Common use of Membership Capital Clause in Contracts

Membership Capital. Upon Closing, each participating Member shall make a Capital Contribution in an amount equal to its accepted "Commitment" (as defined in the Member's subscription agreement, the "Subscription Agreement") in exchange for an Interest. No Member will be paid interest on any Capital Contribution to the Fund or on that Member's Capital Account. No Member has any right to demand the return of its Capital Contribution, except upon dissolution of the Fund pursuant to Article X. No Member has the right to demand property other than Portfolio Company Securities in return for its Capital Contribution, except upon dissolution of the Fund pursuant to Article VII. Members are not Agents. Pursuant to Article V of this Agreement, the management of the Fund is vested in the Manager. No Member has any right to participate in the management of the Fund except as expressly authorized by the Act or this Agreement. No Member, acting solely in the capacity of a Member, is an agent of the Fund, nor does any Member, unless expressly and duly authorized in writing to do so by the Manager, have any power or authority to bind or act on behalf of the Fund in any way, to pledge its credit, to execute any instrument on its behalf or to render it liable for any purpose.