Call for Additional Capital Contributions. Within 15 days from the date of the delivery to all of the Members of an Additional Capital Contribution Notice, each Member shall advance its respective Percentage Interest of the Additional Capital Contribution. A Member who does so contribute shall sometimes be referred to hereinafter as a “Contributing Member”. If any Member shall fail to contribute all or any portion of its Percentage Interest of such Additional Capital Contribution within the applicable period of time (hereinafter a “Declining Member”), then the Board shall send a second notice to the Declining Member stating the amount of the Declining Member’s shortfall (the “Shortfall Amount”) and if such Declining Member fails to contribute such Shortfall Amount within five days of receipt of such notice, the Board shall provide written notice thereof to all other Members (the “Shortfall Notice”). Each Contributing Member shall have the right, thereafter, within three days after receipt of the Shortfall Notice to contribute all or a portion of such Member(s)’ Shortfall Amount to the Company (a “Shortfall Contribution”), in which event such Shortfall Contribution shall be treated as a loan to the Declining Member (each, a “Member Loan”). In the event a Member Loan remains unpaid to the Contributing Member for a period of 12 months following the Shortfall Contribution, then the Contributing Member shall have the right to either (a) extend the Member Loan; or (b) have the Declining Member’s Percentage Interest reduced by a percentage, the numerator of which is an amount equal to one hundred percent (100%) of the Shortfall Contribution and all accrued interest thereon (reduced by one hundred percent (100%) of any sums received in repayment thereof), and the denominator of which is the aggregate Unrecouped Capital Contributions of the Declining Members at such time and have the Percentage Interest of the Contributing Member increased by the same percentage that the Percentage Interest of the Declining Member is decreased (the “Right of Conversion”).
Call for Additional Capital Contributions. Pursuant to the terms of the Operating Agreement, each Member shall make additional Capital Contributions in cash to the Joint Venture ("Additional Capital Contributions"). Pursuant to the Operating Agreement, if Additional Capital Contributions are required to be
Call for Additional Capital Contributions. The Manager may from time to time and (except as hereinafter expressly provided) without the need for any approval by the Members call for additional contributions of cash (“Additional Capital Contributions”) to be made by the Members (other than Performance Equity) for the following purposes:
(i) to fund taxes, insurance, legal, accounting, and other expenses related to the Company (including without limitation costs of any foreclosure or other security enforcement process); Company; Assets; or
(ii) to make payments on any and all debts or other liabilities of the
(iii) to pay for maintenance, repair and operation of the Company
(iv) to pay for the indemnity obligations of the Company in Section 5.5. No Member shall have any obligation to make or be liable for any part of any Additional Capital Contributions called for by the Manager, but a Member that does not make his, her or its proportionate share of the total Additional Capital Contributions called for shall be subject to having his, her or its Percentage Interest diluted as a result of such Member’s Net Invested Capital not being increased proportionately with the increases in the Net Invested Capital amounts of other Members who are making their proportionate share of the total Additional Capital Contributions called for. In no event shall any Person who is not the Company, a Manager or a Member have any rights to call for Additional Capital Contributions. This Section is expressly not intended to benefit any non-Members other than the Company.
Call for Additional Capital Contributions. If the Manager determines that Additional Capital Contributions are necessary or desirable to fund the marketing of the Membership Interest Offering or the Reg A Offering, the Manager may request that the Voting Member Representatives approve a call for Additional Capital Contributions which request shall set forth the amount of the proposed additional Capital Contributions, If a Majority in Interest of the Voting Members approve any request for Additional Capital Contributions for any amount (including an amount that is higher or lower than the amount requested by the Manager), the Manager shall give notice to the Members requesting them to make Additional Capital Contributions (the “Additional Capital Contribution Notice”). The Additional Capital Contribution Notice shall allocate the additional capital call in accordance with the Members’ capital contributions and respective Percentage Interests for each Class.
