Common use of Return of Contributions; No Right to Withdraw Capital Clause in Contracts

Return of Contributions; No Right to Withdraw Capital. Each Member shall look solely to the assets of the Company for the return of such Member's capital contributions and, if the assets of the Company are insufficient to return such capital contributions, such Members shall have no recourse against any other Member for that purpose. Except as specifically provided in this Agreement, a Member may not withdraw capital from the Company. To the extent any amount that any Member is entitled to receive from the Company pursuant to any provision of this Agreement constitutes a return of capital, each of the Members consents to the withdrawal of such capital. A Member shall not have the right to demand and receive property other than cash in return for such Member's capital contribution.

Appears in 2 contracts

Samples: Operating Agreement (California Clean Air Inc), Operating Agreement (California Clean Air Inc)

AutoNDA by SimpleDocs

Return of Contributions; No Right to Withdraw Capital. Each Member shall look solely to the assets of the Company for the return of such Member's ’s capital contributions contribution and, if the assets of the Company are insufficient to return such capital contributionscontribution, such Members Member shall have no recourse against any other Member for that purpose. Except as specifically provided in this Agreement, a Member may not withdraw capital from the Company. To the extent any amount that any Member is entitled to receive from the Company pursuant to any provision of this Agreement constitutes a return of capital, each of the Members consents to the withdrawal of such capital. A Member shall not have the right to demand and receive property other than cash in return for such Member's ’s capital contribution. No Member or Manager shall be personally liable for the return of any Capital Contribution made by any other Member, or any portion thereof, it being expressly understood and agreed that any such return shall be made solely from the Company’s assets.

Appears in 1 contract

Samples: Operating Agreement

AutoNDA by SimpleDocs

Return of Contributions; No Right to Withdraw Capital. Each Member shall look solely to the assets of the Company for the return of such Member's capital contributions and, if the assets of the Company are insufficient to return such capital contributions, such Members Member shall have no recourse against any other Member for that purpose. Except as specifically provided in this Agreement, a Member may not withdraw capital from the Company. To the extent any amount that any Member is entitled to receive from the Company pursuant to any provision of this Agreement constitutes a return of capital, each of the Members consents to the withdrawal of such capital. A Member shall not have the right to demand and receive property other than cash in return for such Member's capital contribution.

Appears in 1 contract

Samples: Operating Agreement (Transnational Industries Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!