Capital Contributions of the Initial Members. At the time of their respective execution of this Agreement, the Members (or, in the event an Initial Non-Managing Member shall be one of Contributor’s Partners, Contributor) shall make the initial Capital Contributions as set forth in Exhibit A to this Agreement and as further provided in the Contribution Agreement. The Members shall own the Managing Member Units and Non-Managing Member Units, as applicable, in the amounts set forth in the books and records of the Company. Except as required by law or as otherwise provided in Sections 4.1, 4.2, 4.3 and 4.4, no Member shall be required or permitted to make any Capital Contributions or loans to the Company.
Capital Contributions of the Initial Members. At the time of their respective execution of this Agreement, the Members shall make Capital Contributions as set forth in Exhibit A to this --------- Agreement. The Members shall own Managing Member Units and Non-Managing Member Units, as applicable, in the amounts set forth on Exhibit A. Except as required --------- by law, as provided by the Contribution Agreement or as otherwise provided in Sections 4.1, 4.2 and 4.4 hereof, no Member shall be required or permitted to make any additional Capital Contributions or loans to the Company.
Capital Contributions of the Initial Members. At the time of their respective execution of this Agreement, the Members shall make Capital Contributions as set forth in Exhibit A to this --------- Agreement. The Members shall own LLC Units in the amounts set forth in Exhibit ------- A and shall have a Percentage Interest as set forth in Exhibit A, which - --------- Percentage Interest shall be adjusted in Exhibit A from time to time by the --------- Managing Member to the extent necessary to accurately reflect exchanges, Capital Contributions, the issuance of additional LLC Units or similar events having an effect on a Member's Percentage Interest. Except as required by law or as otherwise provided in Sections 4.3 and 4.4, no Member shall be required or permitted to make any additional Capital Contributions or loans to the Company. Unless otherwise specified by the Managing Member at the time of the creation of any class of Membership Interests, the corresponding class of capital stock for any LLC Units issued shall be REIT Shares.
Capital Contributions of the Initial Members. At the time of their respective execution of this Agreement, the Members shall make Capital Contributions as set forth in Exhibit A to this Agreement. Each Member shall receive one LLC Unit for each $1.00 of Capital Contributions made by such Member. The Members shall own LLC Units in the amounts set forth in Exhibit A and shall have a Percentage Interest as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the Managing Member to the extent necessary to accurately reflect Exchanges, Capital Contributions, or similar events having an effect on a Member's Percentage Interest. No Non-Managing Member shall be required or permitted to make any additional Capital Contributions or loans to the Company. Notwithstanding the foregoing, a Non-Managing Member may increase its interest in the Company by the Capital Contribution of Undeveloped Property or Development Property, or the achievement of the right to receive Earnout Amounts in accordance with the terms of the Contribution Agreement. In such event, the LLC Units of such Non-Managing Member will be increased by the Contribution Value of the Undeveloped Property and the Development Property and by the Earnout Amount for each Earnout Property, respectively, as determined in accordance with Sections 3.4, 3.5 and 3.6 of the Contribution Agreement, and the Managing Member shall so acknowledge in writing. All capitalized terms in this Section 4.1 if not otherwise defined in this Agreement shall have the meanings as set forth in the Contribution Agreement.
Capital Contributions of the Initial Members. At the time of their respective execution of this Agreement, the Members (or, in the event a Member shall be one of a Contributor’s Members, the Contributor) shall make Capital Contributions as set forth in Exhibit A to this Agreement. The Members (including, without limitation, each of Contributor’s Members, if applicable) shall own Managing Member Units and Non-Managing Member Units, as applicable, in the amounts set forth on Exhibit A; provided, however, that it is acknowledged that any “Tendered Non-Managing Member Units” (as defined in the Contribution Agreement) redeemed by the Company and acquired by Managing Member in accordance with the terms of the Contribution Agreement shall be owned by Managing Member and reflected on Exhibit A. Except as required by law or as otherwise provided in Sections 4.1, 4.2 and 4.4, no Member shall be required or permitted to make any additional Capital Contributions or loans to the Company.
Capital Contributions of the Initial Members. At the time of their respective execution of this Agreement, the Members shall make or already have made their respective Capital Contributions set forth in Exhibit A, which will include contributions to the Reserve for Capital Improvements. The Properties owned by the Company at the time of the execution of this Agreement shall be deemed to have an aggregate Gross Asset Value of $72,000,000, which shall be allocated for Capital Account purposes among the Original Members in the proportions designated in Exhibit A. Each Member (but not the Managing Member) shall own LLC Units in the respective amounts set forth in Exhibit A, as the same may be amended from time to time. Except as provided by law or in the other provisions of this Agreement, including Sections 4.4, 5.5, 7.1.B(9), 7.1.B(10) and 7.4, the Members shall have no obligation to make any additional Capital Contributions or loans to the Company. Further, no Member nor any Affiliate of a Member shall make any loan(s) to the Company, nor borrow any amount from the Company (except that it is acknowledged that an amount may be treated as a loan from the Company for withholding taxes under Section 10.4).
Capital Contributions of the Initial Members. At the time of their respective execution of this Agreement, the Members shall make Capital Contributions as set forth in Exhibit A to this Agreement. Each Member shall receive one LLC Unit for each $1.00 of Capital Contributions made by such Member. The Members shall own LLC Units in the amounts set forth in Exhibit A and shall have a Percentage Interest as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the Managing Member to the extent necessary to accurately reflect Capital Contributions, or similar events having an effect on a Member's Percentage Interest. The Non-Managing Member shall not be required or permitted to make any additional Capital Contributions or loans to the Company.
Capital Contributions of the Initial Members. At the Effective Date applicable to each Member, such Member shall make the Capital Contributions set forth adjacent to its name in Exhibit A to this Agreement. The Members shall own Managing Member Units and Non-Managing Member Units, as applicable, in the amounts set forth on Exhibit A. Except as required by law or as otherwise provided in Sections 4.1, 4.2 and 4.4, no Member shall be required or permitted to make any additional Capital Contributions or loans to the Company.
Capital Contributions of the Initial Members. As a consequence of the contribution of the Real Property in exchange for all the Units in the Company and the other transactions described in the recitals of this Agreement, each Member shall have an initial Capital Account balance as set forth adjacent to its name in Exhibit A to this Agreement. The Members shall own Managing Member Units and Non-Managing Member Units, as applicable, in the amounts set forth on Exhibit A. Except as required by law or as otherwise provided in Sections 4.1, 4.2, 4.4, and 4.6 no Member shall be required or permitted to make any additional Capital Contributions or loans to the Company.
Capital Contributions of the Initial Members. The Members acknowledge the Capital Contribution of the Initial Member and that such Capital Contribution is, as of the receipt of their Non-Managing Member Units, attributed to the Non-Managing Members as set forth on Exhibit A. At the time of its execution of this Agreement, the Managing Member shall make Capital Contributions of the Cash Contribution and the HCPI Property as set forth in Exhibit A to this Agreement. The Members shall own Managing Member Units and Non-Managing Member Units, as applicable, in the amounts set forth on Exhibit A. Except as required by the Act, as provided by the Contribution Agreement or as otherwise provided in Sections 4.2 and 4.4 hereof, no Member shall be required or permitted to make any additional Capital Contributions or loans to the Company.
