Common use of Additional Funding Request Clause in Contracts

Additional Funding Request. If Manager determines, in its reasonable discretion, that additional funds are required for the operation of the Company or the Property, then Manager or Aetna, as the case may be, shall, if and only to the extent permitted under the Mortgage Loan, first attempt to arrange for the Company to borrow such funds from third party lenders at market rates. If it is not possible to borrow funds from third party lenders, Manager or Aetna, as the case may be, shall give written notice (the “Funding Notice”) thereof to all of the Members setting forth (i) the amount of additional funds so required, (ii) the proposed application of such funds, and (iii) when any such additional funds are to be funded (which funding date shall not be less than thirty (30) days following the delivery of the notice pursuant to this Section; provided that such funding shall be determined at Manager’s discretion in the event of an emergency). Upon receipt of a Funding Notice, any Member shall have the right, but not the obligation, to make a loan (a “Member Loan”) to the Company in an amount equal to the product obtained by multiplying its Membership Percentage by the additional funds required. Any Member Loan made pursuant to this Section shall bear interest at the rate of the Prime Rate plus two percent (2%) per annum, and shall be repaid as hereinafter provided. If any Member (the “Non-Participating Member”) chooses not to make a Member Loan to the Company within the time period set forth in the applicable Funding Notice, then the other Members, or any of them (the “Advancing Member(s)”) may make such additional Member Loans (“Additional Member Loans”) to such Non-Participating Member which in the aggregate are equal to the amount of the Member Loan which the Non-Participating Member elected not to make, in such proportion (in the event there is more than one (1) Advancing Member) between them as their Membership Percentages bear inter se, and any such Additional Member Loans shall bear interest at the rate of the Prime Rate plus four percent (4%) per annum, and shall be repaid as hereinafter provided. If an Advancing Member makes an Additional Member Loan to a Non-Participating Member, the Non-Participating Member shall immediately make a Member Loan in the same amount to the Company, and the Advancing Member may remit the proceeds of the Additional Member Loan directly to the Company in satisfaction of such Non-Participating Member’s obligation to make such Member Loan.

Additional Funding Request. If Manager determines, in its reasonable discretion, that additional funds are required for the operation of the Company or the Property, then Manager or Aetna, as the case may be, shall, if and only to the extent permitted under the Mortgage Loan, first attempt to arrange for the Company to borrow such funds from third party lenders at market rates. If it is not possible to borrow funds from third party lenders, Manager or Aetna, as the case may be, shall give written notice (the “Funding Notice”) thereof to all of the Members setting forth (i) the amount of additional funds so required, (ii) the proposed application of such funds, and (iii) when any such additional funds are to be funded (which funding date shall not be less than thirty (30) days following the delivery of the notice pursuant to this Section; provided that the time for such funding shall be determined at Manager’s discretion in the event of an emergency). Upon receipt of a Funding Notice, any Member shall have the right, but not the obligation, to make a loan (a “Member Loan”) to the Company in an amount equal to the product obtained by multiplying its Membership Percentage by the additional funds required. A Member’s failure to fund a Member Loan shall not be considered to be a Default hereunder. Any Member Loan made pursuant to this Section shall bear interest at the rate of the Prime Rate plus two percent (2%) per annum, and shall be repaid as hereinafter provided. If any Member (the “Non-Participating Member”) chooses not to make a Member Loan to the Company within the time period set forth in the applicable Funding Notice, then the other Members, or any of them (the “Advancing Member(s)”) may make such additional Member Loans (“Additional Member Loans”) to such Non-Participating Member which in the aggregate are equal to the amount of the Member Loan which the Non-Participating Member elected not to make, in such proportion (in the event there is more than one (1) Advancing Member) between them as their Membership Percentages bear inter se, and any such Additional Member Loans shall bear interest at the rate of the Prime Rate plus four percent (4%) per annum, and shall be repaid as hereinafter provided. If an Advancing Member makes an Additional Member Loan to a Non-Participating Member, the Non-Participating Member shall immediately make a Member Loan in the same amount to the Company, and the Advancing Member may remit the proceeds of the Additional Member Loan directly to the Company in satisfaction of such Non-Participating Member’s obligation to make such Member Loan.

