Call for Additional Capital Contributions Sample Clauses

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”).
Sample 1Sample 2
AutoNDA by SimpleDocs
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.
Sample 1
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
Sample 1
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:
Sample 1

Related to Call for Additional Capital Contributions

  • Additional Capital Contributions No Member shall be required to make additional capital contributions. A Member may make additional capital contributions to the Company.

  • No Additional Capital Contributions Except as otherwise provided in this Article V, no Partner shall be required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General Partner.

  • Initial Capital Contributions (a) The Partners have made, on or prior to the date hereof, Capital Contributions and, in exchange, the Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the Partnership.

  • Subsequent Capital Contributions Without creating any rights in favor of any third party, each Member shall contribute to the Company, in cash, on or before the date specified as hereinafter described, that Member's Sharing Ratio of all monies that in the unanimous judgment of the Management Committee are necessary to enable the Company to acquire the Project from the Seller and to cause the assets of the Company to be properly operated and maintained and to discharge its costs, expenses, obligations, and liabilities, including without limitation its Sharing Ratio of the purchase price set forth in the Asset Sale Agreement, and its Sharing Ratio of Working Capital Requirements in order to bring current Company bank accounts to an amount equal to the Working Capital Requirements, as more particularly described in Section 5.01 below. The Management Committee shall notify each other Member of the need for Capital Contributions pursuant to this Section 4.02 when appropriate, which notice must include a statement in reasonable detail of the proposed uses of the Capital Contributions and a date (which date may be no earlier than the fifth Business Day following each Member's receipt of its notice) before which the Capital Contributions must be made. Notices for Capital Contributions must be made to all Members in accordance with their Sharing Ratios.

  • Initial Capital Contribution The initial Capital Contribution of the Original Member as of the date of this Agreement will be $ .

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Members Capital Contributions Each Member shall contribute the amount as pledged, or as determined by the Manager and the Member, as the Member’s Initial Capital Contribution upon not less than 48 hours’ notice by the Manager. An Exhibit A may be amended from time to time by the Manager in its sole discretion to represent the current state of Capital Contributions by Members who may join to this Operating Agreement during the course of the business of the Company. The Manager may instead maintain the Capital Contributions, capital accounts and names of Members using its own office systems and personnel without updating or attaching an Exhibit A to this Operating Agreement.

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

  • Additional Funds and Capital Contributions .. 22 Section 4.4 Stock Option Plan................................... 23 Section 4.5 No Interest; No Return.............................. 24 Section 4.6 Conversion or Redemption of Preferred Shares........ 24

Time is Money Join Law Insider Premium to draft better contracts faster.