Unpaid Contribution definition
Examples of Unpaid Contribution in a sentence
To the extent the Unpaid Contribution is contributed by any other Member, the defaulting Member’s Percentage shall be reduced and the Percentage of each Member who makes up the Unpaid Contribution shall be increased, so that each Member’s Percentage is equal to a fraction, the numerator of which is that Member’s total Capital Contribution and the denominator of which is the total Capital Contributions of all Interest Holders.
If any Member or Members replaces the Unpaid Contribution, then Percentage Interests shall be adjusted as set forth in this Section 3.4(f)(i).
The Non-paying Member’s Unpaid Contribution would therefore be $100,000, and the reduction in the Non-paying Member’s Percentage Interest would be ($100,000/$4,000,000) x 50 x 1.2 = 1.50 percentage points.
All adjustments to Percentage Interests shall take effect as of the first day of the month in which the Unpaid Contribution was due.
To the extent the Unpaid Contribution is contributed by any other Member, the defaulting Member’s ownership of Units shall be reduced and the Units of each Member who makes up the Unpaid Contribution shall be increased, so that each Member owns that number of Units equal to the product of the total number of outstanding Units multiplied by a fraction, the number of which is that Member’s total Capital Contributions and the denominator of which is the total Capital Contributions of all Members.
To the extent the Unpaid Contribution is contributed by any other Partner, the defaulting Partner's Percentage shall be reduced and the Percentage of each Partner who makes up the Unpaid Contribution shall be increased, so that each Partner's Percentage is equal to a fraction, the numerator of which is that Partner's total Capital Contributions and the denominator of which is the total Capital Contributions of all Partners.
The Non-paying Member’s Percentage Interest would therefore be reduced to 8.50% [i.e., 10% - 1.50% = 8.50%], and the Percentage Interests of those Complying Members who have replaced the Unpaid Contribution would be increased by such amount (divided among them according to the portions of the Unpaid Contribution they have provided).
The Percentage Interests of the Complying Member or Members who have replaced the Unpaid Contribution shall be increased by the same amount, apportioned among them according to the shares of the Unpaid Contribution each of them has replaced.
The Complying Members, or so many of them as consent to do so, may contribute additional Capital Contributions to the Company to cover the Unpaid Contribution, with all Members’ Capital Accounts to be adjusted as follows: All other Members shall have the right to replace the Unpaid Contribution by contributing more than their share of additional Capital Contribution in proportion to their respective Percentage Interests.
Advances made in respect of an Unpaid Contribution shall not relieve the Non-Contributing Party of its obligations hereunder.