Common use of Liability for Contributions Clause in Contracts

Liability for Contributions. Unless otherwise expressly agreed by the Company at the time of the acceptance of a Member's offer or subscription to purchase Units or as may be otherwise expressly agreed by the Company at any time thereafter, a Member's obligation to make a Contribution to the Company is not excused by the Member's death, disability, or other inability to perform personally, and if a Member does not make a required Contribution, the Member or the Member's estate shall be obligated, at the option of the Company, to contribute money equal to the value of the part of the Contribution which has not been made. The Company shall also have the authority to enter into an agreement with any Member that includes specified penalties for, or specified consequences of, the failure of the Member to make a required Contribution to the Company. The penalties or consequences may include reducing or eliminating the defaulting Member's proportionate interest in the Company, subordinating the Member's Units and related interest to those of the other Members, a forced sale of the Member's Units, forfeiture of the Member's Units, the lending by other Members of the amount necessary to meet the Member's commitment, a fixing of the value of the Member's Units by appraisal or by formula, and the redemption or sale of the Member's Units at such value. This Section is not intended to, and does not, limit any of the rights and remedies which are available to the Company under this Agreement or at law, in equity, or otherwise, by reason of a Member's failure to timely and fully make a required Contribution to the Company.

Liability for Contributions. Unless otherwise expressly agreed by the Company at the time of the acceptance of a Member's ’s offer or subscription to purchase Units or as may be otherwise expressly agreed by the Company at any time thereafter, a Member's ’s obligation to make a Contribution to the Company is not excused by the Member's ’s death, disability, or other inability to perform personally, and if a Member does not make a required Contribution, the Member or the Member's ’s estate shall be obligated, at the option of the Company, to contribute money equal to the value of the part of the Contribution which has not been made. The Company shall also have the authority to enter into an agreement with any Member that includes specified penalties for, or specified consequences of, the failure of the Member to make a required Contribution to the Company. The penalties or consequences may include reducing or eliminating the defaulting Member's ’s proportionate interest in the Company, subordinating the Member's ’s Units and related interest to those of the other Members, a forced sale of the Member's ’s Units, forfeiture of the Member's ’s Units, the lending by other Members of the amount necessary to meet the Member's ’s commitment, a fixing of the value of the Member's ’s Units by appraisal or by formula, and the redemption or sale of the Member's ’s Units at such value. This Section is not intended to, and does not, limit any of the rights and remedies which are available to the Company under this Agreement or at law, in equity, or otherwise, by reason of a Member's ’s failure to timely and fully make a required Contribution to the Company.