Examples of Mandatory Capital Contribution in a sentence
Upon a Capital Call, provided such Capital Call is with respect to a Mandatory Capital Contribution or an additional Capital Contribution agreed upon by the Members in accordance with Section 3.5, each Member shall contribute as a Capital Contribution such Member’s pro rata portion of the aggregate amount specified in the Capital Call based on such Member’s Percentage Interest set forth on Schedule 6.1 hereto, other than payments for costs and expenses to be paid by a Member pursuant to Section 4.3(b).
Each Member authorizes Campus Crest to apply its Mandatory Capital Contribution to the payment of all charges, costs and expenses incurred by the Company in connection with the construction of a Development Project, and the payment of any fees pursuant to the Development Agreement all subject to and in accordance with the Development Budget.
Those conditions set forth in Exhibit E that must be satisfied in order for HSRE to be obligated to make a Mandatory Capital Contribution for a Development Project or the acquisition of a Property.
Each Member acknowledges and agrees that the remedies described in this Section 4.4.5 bear a reasonable relationship to the damages which the Members estimate may be suffered by the Company and the non-defaulting Members by reason of the failure of a Defaulting Member to make any Mandatory Capital Contribution, and the election of any or all of the above described remedies is not unreasonable under the circumstances existing as of the date hereof.
Each Member shall be obligated to fund as a Mandatory Capital Contribution the amount owed, if any, within four (4) Business Days after the receipt of such Acquisition Termination Notice.
If any Member fails to timely make all or a portion of any Mandatory Capital Contribution to the Company, whether directly, or in the case of a Second Capital Contribution by Simon or a Third Capital Contribution by Simon, both directly by Simon and indirectly by Yucaipa (a “Funding Default”), such Member will be in default under this Agreement (a “Defaulting Member”).
In such event, the Executive Board will send the Defaulting Member written notice of such Funding Default, giving the Defaulting Member two (2) Business Days from the date such notice is given to contribute the entire remaining amount of such Defaulting Member’s Mandatory Capital Contribution (the “Default Amount”).
Upon the failure of any Member (the “Non-Funding Member”) to make any Mandatory Capital Contribution or Additional Capital Contribution (the portion thereof not contributed by such Non-Funding Member being referred to herein as the “Deficiency”), the contributing Member shall inform the other Member (the “Funding Member”) in writing of such Deficiency (a “Deficiency Notice”) within five (5) days after the date on which the contribution was required to be made.
A failure by any Member to make any Mandatory Capital Contribution to the extent required hereunder shall constitute an Event of Default by such Member, and the consequences of a failure by any Member to fund any Mandatory Capital Contributions shall be as set forth in Section 4.03 and Section 12.01.
A Member shall indemnify the Company and each of the other Members, and their respective Affiliates, each officer, director, employee and legal representative thereof, for any costs or damages (including reasonable attorneys’ fees) incurred by such Person as a result of any action by such Member in violation of this Agreement, including the failure of a Member to make a Mandatory Capital Contribution.