Common use of Completion Guaranty Clause in Contracts

Completion Guaranty. Any payments made by MGM or MGM MIRAGE pursuant to the Construction Completion Guaranty shall not constitute Capital Contributions to the Company, but rather shall be treated as paid outside the Company by MGM or MGM MIRAGE in its individual capacity and not as (or on behalf) of a Member. Similarly, all distributions received by MGM or MGM MIRAGE pursuant to the Cash Proceeds Letter shall not constitute distributions of Distributable Cash, but rather shall be treated as paid outside the Company.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (CityCenter Holdings, LLC), Limited Liability Company Agreement (MGM Mirage), Limited Liability Company Agreement (MGM Resorts International)

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Completion Guaranty. Any payments made by MGM or MGM MIRAGE Parent pursuant to the Construction Completion Guaranty shall not constitute Capital Contributions to the Company, but rather shall be treated as paid outside the Company by MGM or MGM MIRAGE Parent in its individual capacity and not as (or on behalf) of a Member. Similarly, all distributions received by MGM or MGM MIRAGE Parent pursuant to the Cash Proceeds Letter shall not constitute distributions of Distributable Cash, but rather shall be treated as paid outside the Company.

Appears in 1 contract

Samples: Limited Liability Company Agreement (MGM Resorts International)

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