Common use of INTERESTS AND CONTRIBUTIONS OF MEMBERS Clause in Contracts

INTERESTS AND CONTRIBUTIONS OF MEMBERS. 6.1 The name and present mailing address of each member and the percentage interest of each member of the limited liability company are set forth on Schedule I hereto. The total amount of cash constituting the initial aggregate contribution by the members is ^ dollars ($^). 6.2 The initial contribution of each member shall be contributed to the limited liability company upon execution of these Articles by such member. 6.3 An individual capital account shall be maintained for each member. The capital account of each member shall consist of such member's initial contribution, increased by: (a) additional contributions made by such member, and (b) such member's share of the limited liability company's net profits, and decreased by: (i) distributions made to such member, and (ii) such member's share of the limited liability company's losses, all in accordance with any applicable provision of the Internal Revenue Code of 1986, as amended (the "Code"), or any rule or regulation thereunder. 6.4 No additional contributions have been agreed to as of the date of these articles, and none shall be required or permitted without the unanimous written consent of all the members. 6.5 Except as set forth in Article 13.3, a member shall not receive from the limited liability company any part or all of his or her contribution to capital until: (a) all liabilities of the limited liability company, except liabilities to members on account of their contributions to capital, have been paid or there remains property of the limited liability company sufficient to pay them; (b) the consent of all members is had, unless the return of the contribution to capital may be rightfully demanded as provided herein; and (c) the Articles of Organization or these Articles are cancelled or so amended as to set out the withdrawal or reduction of the contributions of capital. 6.6 Subject to the provisions of Article 6.5, a member may rightfully demand the return of his or her contribution only upon the dissolution of the limited liability company. 6.7 The limited liability company shall have the discretion to distribute cash, notes, property or a combination thereof to a member in return for his or her contribution to capital as it deems appropriate. 6.8 A member of the limited liability company may have the limited liability company dissolved and its affairs wound up when: (a) the member rightfully but unsuccessfully has demanded the return of his or her contribution to capital; or (b) the other liabilities of the limited liability company have not been paid, or the limited liability company's property is insufficient for their payment and the member would otherwise be entitled to the return of his or her contribution.

Appears in 2 contracts

Samples: Operating Agreement, Operating Agreement

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INTERESTS AND CONTRIBUTIONS OF MEMBERS. 6.1 The name and present mailing address of each member and the percentage interest of each member of the limited liability company are set forth on Schedule I hereto. The total amount of cash constituting the initial aggregate contribution by the members is ^ dollars One Thousand Dollars ($^1000). 6.2 The initial contribution of each member shall be contributed to the limited liability company upon execution of these Articles by such member. 6.3 An individual capital account shall be maintained for each member. The capital account of each member shall consist of such member's initial contribution, increased by: (a) additional contributions made by such member, and (b) such member's share of the limited liability company's net profits, and decreased by: (i) distributions made to such member, and (ii) such member's share of the limited liability company's losses, all in accordance with any applicable provision of the Internal Revenue Code of 1986, as amended (the "Code"), or any rule or regulation thereunder. 6.4 No additional contributions have been agreed to as of the date of these articles, and none shall be required or permitted without the unanimous written consent of all the members. 6.5 Except as set forth in Article 13.3, a member shall not receive from the limited liability company any part or all of his or her contribution to capital until: (a) all liabilities of the limited liability company, except liabilities to members on account of their contributions to capital, have been paid or there remains property of the limited liability company sufficient to pay them; (b) the consent of all members is had, unless the return of the contribution to capital may be rightfully demanded as provided herein; and (c) the Articles of Organization or these Articles are cancelled or so amended as to set out the withdrawal or reduction of the contributions of capital. 6.6 Subject to the provisions of Article 6.5, a member may rightfully demand the return of his or her contribution only upon the dissolution of the limited liability company. 6.7 The limited liability company shall have the discretion to distribute cash, notes, property or a combination thereof to a member in return for his or her contribution to capital as it deems appropriate. 6.8 A member of the limited liability company may have the limited liability company dissolved and its affairs wound up when: (a) the member rightfully but unsuccessfully has demanded the return of his or her contribution to capital; or (b) the other liabilities of the limited liability company have not been paid, or the limited liability company's property is insufficient for their payment and the member would otherwise be entitled to the return of his or her contribution.

Appears in 1 contract

Samples: Operating Agreement

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INTERESTS AND CONTRIBUTIONS OF MEMBERS. 6.1 The name and present mailing address of each member and the percentage interest of each member of the limited liability company are set forth on Schedule I hereto. The total amount of cash constituting the initial aggregate contribution by the members is ^ _____________ dollars ($^$ ). 6.2 The initial contribution of each member shall be contributed to the limited liability company upon execution of these Articles by such member. 6.3 An individual capital account shall be maintained for each member. The capital account of each member shall consist of such member's initial contribution, increased by: (a) additional contributions made by such member, and (b) such member's share of the limited liability company's net profits, and decreased by: (i) distributions made to such member, and (ii) such member's share of the limited liability company's losses, all in accordance with any applicable provision of the Internal Revenue Code of 1986, as amended (the "Code"), or any rule or regulation thereunder. 6.4 No additional contributions have been agreed to as of the date of these articles, and none shall be required or permitted without the unanimous written consent of all the members. 6.5 Except as set forth in Article 13.3, a member shall not receive from the limited liability company any part or all of his or her contribution to capital until: (a) all liabilities of the limited liability company, except liabilities to members on account of their contributions to capital, have been paid or there remains property of the limited liability company sufficient to pay them; (b) the consent of all members is had, unless the return of the contribution to capital may be rightfully demanded as provided herein; and (c) the Articles of Organization or these Articles are cancelled or so amended as to set out the withdrawal or reduction of the contributions of capital. 6.6 Subject to the provisions of Article 6.5, a member may rightfully demand the return of his or her contribution only upon the dissolution of the limited liability company. 6.7 The limited liability company shall have the discretion to distribute cash, notes, property or a combination thereof to a member in return for his or her contribution to capital as it deems appropriate. 6.8 A member of the limited liability company may have the limited liability company dissolved and its affairs wound up when: (a) the member rightfully but unsuccessfully has demanded the return of his or her contribution to capital; or (b) the other liabilities of the limited liability company have not been paid, or the limited liability company's property is insufficient for their payment and the member would otherwise be entitled to the return of his or her contribution.

Appears in 1 contract

Samples: Operating Agreement

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