Common use of Purchase of Class B Units Clause in Contracts

Purchase of Class B Units. The completion of the Offering is contingent upon the purchase by Broin Investments II, LLC, of the 200 Class B Capital Units specified in the preceding paragraph. Upon the execution of a subscription agreement for Class B Capital Units, Broin Investments II, LLC, must submit (i) 10% of the total purchase price of its subscription amount ($100,000.00) 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 its subscription amount ($900,000.00). Payment of amounts due under Broin Investment’s promissory note for its Class B Capital Units shall be subject to the last call of the Board of Managers, only after call has been made for all outstanding Committed Capital of Class A and Class C Members. Committed Capital due under Broin Investments II, LLC’s promissory note for its Class B Capital Units must be contributed within 30 days from the date of call. In the event of Broin Investment’s failure to contribute its Capital Commitment when due, the Company shall have the right to redeem Broin Investment’s Class B Capital Units as provided in Section 4.3, in addition to any remedies otherwise provided by law.