Common use of Loans From Members Clause in Contracts

Loans From Members. With the approval of the Chief Manager, any Member may lend or advance money to the Company for the purpose of providing funds to the Company that are commercially reasonable and necessary for Company purposes. If any Member shall make any loan or loans to the Company or advance money on its behalf, the amount of any such loan or advance shall not be treated as a contribution to the capital of the Company but shall be a debt due from the Company. The amount of any such loan or advance by a Member shall bear interest at an annual rate approved by the Chief Manager and be repayable out of the Company’s assets on such terms as shall be approved by the Chief Manager. The Members agree that the provisions of this Section shall not be used by the Members to make unnecessary loans to the Company for the primary purpose of generating the interest to the lending Member.

Loans From Members. With the approval of the Chief ManagerManaging Member, any Member may lend or advance money to the Company for the purpose of providing funds to the Company that are commercially reasonable and necessary for Company purposes. If any Member shall make any loan or loans to the Company or advance money on its behalf, the amount of any such loan or advance shall not be treated as a contribution to the capital of the Company but shall be a debt due from the Company. The amount of any such loan or advance by a Member shall bear interest at an annual rate approved by the Chief Manager Managing Member and be repayable out of the Company’s assets on such terms as shall be approved by the Chief ManagerManaging Member. The Members agree that the provisions of this Section shall not be used by the Members to make unnecessary loans to the Company for the primary purpose of generating the interest to the lending Member.

Loans From Members. With the approval of the Chief Manager, any Member may lend or advance money to the Company for the purpose of providing funds to the Company company that are commercially reasonable and necessary for Company purposes. If any Member shall make any loan or loans to the Company or advance money on its behalf, the amount of any such loan or advance shall not be treated as a contribution to the capital of the Company but shall be a debt due from the Company. The amount of any such loan or advance by a Member shall bear interest at an annual rate approved by the Chief Manager and be repayable out of the Company’s assets on such terms as shall be approved by the Chief Manager. The Members agree that the provisions of this Section shall not be used by the Members to make unnecessary loans to the Company for the primary purpose of generating the interest to the lending Member.