Common use of Purchase of Class A Units in the Offering Clause in Contracts

Purchase of Class A Units in the Offering. Upon the execution of a subscription agreement for Class A Capital Units, a Person desiring to purchase Class A Capital Units must submit (i) 10% of the total purchase price of such Person’s subscription amount to the Company, which amount shall be deposited into the Company’s Escrow Account for the Offering and (ii) an executed promissory note in the amount of the remaining 90% balance of such Person’s subscription amount. Payment of amounts due under the promissory note shall be subject to the call of the Board of Managers. Committed Capital due under the promissory note must be contributed within 30 days from the date of call. In the event of any Class A Member’s failure to contribute its Capital Commitment when due, the Company shall have the right to redeem such Member’s Class A Capital Units as provided in Section 4.3, in addition to any remedies otherwise provided by law.