Failure of a Member to Make Capital Contributions Sample Clauses

Failure of a Member to Make Capital Contributions. 3.9.1. If a Member fails to make a Capital Contribution as required by the terms of this Agreement and fails to cure such failure within fifteen (15) days after receipt of written notice of such failure (a “Non-Contributing Member”), the other Member (the “Contributing Member”) shall have the right, but not the obligation, at any time during the thirty (30) day period commencing with the day of the expiration of such fifteen (15) day cure period, to loan to the Non-Contributing Member all or part of the funds due from the Non- Contributing Member. Such funds shall be disbursed by the Contributing Member directly to the Company and the Non-Contributing Member shall be deemed to have made a Capital Contribution to the Company in the principal amount of the loan. The loan shall bear interest at the rate of twenty percent (20%) per annum and shall be fully repaid by the Non-Contributing Member within three (3) months after the date such loan is made. Until the loan is fully repaid, the Contributing Member shall be entitled to all distributions (whether regular distributions or upon dissolution of the Company) to which the Non-Contributing Member would have been entitled and such distributions will be credited to the amount owed, first to interest and then to principal. In addition, if the Contributing Member is Artery, then, during the period that any amount of the loan remains unpaid, no portion of the Sales Deposits (defined in Section 12.1) shall be credited against the purchase price for the Lots being acquired by Beazer.
Sample 1
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Related to Failure of a Member to Make Capital Contributions

  • Members Capital Contributions (a) Initial Capital Contribution. The initial Capital Contribution described on Schedule 1 (the “Property”) was made by the previous Member.

  • Capital Contributions of the Partners (a) The Partners have made the Capital Contributions as set forth in Exhibit A.

  • Additional Funds and Capital Contributions .. 22 Section 4.4 Stock Option Plan................................... 23 Section 4.5 No Interest; No Return.............................. 24 Section 4.6 Conversion or Redemption of Preferred Shares........ 24

  • Capital Contributions Persons seeking to become a Member shall be required to purchase or acquire Shares and make capital contributions in such forms and in such amounts and at such times as the Board may require, if any, in its sole discretion (any, a “Capital Contribution”) whereupon a capital account for a new Member will be established, and, if applicable, accreted, in the amount of such Member’s Capital Contribution or based upon the fair market value of property contributed, and the new Member shall be issued a number of Class A Ordinary Shares as determined by the Board, and the Board shall update Exhibit A attached hereto accordingly. The provisions of this Section 3.1 are solely intended for the benefit of the Members and, to the fullest extent permitted by law, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor shall be a third-party beneficiary of this Agreement). The Members shall have no duty or obligation to any creditor of the Company to make any contribution to the Company.

  • Additional Capital Contributions No Member shall be required to make additional capital contributions. A Member may make additional capital contributions to the Company.

  • Member and Capital Contribution The name and the business address of the Member and the amount of cash or other property contributed or to be contributed by the Member to the capital of the Company are set forth on Schedule A attached hereto and shall be listed on the books and records of the Company. The managers of the Company shall be required to update the books and records, and the aforementioned Schedule, from time to time as necessary to accurately reflect the information therein. The Member shall not be required to make any additional contributions of capital to the Company, although the Member may from time to time agree to make additional capital contributions to the Company.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Initial Capital Contributions (a) The Partners have made, on or prior to the date hereof, Capital Contributions and, in exchange, the Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the Partnership.

  • Capital Contributions and Capital Accounts (a) The value of the interests contributed by the Class A Certificateholders and the Class I Certificateholders shall equal the amount paid by such Certificateholders for such interests, respectively, and such amounts shall constitute the opening balance in their Capital Accounts (as hereinafter defined). The value of the interests contributed by the Class IC Certificateholder shall equal the fair market value of the Receivables contributed to the Tax Partnership less the value attributed to the Class A Certificateholders and the Class I Certificateholders, as described above. Such amount shall constitute the opening balance in the Class IC Certificateholder's Capital Account.

  • Capital Contributions Distributions 10 SECTION 5.1

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