Initial Capital Contributions of Members. The interests of the Members shall be divided into units (“Units”). The total number of Units that the Company is initially authorized to issue is 100 Units. Each of the Members has been issued the number of Units listed on Exhibit A.
Initial Capital Contributions of Members. Each of the Members has made an initial capital contribution and owns a Membership Percentage in the Company as set forth on Schedule A, as amended. No interest shall accrue on any Capital Contribution made to the Company unless otherwise agreed by the Members in writing or otherwise provided in this Agreement.
Initial Capital Contributions of Members. (a) The initial Capital Contributions of the initial Members listed on Exhibit A attached hereto incorporated by reference herein (the "Initial Members") shall equal $[***].
(b) Such initial Capital Contribution shall be made as follows:
(i) LHMI shall initially own a [***]% Membership Interest in the Company and shall contribute to the Company for its Membership Interest [***]% of such initial Capital Contributions.
(ii) The Investor Member shall initially own a [***]% Membership Interest and shall contribute to the Company for its Membership Interest [***]% of such initial Capital Contributions.
(iii) Each Member shall contribute its initial Capital Contribution (x) in cash in full or (y) twenty percent (20%) of its initial Capital Contribution in cash by the Member for its Membership Interest, and shall simultaneously provide an irrevocable letter of credit for the balance of the Member's initial Capital Contribution (for which, with respect to a letter of credit of the Investor Member, neither the Company nor LHMI shall have any liability, and with respect to a letter of credit of LHMI, neither the Company nor the Investor Member shall have any liability) that will continue to be available for at least twenty-four (24) [***] These portions of this exhibit have been omitted and filed separately with the Commission pursuant to a request for confidential treatment. months from subscription by the Member for its Membership Interest in the Company. In the event of (y), the applicable Member shall arrange that following the contribution of twenty percent (20%) of the required initial Capital Contribution of such Member in cash, LHMI shall be permitted, upon five (5) days written notice from LHMI at any time after execution of this Agreement, to draw on such letter of credit for the remaining balance of the initial Capital Contribution of the applicable Member as the needs of the Company for funds may require, in LHMI's sole discretion and without the Member's consent; provided that, upon each such draw, LHMI shall draw on all outstanding letters of credit in proportion to the applicable Member's Membership Interest in the Company. Each Member acknowledges that in all events LHMI intends to fully draw any letter of credit provided by a Member pursuant to this Section within not more than twenty-four (24) months of the Member's subscription for a Membership Interest in the Company. Notwithstanding the foregoing, the Board of Directors may approve, in its sole ...
Initial Capital Contributions of Members. The Members shall make the following initial Capital Contributions, which may be paid in two equal installments, with the first installment due on January 1, 1998 and the second installment due on or before April 1, 1998:
(a) SWCA, LLC shall own a fifteen percent (15%) Membership Interest in the Company and shall contribute to the Company for its Membership Interest the sum of Six Hundred Thousand and No/100 Dollars ($600,000.00);
(b) NMHI, LLC shall own a twenty-six percent (26%) Membership Interest in the Company and shall contribute to the Company for its Membership Interest the sum of One Million Forty Thousand and No/100 Dollars ($1,040,000.00);
Initial Capital Contributions of Members. The Members shall make the following initial Capital Contributions:
(a) DTO Management shall own at least a fifty-one percent (51%) Membership Interest in the Company and shall contribute to the Company for its Membership Interest One Million Five Hundred Thirty Thousand Dollars ($1,530,000).
(b) The Investor Members shall own in the aggregate up to a forty-nine percent (49%) Membership Interest and shall contribute to the Company for their Membership Interests an amount, in the aggregate, of up to One Million Four Hundred Seventy Thousand Dollars ($1,470,000). The Membership Interests of the Investor Members shall be owned as shown on the Information Exhibit attached hereto. In connection with the initial offering and admission of Investor Members to the Company, in the event that additional portions of the Membership Interests described in this Section 3.1(b) have not been subscribed for, the Investor Members who become Members on or about the Effective Date shall be entitled to acquire on a pro rata basis such remaining Member Interests if DTO Management and the Investor Manager have agreed to offer such remaining interests to any such original Investor Member. The Members may be liable to the Company for amounts distributed to them as a return of capital as provided by the Act. The Members shall not be required to contribute any additional capital to the Company except as provided in Section 3.5.
Initial Capital Contributions of Members. Upon the request of the Management Committee, each of the Members shall make an initial capital contribution to the Company in the amount set forth below opposite each of their respective names: MEMBER CONTRIBUTION ------ ------------ Atria $ 500.00 Assisted Care $4,500.00
Initial Capital Contributions of Members. The names, addresses, initial Capital Contributions and Percentage Interests of the Members are set forth on Exhibit A attached hereto and incorporated herein. All Members acknowledge and agree that the initial Capital Contributions set forth in Exhibit A represent the amount of money and the Gross Asset Value of all property (other than money) initially contributed by the Members.
Initial Capital Contributions of Members. (a) The initial Capital Contributions of the Initial Members shall equal $3,600,000.00:
(b) Such initial Capital Contribution shall be made as follows:
(i) SFHM shall own a 33 1/3% Membership Interest in the Company and shall contribute to the Company for its Membership Interest 33 1/3% of the aggregate amount of such initial Capital Contributions.
(ii) NCHI shall own a 33 1/3% Membership Interest and shall contribute to the Company for its Membership Interest an amount equal to 33 1/3% of such initial Capital Contributions.
(iii) McKennan shall own a 33 1/3% Membership Interest in the Company and shall contribute to the Company for its Membership Interest 33 1/3% of the aggregate amount of such initial Capital Contributions.
(c) It is anticipated that other qualified investors approved by the Initial Members will contribute up to an additional $400,000.00 to the Company,
Initial Capital Contributions of Members. The names of the Members and the respective initial contributions are reflected on Schedule A. Each Member shall be credited with their respective Percentage Interest set forth on Schedule A.
Initial Capital Contributions of Members. (a) The initial Capital Contributions of the initial Members shall equal the greater of (i) $6,730,000 or (ii) 15% of the Project Costs.
(b) Such initial Capital Contribution shall be made as follows:
(i) LHMI shall own at least a 51% Membership Interest in the Company and shall contribute to the Company for its Membership Interest at least 51% of the aggregate amount of such initial Capital Contributions.
(ii) The Investor Members shall own in the aggregate up to a 49% Membership Interest and shall contribute to the Company for their Membership Interests an amount up to 49% of such initial Capital Contributions. The Membership Interests of the Investor Members shall be owned as set forth in the Information Exhibit.
(c) The Members may be liable to the Company for amounts distributed to them as a return of capital as provided by the Act. Members shall not be required to contribute any additional capital to the Company except as provided in Section 3.5.
(d) Once the Board of Directors finally determines the total Project Costs, it may require all Members, upon written notice, to contribute any remaining portion of their respective initial Capital Contribution.
