Common use of Additional Contributions or Loans Clause in Contracts

Additional Contributions or Loans. (a) Except for the Initial Capital Contributions and the AM Commitment Amount as set forth in Section 6.1 and as otherwise required pursuant to this Section 6.3, the Members shall not be required to make any additional Capital Contributions or loans to the Company in addition to the Initial Capital Contributions. If Managing Member reasonably determines that the Members shall make additional Capital Contributions or loans to the Company to fund a Working Capital Shortfall or a Preservation Cost of the Company or the TRS SUB (each, in the case of Working Capital Shortfalls, a “Mandatory Capital Contribution” and in the case of Preservation Cost, a “Member Loan”), then such Mandatory Capital Contribution or Member Loan shall be contributed or made, as applicable, by the Members in accordance with their respective Initial Participation Percentage. Managing Member shall deliver a notice (a “Cash Notice”) to each Member setting forth the amount of cash required from such Member (a “Required Amount”). Within the twenty (20) day period following the date of receipt by a Member of a Cash Notice, the Member shall contribute to the Company its Required Amount.

Appears in 2 contracts

Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)

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Additional Contributions or Loans. (a) Except for the Initial Capital Contributions and the AM Commitment Amount as set forth provided in Section 6.1 6.1, Section 6.3 and as otherwise required pursuant to this Section 6.36.4, the Members shall not be required to make any additional Capital Contributions or loans to the Company in addition to the Initial Capital ContributionsContributions and/or any Capital Contributions under Section 6.3. If Managing Member reasonably determines that the Members shall make additional Capital Contributions or loans to the Company to fund a Working Capital Shortfall (after first using funds from the Operating Shortfall Reserve Account to cover such shortfall) or a Preservation Cost of the Company or the TRS SUB (each, in the case of Working Capital Shortfalls, a “Mandatory Capital Contribution” and in the case of Preservation Cost, a “Member Loan”), then such Mandatory Capital Contribution or and Member Loan Loans shall be contributed or made, as applicable, by the Members in accordance with their respective Initial Participation PercentagePercentages. Managing Member Manager shall deliver a notice (a “Cash Notice”) to each Member setting forth the amount of cash required from such Member (a “Required Amount”). Within the twenty (20) day period following the date of receipt by a Member of a Cash Notice, the Member shall contribute to the Company its Required Amount.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)

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Additional Contributions or Loans. (a) Except for the Initial Capital Contributions and the AM Commitment Amount as set forth provided in Section 6.1 and as otherwise required pursuant to this Section 6.3, the Members shall not be required to make any additional Capital Contributions or loans to the Company in addition to the Initial Capital Contributions. If Managing Member reasonably determines that the Members shall make additional Capital Contributions or loans to the Company to fund a Working Capital Shortfall or a Preservation Cost of the Company or the TRS SUB (each, in the case of Working Capital Shortfalls, a “Mandatory Capital Contribution” and in the case of Preservation Cost, a “Member Loan”), then such Mandatory Capital Contribution or and Member Loan Loans shall be contributed or made, as applicable, by the Members in accordance with their respective Initial Participation PercentagePercentages. Managing Member Manager shall deliver a notice (a “Cash Notice”) to each Member setting forth the amount of cash required from such Member (a “Required Amount”). Within the twenty (20) day period following the date of receipt by a Member of a Cash Notice, the Member shall contribute to the Company its Required Amount.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Carey Watermark Investors Inc)

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