Common use of Withdrawal or Reduction of Series Members’ Contributions to Capital Clause in Contracts

Withdrawal or Reduction of Series Members’ Contributions to Capital. Except as otherwise provided herein, a Series Member may not receive out of the Series’ property a return of any part of such Series Member’s capital contributions until all other liabilities of the Company have been paid or there remains property of the Company sufficient to pay such other liabilities. A Series Member shall not be entitled to demand or receive from the Series the liquidation of such Series Member’s Membership Interest in the Series until the Series is dissolved in accordance with the provisions hereof or other applicable provisions of the Act.

Appears in 6 contracts

Samples: Series Agreement (My Income Property, LLC), Series Agreement (My Income Property, LLC), Series Agreement (My Income Property, LLC)

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Withdrawal or Reduction of Series Members’ Contributions to Capital. Except as otherwise provided herein, a Series Member may not receive out of the Series’ property a return of any part of such Series Member’s capital contributions until all other liabilities of the Company Series have been paid or there remains property of the Company Series sufficient to pay such other liabilities. A Series Member shall not be entitled to demand or receive from the Series the liquidation of such Series Member’s Membership Interest in the Series Units until the Series is dissolved in accordance with the provisions hereof or other applicable provisions of the ActAct and the Company Agreement.

Appears in 1 contract

Samples: Profits Units Subscription Agreement

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Withdrawal or Reduction of Series Members’ Contributions to Capital. Except as otherwise provided herein, a Series Member may not receive out of the Series’ property a return of any part of such Series Member’s 's capital contributions until all other liabilities of the Company Series have been paid or there remains property of the Company Series sufficient to pay such other liabilities. A Series Member shall not be entitled to demand or receive from the Series the liquidation of such Series Member’s Membership Interest in the Series 's Units until the Series is dissolved in accordance with the provisions hereof or other applicable provisions of the ActAct and the Company Agreement.

Appears in 1 contract

Samples: Series Agreement (OneDoor Studios Entertainment Properties LLC)

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