Other Mandatory Additional Capital Contributions. In connection with the foregoing in this Section 2.2(c), the Class A Members hereby agree that they shall be required to make additional Capital Contributions to the Company of up to $1,000,000 in the aggregate during the existence of the Company upon the written request therefor from the Board. Such additional Capital Contributions shall 5230180v8 be made by such Class A Members to the Company pro rata in accordance with their Percentage Interests of the Class A Units. Any such additional Capital Contributions shall be made by the Class A Members within fifteen (15) days after such call by the Board is made; provided, however, in the event of an emergency, the Board may specify an earlier date for delivery of such additional Capital Contributions as may be reasonably necessary under the circumstances. If a Class A Member fails to make an additional Capital Contribution required by this Section 2.2(c)(i) when due (such a Member is herein referred to as a “Defaulting Contributor”), a notice of default shall be given to such Class A Member by the Board. A Class A Member may not make less than the full amount of a required additional Capital Contribution, and the making by a Class A Member of less than the full amount of a required additional Capital Contribution shall be a default. If the full amount of such required Capital Contribution is not received by the Company within three (3) Business Days after the Defaulting Contributor’s receipt of such notice of default, the Board and the other Class A Member(s), as applicable, may pursue any one or more of the following remedies:
(A) The other Class A Member(s) shall have the option, but not the obligation, to make the Defaulting Contributor’s required Capital Contribution on behalf of the Defaulting Contributor and treat the amount of such Capital Contribution as a loan to the Defaulting Contributor. Any such loan shall be made by those Class A Member(s) who elect to do so (such Members are referred to as the “Loaning Members”) pro rata to the aggregate Percentage Interests of the Loaning Members (calculated without regard to the Units held by the Defaulting Contributor) or in such other proportions as they agree, shall bear interest at LIBOR (three month) plus 3%, compounded monthly, shall be secured by the Defaulting Contributor’s Member’s Units in the Company pursuant to Uniform Commercial Code in effect in North Carolina, and shall be due and payable six (6) full months from the date thereof. Further, such...
