Capital Contributions; Issuance of Units. (a) No Member shall be obligated to make any additional Capital Contributions to the Company or to pay any assessment to the Company, other than the unpaid portion of such Member’s written agreement to make Capital Contributions, and no Units shall be subject to any mandatory assessment, requests or demands for capital.
(b) Additional Units may only be issued in consideration of Capital Contributions. The Board may accept Capital Contributions from Members or persons seeking to become Members, may authorize the Company to enter into a written subscription agreement with such Member or persons seeking to become Members to make Capital Contributions for the purchase of Units, and may cause the Company to issue additional Units to such persons in consideration of Capital Contributions to the Company. Capital Contributions and the issuance of additional Units shall be made at such times and upon such terms and conditions as the Board and the person acquiring the Units may agree.
Capital Contributions; Issuance of Units. Previously or concurrently with the effective date of this Agreement, the initial Members, also called the Class A Members, have each contributed to the Company the amount of cash, property or other consideration set forth opposite such Class A Member’s name on Exhibit A hereto.
Capital Contributions; Issuance of Units. Each Party subscribes to contribute land and/or money to the Company as follows:
Capital Contributions; Issuance of Units. (a) Each Unit issued and outstanding as of the Effective Date is hereby automatically converted into, designated, and shall hereafter be deemed to be and shall be, a Class B Unit.
(b) No Member shall be obligated to make any additional Capital Contributions to the Company or to pay any assessment to the Company, other than the unpaid portion of such Member’s written agreement to make Capital Contributions, and no Units shall be subject to any mandatory assessment, requests or demands for capital.
(c) Units may only be issued in consideration of Capital Contributions. The Board may accept Capital Contributions from Members or persons seeking to become Members, may authorize the Company to enter into a written subscription agreement with such Member or persons seeking to become Members to make Capital Contributions for the purchase of Units, and may cause the Company to designate and issue additional Units to such persons in consideration of Capital Contributions to the Company. Capital Contributions and the designation and issuance of additional Units shall be made at such times and upon such terms Redfield Energy, LLC Second Amended and Restated Operating Agreement and conditions as are authorized by this Agreement and as the Board and the person acquiring the Units may agree.
(d) Upon acceptance of Capital Contributions and the issuance of additional Units, the Board shall cause the books and records of the Company to be adjusted appropriately.
(e) The Members shall have no preemptive rights to make Capital Contributions.
(f) In addition to any Units it purchases, Glacial Lakes Energy, LLC shall be issued additional Units as follows:
(i) [reserved].
(ii) Immediately after Financial Closing, that number of Class B Units as will represent five percent (5%) of the total Units outstanding after their issuance.
(iii) The Units issued pursuant to subparagraph (ii) are in consideration of management and administrative services rendered and to be rendered to the Company in accordance with the GLE Consulting and Management Agreement; provided, however, that neither the issuance of such Units nor such Units when issued are subject to forfeiture for any reason including termination of the GLE Consulting and Management Agreement. No Capital Contribution will be credited to the Capital Account of Glacial Lakes Energy, LLC with respect to the issuance of said Units, and Glacial Lakes Energy, LLC shall be a Member with respect to such Units from and after their issuance...
Capital Contributions; Issuance of Units. (a) Each Unit issued and outstanding as of the Effective Date is hereby automatically converted into, designated, and shall hereafter be deemed to be and shall be, a Class B Unit.
(b) No Member shall be obligated to make any additional Capital Contributions to the Company or to pay any assessment to the Company, other than the unpaid portion of such Member’s written agreement to make Capital Contributions, and no Units shall be subject to any mandatory assessment, requests or demands for capital.
(c) Units may only be issued in consideration of Capital Contributions. The Board may accept Capital Contributions from Members or persons seeking to become Members, may authorize the Company to enter into a written subscription agreement with such Member or persons seeking to become Members to make Capital Contributions for the purchase of Units, and may cause the Company to designate and issue additional Units to such persons in consideration of Capital Contributions to the Company. Capital Contributions and the designation and issuance of additional Units shall be made at such times and upon such terms
Capital Contributions; Issuance of Units. CAPITAL ACCOUNTS
Section 4.1 Capital Contributions of the Members.
Capital Contributions; Issuance of Units. CAPITAL ACCOUNTS
4.1 Capital Contributions of the Partners.
Capital Contributions; Issuance of Units. (a) Capital Contribution upon Issuance of Units - Generally. Upon the issuance of any Unit to any Member, except as provided in Section 6(c), such Member shall make a Capital Contribution to the Company in the amount set forth in any purchase, subscription or contribution agreement entered into with respect to such Unit.
(b) On the date of the execution of this Agreement, each Member shall be issued the Units set forth opposite the name of each Member on SCHEDULE I against receipt of the aggregate Capital Contributions set forth opposite the name of such Member on SCHEDULE I, all as described in Section 6(b).
Capital Contributions; Issuance of Units. On the date of this Agreement:
(a) DGC&F contributed to the capital of the Company the sum of $100,000 in cash and received in exchange therefor 19,950 Units; and
(b) ImpactX Corp. contributed to the capital of the Company assets used in the Business having an agreed Gross Asset Value of $100,000 and received in exchange therefor 80,050 Units.
Capital Contributions; Issuance of Units. On the date hereof, (i) Xxxxxxx has contributed to the Company the oil and gas assets described in the Contribution Agreement (having a deemed value of $4.0 million) and has received in exchange therefor 4,000,000 Units; and (ii) HKN has contributed to the Company the sum of $4.0 million in cash and has received in exchange therefor 4,000,000 Units.
