No Obligation to Restore Clause Samples
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No Obligation to Restore. 54 Notwithstanding anything herein to the contrary, no Member shall be obligated to restore a deficit in its Capital Account.
No Obligation to Restore. Nothing herein shall be construed to require any Member to restore any negative balance in such Member’s Capital Account, upon a liquidation of the Company within the meaning of § 1.704-1(b)(2)(ii)(g) of the Regulations or otherwise, and the negative balance of any Member’s Capital Account shall not be considered a debt owed by the Member to the Company or to any other Person for any purpose whatsoever.
No Obligation to Restore. The Manager shall have no obligation to restore a negative balance in its Capital Account.
No Obligation to Restore. In no event shall Lessor be obligated to repair, restore or replace any fixtures, improvements, alterations or other property for or on which Lessee carries or should have carried appropriate insurance, regardless of whether or not Lessee receives any insurance settlement on its claim or claims thereunder.
No Obligation to Restore. In the event of partial or total destruction or damage to the Premises or any Dwelling the Owner has no obligation to reinstate or restore the Premises or Dwelling.
No Obligation to Restore. Notwithstanding anything to the contrary in this Agreement, no Member shall have any obligation to make any capital contributions for the purpose of eliminating or diminishing a negative Capital Account balance and a negative Capital Account balance shall not be considered a liability owed by such Member to the Company or to any other person for any purpose whatsoever.
No Obligation to Restore. Except as otherwise required by applicable law, no Member shall have any liability to restore all or any portion of a deficit balance in such Member’s Capital Account.
No Obligation to Restore. Notwithstanding anything to the contrary in this Agreement, upon a liquidation within the meaning of Treasury Regulation Section 1.704-1(b)(2), if either Member has a deficit in its Capital Account (after giving effect to all contributions, distributions, allocations and other Capital Account adjustment for all taxable years, including the year during which such liquidation occurs), the Member shall have no obligation to make any Capital Contribution for the purposes of eliminating or diminishing its negative Capital Account balance and its negative Capital Account balance shall not be considered a debt owned by such Member to the Company or to any other person for any purpose whatsoever.
No Obligation to Restore. The Common Member shall have no obligation to restore a negative balance in its Capital Account.
No Obligation to Restore. Negative Capital Account Balance on ------------------------------------------------------------- Liquidation ----------- Notwithstanding anything to the contrary in this Agreement, upon a liquidation within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations, if any Unit Holder has a negative 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 Unit Holder shall have no obligation to make any Capital Contribution to the Company, and the negative balance of such Unit Holder's Capital Account shall not be considered a debt owed by such Unit Holder to the Company or to any other Person for any purpose whatsoever.