Terms of Member Loans Sample Clauses

Terms of Member Loans. All Member Loans shall bear interest at the prime rate of interest as specified in the "Money Rate" section of the Wall Street Journal on the date of the 4 AR00054936 loan plus 4 percentage points, shall be unsecured, and shall be repaid in full out of available funds of the Firm before any distribution may be made to any Member pursuant to Section IV. If more than one Member has made a Member Loan, repayments shall be made to the Members in the ratio of the amounts of principal they have advanced. 3.8
Sample 1
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Terms of Member Loans. Any loan by a Member to the Company made pursuant to this Agreement shall be without personal liability to any of the Members, and none of the Members shall be obligated to provide any guarantee, indemnity, surety, or other form of financial commitment with respect to any such loan. The unpaid principal balance shall bear interest at the rate of interest and the loan shall be on such other terms as are approved pursuant to Required Board Approval at the time of the making of the loan.
Sample 1
Terms of Member Loans. Member Loans shall be obligations of the Company and shall bear interest at a rate equal to the greater of (i) the Prime Rate plus six percent (6%) per annum, or (ii) eighteen percent (18%) per annum, in each case, compounded annually; provided that any applicable laws limiting the rate of interest that may be legally charged with respect to a Member Loan shall be taken into account and, if applicable, the rate of interest charged on the Member Loan shall be reduced to the maximum rate of interest permitted by such laws. Member Loans shall be repaid from the Net Cash Flow of the Company prior to any distributions under Section 4. Any payments on Member Loans shall be applied first to accrued, unpaid interest, until all such interest is paid in full, and then to principal.
Sample 1
Terms of Member Loans. Each Member Loan shall be evidenced by a --------------------- promissory note of the Company with the following terms. Each Member Loan shall bear interest at an interest rate equal to the highest non-default rate applicable from time to time under the Senior Credit Agreement (but in no event greater than ten percent per annum). Interest shall accrue and be rolled up on the last day of each calendar quarter; provided, however, that interest shall accrue, and compound, but shall not be payable on a current basis until after the repayment in full of all amounts outstanding under the Senior Credit Agreement and all amounts that comprise Subordinated Indebtedness, whether in respect of principal, interest, interest on overdue payments or otherwise, and whether or not currently payable. During the period of deferral of interest payments, interest shall accrue and compound on the last day of each calendar quarter by a deemed advance of an additional Member Loan in the amount accrued. Each Member Loan and the accrued interest thereon shall be due on demand; provided, however, that no demand shall be made and no payment shall be made in respect of any Member Loan until after the repayment in full of all amounts outstanding under the Senior Credit Agreement and of all amounts that comprise Subordinated Indebtedness, whether in respect of principal, interest, interest on overdue payments or otherwise, and whether or not currently payable. Furthermore, no payment shall be made on the Member Loans (including interest thereon) and no enforcement or remedial action (including the enforcement of any rights of subrogation) shall be taken with respect to the Member Loans (including interest thereon) until (i) the Senior Credit Agreement and the Subordinated Credit Agreement have been terminated and (ii) 91 days have elapsed after the Senior Indebtedness and the Subordinated Indebtedness have been paid in full. The Company covenants and agrees that it will not make any distributions to members, other than distributions permitted to be made pursuant to the provisions of Section 4.7(b)(iii) and (iv) of the LLC Operating Agreement, at any time when any amount of Member Loans is outstanding.
Sample 1
Terms of Member Loans. 17 (i) Repayment. . . . . . . . . . . . . . . . . . . . . . . . 17 3.3 Units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 3.4
Sample 1
Terms of Member Loans. All Member Loans (i) shall bear interest at the lesser of (A) the rate most recently announced at the time of making the applicable Member Loan by Bank of America, N.T. & S.A. as its "prime" (or "reference") interest rate PLUS three percent (3%), or (B) the maximum rate allowed by law; (ii) shall be prepayable in whole or in part without penalty; (iii) unless prohibited under the terms of any indebtedness of the Company, shall be fully recourse to the Company and its assets but nonrecourse to each Member and its assets; (IV) shall be an unsecured payment right in favor of the payee, which may be transferred only together with a transfer by such payee of all of its Units in accordance with this Agreement; and (V) shall be for a term to be determined by the Board.
Sample 1

Related to Terms of Member Loans

  • Procedure for Borrowing Revolving Loans Each Borrowing shall be made by a written request by an Authorized Person delivered to Agent and received by Agent no later than 10:00 a.m. (i) on the Business Day that is the requested Funding Date in the case of a request for a Swing Loan, and (ii) on the Business Day that is 1 Business Day prior to the requested Funding Date in the case of all other requests, specifying (A) the amount of such Borrowing, and (B) the requested Funding Date (which shall be a Business Day); provided, that Agent may, in its sole discretion, elect to accept as timely requests that are received later than 10:00 a.m. on the applicable Business Day. At Agent’s election, in lieu of delivering the above-described written request, any Authorized Person may give Agent telephonic notice of such request by the required time. In such circumstances, Borrowers agree that any such telephonic notice will be confirmed in writing within 24 hours of the giving of such telephonic notice, but the failure to provide such written confirmation shall not affect the validity of the request.

  • Conditions Precedent to Borrowings 5.1 Conditions Precedent to the Initial Borrowing of TBC 37 5.2 Conditions Precedent to Each Committed Borrowing of TBC 38 5.3 Conditions Precedent to Each Bid Borrowing of TBC 38 5.4 Conditions Precedent to the Initial Borrowing of a Subsidiary Borrower 39 5.5 Conditions Precedent to Each Committed Borrowing of a Subsidiary Borrower 39 5.6 Conditions Precedent to Each Bid Borrowing of a Subsidiary Borrower 40

  • Manner of Borrowing and Funding Revolver Loans Borrowings under the Commitments established pursuant to Section 1.1 hereof shall be made and funded as follows:

  • Borrowing and Repayment Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal amount available thereunder, as set forth above.

  • Borrowings to Repay Swing Loans PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.5.1 [Revolving Credit Loan Requests] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNC.

  • Manner of Borrowing Loans and Designating Applicable Interest Rates Notice to the Administrative Agent 9

  • Indemnities regarding borrowing and repayment of Loan The Borrowers shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:

  • Conditions Precedent to All Borrowings The obligation of each Lender to make an Advance on the occasion of each Borrowing and of the Issuing Lender to issue, increase, or extend any Letter of Credit shall be subject to the further conditions precedent that on the date of such Borrowing or the date of the issuance, increase, or extension of such Letter of Credit:

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