Loans by Manager Sample Clauses
The "Loans by Manager" clause defines the conditions under which a manager is permitted to lend money to the entity or its affiliates. Typically, this clause outlines the approval process required for such loans, any limitations on the amount or interest rate, and the terms of repayment. For example, it may require that loans be on arm's length terms or be approved by a majority of non-manager members. The core function of this clause is to prevent conflicts of interest and ensure that any loans made by the manager are fair and transparent, protecting the interests of all stakeholders.
Loans by Manager. The Manager, in its discretion, shall have the right to make advances or loans (the "Manager Loans") to I-55 Telecom payable on demand (or if no demand payable in equal quarterly installments of principal and interest) for an aggregate amount up to $500,000.00, with interest at 7% per annum from the date advanced until paid for the payment of any amounts due during the term of this Management Agreement under any of the Long Term Liabilities (as defined in the Merger Agreement) or for any other liabilities the Manager deems appropriate for which there are not sufficient Revenues generated to pay such debts and expenses. I-55 Telecom, by execution of this Agreement, grants to the Manager a security interest in all of the assets, whether now owned or hereafter acquired and wherever located, of I-55 Telecom, including without limitation, all accounts, goods, equipment, inventory, contracts and contract rights, instruments, chattel paper, securities and other investment property. The Manager is hereby authorized to file such financing statements and amendments thereto and continuations thereof in such offices as necessary to perfect the security interest granted hereby.
Loans by Manager. In the event that the Manager determines at any time that the cash available to the Company is insufficient to meet the then existing and projected needs of the Company, the Manager, in addition to exercising its rights to cause the Company to issue Additional Units in accordance with Section 3.7 above, may in its sole discretion loan or cause an Affiliate thereof to loan necessary funds to the Company in accordance with the provisions of this Section 3.8. Any loan by the Manager or its Affiliate(s) to the Company may be repaid from Company funds available therefor in the reasonable judgment of the Manager. Any such loan from the Manager or its Affiliate(s) to the Company shall be at a rate of interest and on such other terms as the Manager determines in its reasonable business judgment are not more onerous to the Company than those that an unaffiliated third party would charge the Company in an arms-length transaction. The provisions of Section 4.3 below shall apply to any such loan by the Manager or its Affiliate(s).
Loans by Manager. The Manager, in its discretion, shall have the right to make advances or loans (the "Manager Loans") to I-55 Telecom payable on demand (or if no demand payable in equal quarterly installments of principal and interest) for an amount up to [$500,000.00,] with interest at [7%] per annum from the date advanced until paid for the payment of any amounts due during the term of this Management Agreement under any of the Long Term Liabilities (as defined in the Merger Agreement) or for any other liabilities the Manager deems appropriate for which there are not sufficient Revenues generated to pay such debts and expenses. I-55 Telecom, by execution of this Agreement, grants to the Manager a security interest in all of the assets, whether now owned or hereafter acquired and wherever located, of I-55 Telecom, including without limitation, all accounts, goods, equipment, inventory, contracts and contract rights, instruments, chattel paper, securities and other investment property. The Manager is hereby authorized to file such financing statements and amendments thereto and continuations thereof in such offices as necessary to perfect the security interest granted hereby. The Guarantor, by execution hereof, unconditionally guarantees the prompt payment as and when due whether at maturity or by acceleration or otherwise of the Manager Loans, together with any and all interest or other amounts due with respect to the Manager Loans and any renewals, extensions or amendments of the Manager Loans. The obligation of the Guarantor hereunder shall constitute a present and continuing guaranty of payment and not of collectibility only, shall be absolute and unconditional, shall not be subject to any counterclaim, setoff, deduction or defense Guarantor may at any time have against Manager or any other person, and shall remain in full force and effect without regard to any event whatsoever (whether or not Guarantor shall have any knowledge or notice thereof or shall have consented thereto), including without limitation: (1) any extensions, renewals or changes in form of this Agreement or any other documents evidencing the Manager Loan (the "Manager Loan Documents"), as the same may be amended and/or supplemented from time to time, any assignment or transfer of any part thereof, any renewals or extension of the terms of payment under any of the Manager Loan Documents or the granting of time in respect of the payment thereof, or any furnishing or acceptance of security or any releas...
Loans by Manager. The Manager, in its discretion, shall have the right to make advances or loans (the "Manager Loans") to I-55 Internet payable on demand (or if no demand payable in equal quarterly installments of principal and interest) for an aggregate amount up to $500,000.00, with interest at 7% per annum from the date advanced until paid for the payment of any amounts due during the term of this Management Agreement under any of the Long Term Liabilities (as defined in the Merger Agreement) or for any other liabilities the Manager deems appropriate for which there are not sufficient Revenues generated to pay such debts and expenses.
Loans by Manager. In the event that the Manager determines at any time that the cash available to the Company is insufficient to meet the then existing and projected needs of the Company, the Manager, in addition to exercising its rights to cause the Company to borrow funds from third party sources, may in its sole discretion loan or cause an Affiliate thereof to loan necessary funds to the Company in accordance with the provisions of this Section. Any loan by the Manager or its Affiliate(s) to the Company may be repaid from Company funds available therefore in the reasonable judgment of the Manager. Any such loan from the Manager or its Affiliate(s) to the Company shall be at a rate of interest and on such other terms as the Manager determines in its reasonable business judgment are not more onerous to the Company than those that an unaffiliated third party would charge the Company in an arms-length transaction. Any such lender shall have the same rights and obligations with respect to such transactions or loans as a Person who is not a Manager or Affiliate thereof and the Members