Examples of Funding Member in a sentence
If the Funding Member elects to ratify the Mandatory Capital Call, then the Company shall issue Units to the Funding Member such that the relative Units held by the Members reflects the relative capital account of each Member.
Notwithstanding any provision in the foregoing to the contrary, if a Member fails to timely make Mandatory Capital Contribution(s) three (3) times during the term of this Agreement, the Funding Member shall have the right to buy the interest of the Non-Funding Member in accordance with the terms of Section 7.01(a)(ii).
If the Funding Member advances a portion or all of the shortfall to the Company in the form of a loan to the Non-Funding Member, and if such Non-Funding Member has not repaid the loan (including accrued interest at the Default Interest Rate) on or before the Due Date, the Company shall treat the balance due to the Funding Member as a Capital Contribution by the Funding Member to the Company.
The Company shall issue Units to the Funding Member such that the relative Units held by the Members reflects the relative capital account of each Member.
If a Member does not make a Mandatory Capital Contribution within fifteen(15) days after the due date (such failure being referred to herein as the “ Funding Shortfall”), such Member shall be designated as a “Non-Funding Member,” and the Company shall promptly notify the Funding Member (as defined below) of the Funding Shortfall.