Capital Contribution definition
Examples of Capital Contribution in a sentence
Except as expressly provided herein, no Member shall (a) receive any recoupment or payment on account of or with respect to the Capital Contributions made by it pursuant to this Agreement, (b) be entitled to interest on or with respect to any Capital Contribution, (c) be entitled to withdraw any part of such Member’s Capital Contributions or (d) be entitled to receive any distributions from the Company.
The provisions regarding the ability of the Members to make contributions pursuant to ARTICLE III is for the exclusive benefit of the Company and not of any creditor of the Company, and no such creditor is intended as a third-party beneficiary of this Agreement and no such creditor will have any rights hereunder, including, but without limitation, the right to enforce any Capital Contribution or other obligations of the Members.
On or before 30 days from the execution of this agreement, each Member shall make their respective Initial Capital Contributions, the Collab Member’s Initial Capital Contribution to be paid by the Local Member on behalf of the Collab Member out of the proceeds of the Initial Equity Sale (as defined below) and shall be deemed to have been made by the Collab Member.
Except as provided herein or by law, the Member shall have no right to demand or receive the return of its Capital Contribution.
Except as otherwise specifically provided in this Agreement, the Member shall only be entitled to look solely to the assets of the Company for the return of its positive Capital Account balance and shall have no recourse for its Capital Contribution and/or share of net income (upon dissolution or otherwise) against any Manager.