Common Members. In addition to the contributions made pursuant to Section 3.1, but subject to the limitations hereinafter set forth in this Agreement, each Common Member shall contribute from time to time its Common Percentage (subject to Section 3.5) of the capital required to meet the financial obligations of the Company or any Company Subsidiary. Each contribution under this Section 3.2 is herein called a “Subsequent Contribution.” No additional capital contributions shall be required to be made by the Members other than as expressly provided in this Section 3.2. The sole remedies available to the Company and the Members for any failure of a Member to fund its share of any Subsequent Contributions required under this Section 3.2 shall be the procedures set forth in Section 3.3 (and in the case such failure is by ESC, Section 3.5). No Member shall be deemed to be in default hereunder for failure to make any Subsequent Contribution.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Emeritus Corp\wa\), Limited Liability Company Agreement, Agreement of Purchase and Sale
