Voluntary Loans. If the Company requires additional funds to carry out its purposes, to conduct its business, to meet its obligations, or to make any expenditure authorized by this Agreement, and additional funds are not required to be made available by SALI or SALMI pursuant to the Revolving Credit Agreement or the Operating Xxxxxit Loan Agreement and are not available from third parties pursuant to Section 3.11 on terms more favorable to the Company than those set forth in the following sentence, either Member may, but shall not be obligated to, loan such funds to the Company. Any loan made pursuant to this Section 3.12 (a "Voluntary Loan") shall be non-recourse to the Members, shall be evidenced by a promissory note, shall be unsecured, shall not violate the Company's other loan or contractual arrangements, shall bear interest, compounded monthly, at a rate of interest equal to the lesser of (a) the greater of (i) twelve percent (12%) per annum and (ii) the Prime Rate plus 3% per annum or (b) the highest rate permitted by law, shall be repaid out of the first funds available therefor and in any event prior to any distribution to any Member of Distributable Cash or Capital Proceeds, and shall become due and payable in full not more than five years after the date such loan is made. If both Members desire to make Voluntary Loans to satisfy any requirement of the Company for additional funds, the Members shall make such Voluntary Loans in accordance with their respective Proportionate Shares, unless otherwise agreed to by the Members.
Voluntary Loans. (a) If, at any time or times hereafter, the Management Committee shall determine that additional financing is required by the Company to conduct its business and operations according to its ordinary and usual course of business or in connection with any acquisition described in clause (a) of Section 4.03 and approved in accordance with the provisions of Section 4.03, the Management Committee may request that each of the FAFCO Members and EXPERIAN make one or more loans on a voluntary basis to the Company ("Voluntary Loans"). The timing, terms and conditions of each such Voluntary Loan shall be subject to the approval of each of the parties hereto; provided that in no event shall any Voluntary Loan bear interest in excess of the Prime Rate.
Voluntary Loans. (a) It in the event the LLC requires additional funds to carry out its purposes, to conduct its business, to meet its obligations, or to make any expenditure authorized by this Agreement or by the Board of Managers, (regardless of whether additional funds are available from third parties on terms acceptable to the Board of Managers), Cornerstone may, but shall not be obligated to, loan such funds to the LLC. Any loan made pursuant to this Section 6.07 (a "Voluntary Loan") shall be nonrecourse to the Members, shall be evidenced by a promissory note, and shall bear interest at such rate and be payable at such time or times as is agreed between the LLC and Cornerstone.
Voluntary Loans. 14 ---------------
Voluntary Loans. If, in the judgment of the General Partner, the Partnership requires working capital or any of the Property Partnerships require additional contributions in excess of amounts required to be contributed to the Partnership pursuant to Section 5.02 hereof, such additional working capital or additional contributions may be provided by voluntary loans (the "Loans") by the General Partner or one or more of the Partners, such Loans to bear interest at 15%, and shall be repaid out of Cash Flow or Net Proceeds of a Sale or Refinance Transaction before any distributions are made pursuant to Article 7 hereof. In the event that more than one Partner desires to make a Loan, the amount that each such Partner shall be entitled to lend shall be (y) the total amount of the additional working capital that the General Partner determines is required, divided by (z) the number of Partners desiring to make the Loan. Any and all loans made pursuant to this Section 5.03 shall be repaid pari passu; provided, however, that the principal of all Loans shall be prepaid before payment of any interest thereof.
Voluntary Loans. In the event that the LLC requires additional funds to carry out its purposes, to conduct its business, or to meet its obligations, or to make any expenditure authorized by this Agreement, the LLC may borrow funds from such third party tender(s) or Member(s), and on such terms and conditions as may be acceptable to the Board of Managers.
Voluntary Loans. 28 Section 3.13 AEW Member's Right to Audit Development Costs.........................................29 Section 3.14
Voluntary Loans. The Members acknowledge that, under the Fund LLC Agreement, the Company may have the right to make loans (or advances pursuant to Section 5.3 of the Fund LLC Agreement) from time to time ("Voluntary Loans") to the Fund in order to meet cash needs of the Fund. Either or both of the Members shall have the right, but not the obligation, to advance to the Company the funds necessary to make any Voluntary Loan. If both Members wish to make such advance, they shall do so in such relative proportions as they shall agree on, and if the Members are unable so to agree, the Members shall advance such funds in equal amounts (taking into account any advances made by each Member or other Affiliates of each Member in respect of the cash needs of the Fund in question). Each such advance shall constitute a loan ("Fund Expense Loan") to the Company, which Fund Expense Loan shall bear interest at an annual rate equal to the rate at which Voluntary Loans bear interest. All amounts received by the Company in repayment of Voluntary Loans and in payment of the interest thereon shall, within ten (10) days after receipt thereof, be distributed to the Member(s) who made the applicable Fund Expense Loan(s) in proportion to the respective amounts owed to
Voluntary Loans. 23 5.3 Failure to Contribute Capital.....................................23
Voluntary Loans. If at any time the Capital Contributions and other cash on hand of the Company shall be insufficient for the cash needs of the Company in the sole discretion of the Managing Member, then the Managing Member, the Special Member and/or Pioneer Group may, but shall not be obligated, to make a loan or loans to the Company ("Voluntary Loans") to meet the cash needs of the Company (including, without limitation, amounts payable under Section 6.15(b) of the Finance Agreement) in such amounts and in such relative proportions as such Members may agree or absent such agreement, in proportion to their respective Percentage Interests. In addition, any amounts paid in accordance with Section 2 of the Indemnity Agreement in respect of Permitted Expenses shall be deemed to be Voluntary Loans to the Company made on the date advanced by or on behalf of the applicable Member. Each such Voluntary Loan shall bear interest at the Loan Rate and shall be payable in accordance with Section 6.3.
