Non-Contributing Member definition

Non-Contributing Member shall have the meaning set forth in Section 3.2(b).

Non-Contributing Member is defined in Section 3.03(a).

Non-Contributing Member shall have the meaning set forth in Section 6.5.

Examples of Non-Contributing Member in a sentence

• The non-defaulting Member (the “Contributing Member”) shall be entitled, but not obligated, to loan to the Non-Contributing Member, by contributing to the Company on its behalf, all or any part of the amount (the “Default Amount”) that the Non-Contributing Member failed to contribute to the Company (each such loan, a “Default Loan”), provided, that such Contributing Member shall have contributed to the Company its pro rata share of the applicable Additional Capital Contribution.

• Such Default Loan shall be treated as (i) a non-recourse demand loan (except to the extent of the Non-Contributing Member’s Membership Interest), followed by (ii) an Additional Capital Contribution by such Non-Contributing Member to the Company.

• Default Loans shall be repaid out of the distributions that would otherwise be made to the Non-Contributing Member under ARTICLE VI or ARTICLE XII, as more fully provided for in Section 3.02(c).

• The Contribution Loan shall be repayable only out of the Net Distributable Proceeds and/or Net Capital Proceeds otherwise distributable to the Non-Contributing Member which shall be paid directly to the Manager, as the case may be and, if more than one, then in proportion to the amounts of their Contribution Loans, until such Manager’s Contribution Loan or Contribution Loans, as the case may be, and accrued and unpaid interest thereon have been paid in full.

• Notwithstanding anything herein to the contrary, a Contributing Member may in its sole discretion demand payment of any outstanding Default Loan at any time by delivering a notice to the Non-Contributing Member, at which time such Default Loan and any accrued and unpaid interest thereon shall be immediately due and payable to the Contributing Member.

More Definitions of Non-Contributing Member

Non-Contributing Member has the meaning set forth in Section 4.02(c).

Non-Contributing Member has the meaning set forth in Section 2.2(d).

Non-Contributing Member means a member who--

Non-Contributing Member shall have the meaning given to that term in Section 4.2(b).

Non-Contributing Member is defined in Section 5.02(c).

Non-Contributing Member has the meaning set forth in Section 4.04(b).

Non-Contributing Member has the meaning given such term in Section 6.03(a).