Common use of Liability for Contribution Clause in Contracts

Liability for Contribution. A Member's obligation to make their required Capital Contribution can only be compromised or released with the consent of all remaining Members or as otherwise provided in this Agreement. If a Member does not make the Capital Contribution when it is due, he is obligated at the option of any remaining Members to contribute cash equal to the agreed value of the Capital Contribution. This option is in addition to and not in lieu of any others rights, including the right to specific performance that the Company may have against the Member.

Appears in 4 contracts

Samples: Limited Liability Company Agreement, Limited Liability Company Agreement, Operating Agreement

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Liability for Contribution. A Member's obligation to make their required Capital Contribution can only be compromised or released with the consent of all remaining Members or as otherwise provided described elsewhere in this Agreement. If a Member does not make the Capital Contribution when it is due, he is obligated at the option of any the remaining Members to contribute cash equal to the agreed value of the Capital Contribution. This option is in addition to and not in lieu of any others rights, including the right to specific performance that the Company may have against the Member.

Appears in 1 contract

Samples: Operating Agreement

Liability for Contribution. A Member's obligation to make their required Capital Contribution can only be compromised or released with the consent of all remaining a Majority of the Executive Members or as otherwise provided described elsewhere in this Agreement. If Membership is considered full and proportionate only when the certified funds are confirmed and a *Certificate of Proportional Membership is signed by the New Member does not make the Capital Contribution when it is due, he is obligated at the option of any remaining Members to contribute cash equal to the agreed value of the Capital Contribution. This option is in addition to and not in lieu of any others rights, including the right to specific performance that the Company may have against the Member.an

Appears in 1 contract

Samples: Operating Agreement

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Liability for Contribution. A Member's obligation to make their required Capital Contribution can only be compromised or released with the consent of all remaining Members or as otherwise provided described elsewhere in this Agreement. If a Member does not make the Capital Contribution when it is due, he is obligated at the option of any remaining Members to contribute cash equal to the agreed value of the Capital Contribution. This option is in addition to and not in lieu of any others rights, including the right to specific performance that the Company may have against the Member.

Appears in 1 contract

Samples: Operating Agreement

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