Capital and Capital Contributions. 3.1. Each Member will contribute to the capital of the Company as the Member’s initial Capital Contribution the money or property _____________[or services] specified in Exhibit B. The initial Fair Market Value of each item of contributed property (net of liabilities secured by that property) which the Company is considered to assume or to take “subject to” under IRC section 752, is also set forth in Exhibit B, together with the description and amount of these liabilities. If a Member fails to make the initial Capital Contributions specified in this Section within 30 days after the effective date of this Agreement, that Member’s entire Membership Interest will terminate, and that Member will indemnify and hold the Company and the other Members harmless from any loss, cost, or expense, including reasonable attorney fees caused by the failure to make the initial Capital Contribution.
Appears in 3 contracts
Samples: www.sundocumentfilings.com, llcoperatingagreements.org, www.sundocumentfilings.com
Capital and Capital Contributions. 3.1. Each Member will contribute to the capital of the Company as the Member’s initial Capital Contribution the money or property _____________[or services] specified in Exhibit B. The initial Fair Market Value of each item of contributed property (net of liabilities secured by that property) which the Company is considered to assume or to take “subject to” under IRC section 752, is also set forth in Exhibit B, together with the description and amount of these liabilities. If a Member fails to make the initial Capital Contributions specified in this Section within 30 days after the effective date of this Agreement, that Member’s entire Membership Interest will terminate, and that Member will indemnify and hold the Company and the other Members harmless from any loss, cost, or expense, including reasonable attorney fees caused by the failure to make the initial Capital Contribution.
Appears in 1 contract
Samples: llcoperatingagreements.org