Member Loan. The term “
Member Loan. “Member Loan” shall mean a loan made by a Member to the Company pursuant to the provisions of Section 3.6 hereof. 1.70
Member Loan. Subject to Section 2.3.1.12, if additional funds are necessary for the Company to meet its current or projected financial requirements and/or in lieu of obtaining Additional Capital Contributions from the Members, the Managing Member may deliver written notice of such actual or projected cash deficit to the Members. Within ten (10) business days following the effective date of such notice, each Member shall have the right, but not the obligation, to advance to the Company, in cash, an amount equal to such necessary funds. Any and all advances made by any lending Member to the Company pursuant to this Section 3.2 shall be treated as a loan (“Member Loan”) with recourse only to the assets of the Company (but without recourse to the assets of any Member). If more than one (1) Member desires to make a loan to the Company in accordance with the provisions of this Section 3.2, then such lending Members shall be entitled to advance the necessary funds to the Company in proportion to their respective Investor Member Percentage Interests (or in such other proportion as such lending Members may otherwise agree). Any and all Member Loans made to the Company by any Member pursuant to this Section 3.2 shall bear interest at the lesser of (i) six percent (6%), adjusted and compounded annually during the term of such loan(s), or (ii) the maximum nonusurious rate then permitted by law for such loan(s), and such loan(s) shall be due and payable solely from the cash proceeds of the Company. The repayment of any Member Loans made pursuant to this Section 3.2 shall be made prior to any other distributions to the Members pursuant to Section 3.5; provided that if the Member Loans replace acquisition financing for the Property and are paid current in accordance with their terms, the Company may continue to make distributions pursuant to Section 3.5 before such Member Loans are repaid in full. Accordingly, notwithstanding the provisions of Section 3.4, and subject to the preceding sentence, until any and all Member Loans made pursuant to this Section 3.2 are repaid in full, the Members shall draw no further distributions from the Company and all cash or property otherwise distributable with respect to the interests of the Members shall be paid to the lending Member(s) in proportion to, and as a reduction of the outstanding balance(s) of any such loan(s), with such funds being applied first to reduce any interest accrued thereon, and then to reduce the principal amount thereof.
Member Loan. No Member shall lend or advance money to or for the Company’s benefit without the other Member’s prior written consent. The loan shall not be treated as a Capital Contribution by that Member or entitle that Member to an increase in that Member’s Percentage Interest. The loan amount shall be a debt due from the Company, repayable out of the Company’s cash, and shall be on such terms as the Company and that Member shall agree. Notwithstanding the foregoing, no Member shall be required to make any loans to the Company or guaranty the payment or performance of any Company obligation.
Member Loan. BANK agrees to lend $19,100,000.00 to BORROWER pursuant to this facility which BORROWER will in turn loan to LACP, it majority member, to purchase the units owned by the BROINS, the minority members.
Member Loan. No Member shall lend or advance money to or for the Company’s benefit without the Board of Directors’ prior written consent except as otherwise expressly provided herein.
Member Loan. 22 Members . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Member Loan. A. The Contributing Member may advance to the Company on behalf of the Non-Contributing Member all or a portion of the Non-Contributing Member Unfunded Amount as a loan to the Non-Contributing Member (each such loan, a “Member Loan”); in which case, the Contributing Member shall be deemed to have made a Member Loan to the Non-Contributing Member and the Non- Contributing Member shall be deemed to have made a Capital Contribution, in each case, in an amount equal to the Member Loan. If the Contributing Member elects to fund a portion (but not all) of the Non-Contributing Member Unfunded Amount, then (i) each of (1) the Contributing Member Corresponding Funded Amount, (2) the Non-Contributing Member Funded Amount, and (3) Contributing Member Excess Capital Share shall each be recalculated, in that order, after accounting for the deemed Capital Contribution made by the Non-Contributing Member by reason of the Contributing Member funding the Member Loan, and (ii) the Company shall immediately return to the Contributing Member all Capital Contributions made by the Contributing Member in respect of the Contributing Member Excess Capital Share with a return computed thereon at the Applicable Rate. B. To the fullest extent permitted by law, the Member Loan shall bear interest at a rate equal to the Applicable Rate. Each Member Loan shall be immediately due and payable upon the Maturity Date. The Non-Contributing Members shall be personally liable for such Member Loan, and if requested by the Contributing Member, shall execute a promissory note to the Contributing Member evidencing such obligation (provided that the absence of such promissory note shall not invalidate or relieve the Non-Contributing Member of its obligations described herein). No distributions shall be distributed to the Non-Contributing Member while any Member Loan is outstanding (even if the Maturity Date has not then elapsed). All distributions which would otherwise be distributed to the Non- Contributing Member shall be paid instead to the Contributing Member (even if the Maturity Date has not then elapsed) until the Member Loan (and all interest thereon) has been paid in full. Any such distributions shall be deemed to have been distributed to the Non-Contributing Member and then paid over by the Non- Contributing Member to the Contributing Member in payment of such Member Loan (and all interest thereon). All payments shall be applied first to interest accruing on all unpaid Member Loans (in re...
Member Loan. Any assignment or pledge of a Company interest as security for a Member Loan shall be subject to the prior written approval of MassHousing. Notwithstanding any provision to the contrary in the Operating Agreement or any documentation entered into in connection with a Member Loan, any pledge of Company interests to secure such Member Loan is and shall be subject to any and all pledges to MassHousing under the DFA and any other applicable Contract Documents.
Member Loan. If a Contributing Member elects to make a Member Loan, or is deemed to have made a Member Loan, then such Member Loan shall be deemed to constitute a loan made by the Contributing Member to the Non-Contributing Member in accordance with the terms hereof, immediately followed by a Capital Contribution of such Non-Contributing Member. Any Member Loan shall be repaid directly by the Company from Revenue, the proceeds of liquidation or any other amounts that would otherwise be distributable or payable to the Members, as soon as is reasonably practicable and prior to any distribution or payment thereof pursuant to this Agreement and shall bear interest at the rate of fifteen percent (15%) per annum. At any time, a Non-Contributing Member may tender full payment of a Member Loan (and accrued interest) to the applicable Contributing Member. Payments on account of any such Member Loans shall be made in the order in which such Member Loans were made. At the request of the Contributing Member, the Non-Contributing Member shall execute a note providing for the terms set forth herein (it being understood that each such Member Loan shall be a binding obligation of the Non-Contributing Member regardless of whether a note is so requested, or if so requested, if a note is executed and delivered).
