Right and Priority of Repayment. Principal and interest payments for a Manager Advance or Member Loan will be paid as an expense of the Company as soon as sufficient Company funds are available, or held for longer in order to build up Company reserves, at the Manager’s sole discretion. A Manager or Member that makes a loan to the Company shall be deemed an unsecured creditor of the Company for the purpose of determining its right and priority of repayment of interest and principal of such Advance or Loan, and repayment of the Principal will be paid in the order the Advance or Loan was made.
Appears in 32 contracts
Samples: Amended Operating Agreement (Holiday Lifestyle Fund I), Operating Agreement, Operating Agreement (Cardone Equity Fund IX, LLC)
Right and Priority of Repayment. Principal and interest payments for a Manager Advance or Member Loan will be paid as an expense of the Company as soon as sufficient Company funds are available, available or held for longer in order to build up Company reserves, at the Manager’s sole discretion. A Manager or Member that makes a loan to the Company shall be deemed an unsecured creditor of the Company for the purpose of determining its right and priority of repayment of interest and principal of such Advance or Loan, and repayment of the Principal will be paid in the order the Advance or Loan was made.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Mission First Capital LLC), Limited Liabiltiy Company Agreement (Mission First Capital LLC), Limited Liabiltiy Company Agreement (Mission First Capital LLC)
Right and Priority of Repayment. Principal and interest payments for a Manager Advance or Member Loan will be paid as an expense of the Company company as soon as sufficient Company funds are available, or held for longer in order to build up Company reserves, at the Manager’s Managers sole discretion. A Manager or Member that makes make a loan to the Company shall be deemed an unsecured creditor of the Company for the purpose of determining its right and priority of repayment of interest interests and principal of such Advance or Loan, and repayment of the Principal will be paid in the order the Advance or Loan was made.
Appears in 1 contract
Samples: Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC)
