Mandatory Capital Contribution Defaults Sample Clauses

Mandatory Capital Contribution Defaults. 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”). If the Defaulting Member does not contribute the Default Amount within such two (2) Business Day period, the Executive Board may, by Majority Vote of the Board Members other than the Board Member(s) (if any) designated by such Defaulting Member (as so applicable the “Designated Executive Board”), take any, all or any combination of the following actions:
AutoNDA by SimpleDocs

Related to Mandatory Capital Contribution Defaults

  • Additional Funds and Capital Contributions .. 22 Section 4.4 Stock Option Plan................................... 23 Section 4.5 No Interest; No Return.............................. 24 Section 4.6 Conversion or Redemption of Preferred Shares........ 24

  • Additional Capital Contributions No Member shall be required to make additional capital contributions. A Member may make additional capital contributions to the Company.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • Capital Contributions and Capital Accounts (a) The value of the interests contributed by the Class A Certificateholders and the Class I Certificateholders shall equal the amount paid by such Certificateholders for such interests, respectively, and such amounts shall constitute the opening balance in their Capital Accounts (as hereinafter defined). The value of the interests contributed by the Class IC Certificateholder shall equal the fair market value of the Receivables contributed to the Tax Partnership less the value attributed to the Class A Certificateholders and the Class I Certificateholders, as described above. Such amount shall constitute the opening balance in the Class IC Certificateholder's Capital Account.

  • Initial Capital Contribution The initial Capital Contribution of the Original Member as of the date of this Agreement will be $ .

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

  • Additional Capital Contributions and Issuances of Additional Partnership Interests Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2.

  • Member Capital Contributions (Check One) ☐ - Single Member LLC: The Member may make such capital contributions (each a “Capital Contribution”) in such amounts and at such times as the Member shall determine. The Member shall not be obligated to make any Capital Contributions. The Member may take distributions of the capital from time to time in accordance with the limitations imposed by the Statutes. ☐ - Multi-Member LLC: Each Member has contributed the following capital amounts to the Company as set forth below and are not obligated to make any additional capital contributions: $ $ $ Members shall have no right to withdraw or reduce their contributions to the capital of the Company until the Company has been terminated unless otherwise set forth herein. Members shall have no right to demand and receive any distribution from the Company in any form other than cash and members shall not be entitled to interest on their capital contributions to the Company. The liability of any Member for the losses, debts, liabilities and obligations of the Company shall be limited to the amount of the capital contribution of each Member plus any distributions paid to such Member, such Member’s share of any undistributed assets of the Company; and (only to the extent as might be required by applicable law) any amounts previously distributed to such Member by the Company.

  • Interest on Capital Contributions No Member shall be entitled to any interest on its capital contribution.

Time is Money Join Law Insider Premium to draft better contracts faster.