Common use of Return of Contribution Nonrecourse to Other Members Clause in Contracts

Return of Contribution Nonrecourse to Other Members. Except as provided by law or as expressly provided in this Agreement, upon dissolution, each Member shall look solely to the assets of Member Newco for the return of the Capital Account of the Member. If Member Newco property remaining after the payment or discharge of the debts and liabilities of Member Newco is insufficient to return the Capital Account of one or more Members, including, without limitation, all or any part of that Capital Account attributable to Member Funding, then such Member or Members shall have no recourse against any other Member. MISCELLANEOUS PROVISIONS

Appears in 1 contract

Sources: Master Transaction Agreement (CBL & Associates Properties Inc)

Return of Contribution Nonrecourse to Other Members. Except as provided by law or as expressly provided in this Agreement, upon dissolution, each Member shall look solely to the assets of Member Newco for the return of the Capital Account of the Member. If Member Newco property remaining after the payment or discharge of the debts and liabilities of Member Newco is insufficient to return the Capital Account of one or more Members, including, without limitation, all or any part of that Capital Account attributable to Member Funding, then such Member or Members shall have no recourse against any other Member. MISCELLANEOUS PROVISIONS.

Appears in 1 contract

Sources: Limited Liability Company Agreement (CBL & Associates Properties Inc)