Contributions of the Members Clause Samples
The "Contributions of the Members" clause defines the obligations of each member to provide capital, assets, or services to the company as part of their membership. It typically outlines the type, amount, and timing of contributions required, whether in cash, property, or labor, and may specify consequences for failure to contribute as agreed. This clause ensures that all members understand their financial or resource commitments, thereby supporting the company's operations and clarifying each member's responsibilities to prevent disputes over funding or participation.
Contributions of the Members. Subject to the conditions hereinafter set forth in Section 2.4 below, each Member shall pay or contribute to the Company the amount of money or other property set forth opposite his name on Exhibit "A." A Member shall not be required to make any additional Capital Contributions to the Company other than the Capital Contributions set forth on Exhibit "A" unless such Member otherwise agrees to make additional Capital Contributions in accordance with the provisions of Sections 2.7.
Contributions of the Members. In connection with the acquisition of the Property and concurrently with the execution of this Agreement, NorthStar shall contribute to the capital of the Company approximately $6,627,267 to acquire the Property and such additional sums as is necessary to pay the costs and expenses in connection with the closing thereof (as are reasonably approved by NorthStar), which amounts shall be credited to NorthStar's Book Capital Account and Contribution Account concurrently with such contribution. Additionally, NorthStar shall contribute up to $1,000,000 to the Company, from time to time, to fund expenses of the Company after the date hereof in accordance with Pre-Development Budget. ▇▇▇▇ shall be credited a Book Capital Account and Contribution Account of approximately $466,519 for its out-of-pocket expenses in connection with the Project (other than payments to Affiliates of ▇▇▇▇), through the date hereof, including, without limitation, all out-of-pocket costs of ▇▇▇▇ in connection with the pre-development of the Project and the closing of the acquisition of the Property, upon receipt of documentation reasonably satisfactory to NorthStar evidencing such expenditures.
Contributions of the Members. Upon the execution of this Agreement, the Members shall make initial cash capital contributions as set forth on Exhibit A attached hereto.
Contributions of the Members. In connection with the initial formation of the Company, the Members shall contribute to the Company the property set forth opposite their names on Schedule A hereto, and shall receive the number and class of Units set forth opposite their names on Schedule A hereto.
Contributions of the Members. Upon the execution of this Agreement, the Members shall make initial cash capital contributions to the LLC as follows: ▇▇▇▇▇ Atlantic City Associates $990.00 ▇▇▇▇▇ Atlantic City Corporation $ 10.00
Contributions of the Members. Units in the Company shall be issued to the Members in accordance with the terms of this Agreement in exchange for cash and property. The Initial Members hereby agree to contribute the cash and property at the agreed gross fair market value set forth on Exhibit A attached hereto in exchange for the Units set forth therein. All Units to be purchased to this Agreement are acknowledged to have been offered and sold by the Company without registration under the Securities Act of 1933 or any Blue Sky Law in reliance upon the express representation and warranty by the purchaser thereof that such Units are acquired for purposes of such person's own investment and not for resale or distribution.
Contributions of the Members