Advances from Members Sample Clauses

Advances from Members. (a) At the request of the Board of Managers, Stratosphere will, from time to time, advance to the Company up to Five Million Dollars ($5,000,000) in the aggregate for payment of the Company-Owned Litigation Administrative Expenses (as defined below) as and when incurred. All amounts advanced under this Section 2.5.3(a) shall be evidenced by a promissory note in favor of Stratosphere and shall bear interest at a rate of ten percent (10%) per annum. (b) Advances by Members to the Company, including any advance pursuant to Section 2.5.3(a) hereof, will not be deemed a capital contribution to, or be reflected on the balance of, any Capital Account. The amount of any such advance will be a debt due from the Company to such Member and, except as otherwise expressly provided in this Agreement or as agreed between such Member and the Board of Managers at the time such funds are advanced, will be repaid as soon as practicable to such Member.

Advances from Members. Loans and other advances by Members to the Company will not be deemed a Capital Contribution to, or be reflected on the balance of, any Capital Account, except as provided in Section 3.3. Solely to the extent that any such advance was made to fund an expense authorized pursuant to the terms hereof (including budgets approved in accordance with the terms hereof), the amount of such advance will be a debt due from the Company to such Member and, except as otherwise expressly provided in this Agreement or as agreed between such Member and the Company at the time such funds are advanced, will be repaid as soon as practicable to such Member.