Contributions to Capital. (a) The minimum initial contribution of each Member to the capital of the Company shall be $75,000, subject to the discretion of the Manager to accept initial investments in lesser amounts. The amount of the initial contribution of each Member shall be recorded on the books and records of the Company upon acceptance as a contribution to the capital of the Company. The Directors shall not be entitled to make voluntary contributions of capital to the Company as Directors of the Company, but may make voluntary contributions to the capital of the Company as Members. (b) The Members may make additional contributions to the capital of the Company of at least $10,000 (subject to the discretion of the Manager to accept additional contributions in lesser amounts), effective as of such times as the Manager, in its discretion, may permit, subject to Section 2.7 hereof, but no Member shall be obligated to make any additional contribution to the capital of the Company except to the extent provided in Section 5.7 hereof. (c) Except as otherwise permitted by the Board, (i) initial and any additional contributions to the capital of the Company by any Member shall be payable in cash, and (ii) initial and any additional contributions in cash shall be payable in readily available funds.
Appears in 13 contracts
Samples: Limited Liability Company Agreement (PNC Absolute Return Fund LLC), Limited Liability Company Agreement (PNC Long-Short Fund LLC), Limited Liability Company Agreement (PNC Alternative Strategies Fund LLC)
Contributions to Capital. (a) The minimum initial contribution of each Member to the capital of the Company shall be $75,000, subject to the discretion of the Manager to accept initial investments in lesser amounts. The amount of the initial contribution of each Member shall be recorded on the books and records of the Company upon acceptance as a contribution to the capital of the Company. The Directors shall not be entitled to make voluntary contributions of capital to the Company as Directors of the Company, but may make voluntary contributions to the capital of the Company as Members.
(b) The Members may make additional contributions to the capital of the Company of at least $10,000 (subject to the discretion of the Manager to accept additional contributions in lesser amounts), effective as of such times as the Manager, in its discretion, may permit, subject to Section 2.7 hereof, but no Member shall be obligated to make any additional contribution to the capital of the Company except to the extent provided in Section 5.7 hereof.
(c) Except as otherwise permitted by the Board, (i) initial and any additional contributions to the capital of the Company by any Member shall be payable in cash, and (ii) initial and any additional contributions in cash shall be payable in readily available funds.
Appears in 12 contracts
Samples: Limited Liability Company Agreement (PNC Alternative Strategies TEDI Fund LLC), Limited Liability Company Agreement (PNC Long-Short TEDI Fund LLC), Limited Liability Company Agreement (PNC Absolute Return TEDI Fund LLC)
Contributions to Capital. (a) The minimum initial contribution of each Member to the capital of the Company shall be $75,000, subject to the discretion of the Manager to accept initial investments in lesser amounts. The amount of the initial contribution of each Member shall be recorded on the books and records of the Company upon acceptance as a contribution to the capital of the Company. The Directors shall not be entitled to make voluntary contributions of capital to the Company as Directors of the Company, but may make voluntary contributions to the capital of the Company as Members.
(b) The Members may make additional contributions to the capital of the Company of at least $10,000 50,000 (subject to the discretion of the Manager to accept additional contributions in lesser amounts), effective as of such times as the Manager, in its discretion, may permit, subject to Section 2.7 hereof, but no Member shall be obligated to make any additional contribution to the capital of the Company except to the extent provided in Section 5.7 hereof.
(c) Except as otherwise permitted by the Board, (i) initial and any additional contributions to the capital of the Company by any Member shall be payable in cash, and (ii) initial and any additional contributions in cash shall be payable in readily available fundsfunds on the business day prior to the subscription date.
Appears in 7 contracts
Samples: Limited Liability Company Agreement (Mercantile Long Short Manager Fund LLC), Limited Liability Company Agreement (Mercantile Alternative Strategies Fund LLC), Limited Liability Company Agreement (Mercantile Long Short Manager Fund LLC)
Contributions to Capital. (a) The minimum initial contribution of each Member to the capital of the Company Portfolio shall be $75,000100,000, subject to the discretion of the Manager to accept initial investments in lesser amounts. The amount of the initial contribution of each Member shall be recorded on the books and records of the Company Portfolio upon acceptance as a contribution to the capital of the CompanyPortfolio. The Directors shall not be entitled to make voluntary contributions of capital to the Company Portfolio as Directors of the CompanyPortfolio, but may make voluntary contributions to the capital of the Company Portfolio as Members.
(b) The Members may make additional contributions to the capital of the Company Portfolio of at least $10,000 50,000 (subject to the discretion of the Manager to accept additional contributions in lesser amounts), effective as of such times as the Manager, in its discretion, may permit, subject to Section 2.7 hereof, but no Member shall be obligated to make any additional contribution to the capital of the Company Portfolio except to the extent provided in Section 5.7 hereof.
(c) Except as otherwise permitted by the Board, (i) initial and any additional contributions to the capital of the Company Portfolio by any Member shall be payable in cash, and (ii) initial and any additional contributions in cash shall be payable in readily available funds.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Growth Capital TEI Portfolio, LLC), Limited Liability Company Agreement (Growth Capital Portfolio, LLC)
Contributions to Capital. (a) The minimum initial contribution of each Member to the capital of the Company shall be such amount as the Board of Directors, in its discretion, may determine from time to time, but in no event shall be less than $75,000, subject to the discretion of the Manager to accept initial investments in lesser amounts25,000. The amount of the initial contribution of each Member on the Initial Closing Date shall be recorded on the books and records of the Company upon acceptance as a contribution to purchase of Units with an initial net asset value of $5,000 per Unit. Thereafter contributions of capital shall be recorded on the capital books and records of the CompanyCompany upon acceptance as a purchase of Units at the then-existing net asset value per Unit. The Directors shall not be entitled to make voluntary contributions of capital to the Company as Directors of the Company, but may make voluntary contributions to the capital of the Company as Members.
. The Investment Advisor may make voluntary contributions to the capital of the Company as a Member. (b) The Members may make additional contributions to the capital of the Company of at least $10,000 (subject to the discretion of the Manager to accept additional contributions in lesser amounts)10,000, effective as of such times as the Manager, Board of Directors in its discretion, discretion may permit, subject to the limitations applicable to the admission of Members pursuant to Section 2.7 hereof, but no Member shall be obligated to make any additional contribution to the capital of the Company except to the extent provided in Section 5.7 5.6 hereof.
(c) Except as otherwise permitted by the Board, (i) initial and any additional contributions to the capital of the Company by any Member shall be payable in cash, and (ii) initial and any additional contributions in cash shall be payable in readily available funds.. 16
Appears in 1 contract
Samples: Operating Agreement (PARADIGM Multi Strategy Fund, LLC)