Additional Capital Contributions and Member Loans. (a) The Members shall make an additional Capital Contributions upon the request of a majority of the Members and in amounts proportionate to the Members’ respective Percentage Interests to the Company.
Additional Capital Contributions and Member Loans. (a) Mandatory Only If Included in Business Plan. Each Member will make additional capital contributions (‘‘Additional Capital Contributions’’) or loans (‘‘Member Loans’’) to the Company in accordance with its Member Interest, but only in the amounts and at the times set forth in the Business Plan as it may be amended from time to time. Neither Member is otherwise required to contribute capital or make Member Loans to the Company. Comment Sections 5.4 and 5.8 set forth detailed provisions for the development, revision and approval of the Business Plan. The Model JV Agreement assumes that the Business Plan will deal with the need for, and the methods for raising, Additional Capital Contributions or Member Loans. If a business plan has not been adopted or approved at the time a joint venture agreement is signed, the drafter should consider an additional provision that deals with the circumstances in which additional capital contributions or loans can be made and tie them to the management provisions of Article 5 (see Sections 5.4 and 5.5). If each member has an equal vote, such an additional provision may be unnecessary since the recognition of a need for additional capital, as well as how it should be raised, will all be subject to future agreement of the members.
Additional Capital Contributions and Member Loans. 3.3.1. If the Company shall require additional capital for Company purposes over and above that provided by the Initial Capital Contributions and the Wachovia Loan, the Company may borrow the additional money in the name of the Company from third- party lenders (an “Additional Borrowing”) so long as the Additional Borrowing is permitted by the Wachovia Loan and neither of the Members nor their respective Affiliates shall be liable for the repayment of the money obtained under the Additional Borrowing (i.e., the Additional Borrowing shall be nonrecourse, although either Member or its Affiliate, for itself, may agree, in its sole discretion, to provide a guaranty in order for the Additional Borrowing to be obtained). If the required additional money is not available from an Additional Borrowing, the Members shall provide the required funds as additional working capital to the Company, in accordance with their respective Percentage Interests, within thirty (30) days after the Management Committee determines that the additional capital is required and an Additional Borrowing is not available and has issued a written notice to that effect to each Member, specifying the amount of capital due from each Member.
Additional Capital Contributions and Member Loans. (a) The Members acknowledge that the LLC may require additional funds for the regular operations or in order to expand or further develop the Business of the LLC. In such event, the Members may elect:
Additional Capital Contributions and Member Loans. Except as provided in this SECTION 3.2, the Members shall have no right and no obligation to make additional Capital Contributions to the Company. It is the intention of the Members that the Company obtain the funds necessary to carry out its business from the initial Capital Contributions of the Members pursuant to SECTION 3.1, from income attained through pursuit of the Company's business and from third-party lenders (to the extent permitted by the documents and agreements governing the indebtedness that may be incurred by the Company) in the form of operating and other loans. However, in the event that the Board from time to time determines pursuant to this SECTION 3.2 that the Company needs additional funds and that such funds are not available from the above-described sources, the following provisions shall apply:
Additional Capital Contributions and Member Loans. In the event that a Member becomes a Non-Contributing Member with respect to an obligation to make a cash Additional Capital Contribution under Section 6.2 hereof, then following the expiration of any applicable grace or cure period expressly set forth in Section 6.3 hereof, the Contributing Member may, but shall not have the obligation to, pay, for and on behalf of the Non-Contributing Member, an amount equal to the amount which the Non- Contributing Member has failed to contribute to the capital of the Company, and the amount so paid by the Contributing Member on its own behalf and on behalf of the Non-Contributing Member shall (x) constitute a loan to the Company (a "Member Loan”). Any such loan to the Company shall be transferable to an Affiliate of the Contributing Member at any time and shall bear interest on the unpaid principal balance thereof at an annual rate (compounding monthly) equal to the lesser of (A) the then maximum rate permitted on such debts under the laws of the State of Delaware, or (B) six percent (6%) over the Prime Rate in effect on the date on which the Contributing Member makes such loan; provided, however, that the Prime Rate shall be adjusted and determined on the last day of each calendar month while any part of such loan or any interest accrued thereon remains outstanding, and such loan shall bear interest on the unpaid principal balance thereof from the first day of the next succeeding calendar month through the last day of such next succeeding calendar month at an annual rate (compounding monthly) equal to the lesser of (I) the then maximum rate permitted on such debts under the laws of the State of Delaware or (II) six percent (6%) over the Prime Rate as so determined. Notwithstanding the provisions of Articles 7 and 9 hereof, and any other provision hereof to the contrary, until any such loan and all interest accrued thereon has been paid to the Contributing Member making such loan, no distributions of cash, in liquidation or otherwise, shall be made by the Company to the Members, and all such distributions to which the Members would otherwise be entitled under this Agreement shall be distributed by the Company to the Contributing Member making such loan and shall be applied first to the payment of all accrued and unpaid interest on such loan and then to the payment of the principal amount of any such loan.
Additional Capital Contributions and Member Loans
