficit balance (after giving effect to all contributions, distributions, and allocations for all taxable years, including the year during which such liquidation occurs), such Manager shall contribute to the capital of the Company the amount necessary to restore such deficit balance to zero in compliance with Treasury Regulation Section 1.704-1(b)(2)(ii)(b)(3). Notwithstanding anything to the contrary in this Agreement, no Member shall have an obligation to restore any deficit balance in such Member’s Capital Account.
Deficit Capital Account Balances. Notwithstanding anything herein to the contrary, and notwithstanding any custom or rule of law to the contrary, any deficit in a Member's Capital Account upon dissolution of the Company shall not be an asset of the Company and such Member shall not be obligated to contribute any amount to the Company in excess of any limited dollar amount the Member has otherwise agreed to restore.
Deficit Capital Account Balances. Section 11.3 of the Fourth Partnership Agreement is hereby amended and restated as follows: If, following the distributions and allocations upon the liquidation of the Managing General Partner Interest in the Partnership, such Partner's Capital Account has a deficit balance (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs), such Partner shall contribute to the capital of the Partnership the amount necessary to restore such deficit balance to zero within the time limits specified in Regulations Section 1.704-1(b)(2)(ii)(b)(3).
Deficit Capital Account Balances. 7 ARTICLE IV
