Commitment Completion definition
Commitment Completion means the date on which each of the Members either (a) has funded Actual Capital Contributions greater than or equal to its Capital Commitment or (b) if all outstanding Contribution Loans as of such date were converted pursuant to Section 2.3(b), such Member’s Percentage Interest would be reduced to zero.
Examples of Commitment Completion in a sentence
Notwithstanding the foregoing, (1) all outstanding Contribution Loans shall become convertible at the option of the holder immediately prior to any Sale or refinancing of the Company (in which all or a portion of the proceeds of such refinancing would be distributed to the Members), and (2) all outstanding Contribution Loans shall become convertible at the option of the holder immediately upon the occurrence of the Commitment Completion.