Contribution Requests. If at any time, BREA determines in good faith that (i) the Company requires additional capital to meet its financial obligations or (ii) that raising additional capital for additional investment purposes is advisable and in the best interest of the Company (provided, however, such additional investments shall not include additional facilities unless they are contiguous or adjacent to Properties existing as of the date hereof), then upon approval by the Board of Directors pursuant to Section 5.12, BREA may submit a written contribution request (a “Contribution Request”) to the Common Members describing such capital requirements and setting forth each Common Member’s required contribution. BREA may rescind any Contribution Request at any time and may submit Contribution Requests to the Common Members no more frequently than once each month, unless there is an emergency, in which event BREA shall immediately notify the Common Members in writing. Administrative Member shall have the obligation to notify BREA of anticipated capital requirements, in which event BREA may submit a Contribution Request.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Emeritus Corp\wa\), Limited Liability Company Agreement, Agreement of Purchase and Sale