Additional Funding Request. If Manager determines, in its reasonable discretion, that additional funds are required for the operation of the Company or the Property, then Manager or Aetna, as the case may be, shall, if and only to the extent permitted under the Mortgage Loan, first attempt to arrange for the Company to borrow such funds from third party lenders at market rates. If it is not possible to borrow funds from third party lenders, Manager or Aetna, as the case may be, shall give written notice (the “Funding Notice”) thereof to all of the Members setting forth (i) the amount of additional funds so required, (ii) the proposed application of such funds, and (iii) when any such additional funds are to be funded (which funding date shall not be less than thirty sixty (3060) days following the delivery of the notice pursuant to this Section; provided that the time for such funding shall be determined at Manager’s discretion in the event of an emergency). Upon receipt of a Funding Notice, any Member shall have the right, but not the obligation, to make a loan fund to the Company an amount (a “Member LoanPreferred Contribution”) to the Company in an amount equal to the product obtained by multiplying its Membership Percentage by the additional funds required. Any A Member’s failure to fund a Preferred Contribution shall not be considered to be a Default hereunder. A Member Loan shall be entitled to a return on any Preferred Contribution made pursuant by such Member at a rate equal to this Section shall bear interest at the rate of the Prime Rate plus two percent (2%) per annum, and such Preferred Contributions and such return shall be repaid as hereinafter provided. If any Member (the “Non-Participating Member”) chooses not to make a Member Loan Preferred Contribution to the Company within the time period set forth in the applicable Funding Notice, then the other Members, or any of them (the “Advancing Member(s)”) may make such additional Member Loans Preferred Contributions (“Additional Member LoansPreferred Contributions”) to such Non-Participating Member the Company which in the aggregate are equal to the amount of the Member Loan Preferred Contribution which the Non-Participating Member elected not to make, in such proportion (in the event there is more than one (1) Advancing Member) between them as their Membership Percentages bear inter se, and . A Member shall be entitled to a return on any Additional Preferred Contribution made by such Additional Member Loans shall bear interest at the a rate of equal to the Prime Rate plus four percent (4%) per annum, and such Additional Preferred Contribution and return shall be repaid as hereinafter provided. If an Advancing Member makes an Additional Member Loan to a Non-Participating Member, the Non-Participating Member shall immediately make a Member Loan in the same amount to the Company, and the Advancing Member may remit the proceeds of the Additional Member Loan directly to the Company in satisfaction of such Non-Participating Member’s obligation to make such Member Loan.

Additional Funding Request. If Manager determines, in its reasonable discretion, that additional funds are required for the operation of the Company or the Property, then Manager or Aetna, as the case may be, shall, if and only to the extent permitted under the Mortgage Loan, first attempt to arrange for the Company to borrow such funds from third party lenders at market rates. If it is not possible to borrow funds from third party lenders, Manager or Aetna, as the case may be, shall give written notice (the “Funding Notice”) thereof to all of the Members setting forth (i) the amount of additional funds so required, (ii) the proposed application of such funds, and (iii) when any such additional funds are to be funded (which funding date shall not be less than thirty sixty (3060) days following the delivery of the notice pursuant to this Section; provided that the time for such funding shall be determined at Manager’s discretion in the event of an emergency). Upon receipt of a Funding Notice, any Member shall have the right, but not the obligation, to make a loan (a “Member Loan”) to the Company in an amount equal to the product obtained by multiplying its Membership Percentage by the additional funds required. A Member’s failure to fund a Member Loan shall not be considered to be a Default hereunder. Any Member Loan made pursuant to this Section shall bear interest at the rate of the Prime Rate plus two percent (2%) per annum, and shall be repaid as hereinafter provided. If any Member (the “Non-Participating Member”) chooses not to make a Member Loan to the Company within the time period set forth in the applicable Funding Notice, then the other Members, or any of them (the “Advancing Member(s)”) may make such additional Member Loans (“Additional Member Loans”) to such Non-Participating Member which in the aggregate are equal to the amount of the Member Loan which the Non-Participating Member elected not to make, in such proportion (in the event there is more than one (1) Advancing Member) between them as their Membership Percentages bear inter se, and any such Additional Member Loans shall bear interest at the rate of the Prime Rate plus four percent (4%) per annum, and shall be repaid as hereinafter provided. If an Advancing Member makes an Additional Member Loan to a Non-Participating Member, the Non-Participating Member shall immediately make a Member Loan in the same amount to the Company, and the Advancing Member may remit the proceeds of the Additional Member Loan directly to the Company in satisfaction of such Non-Participating Member’s obligation to make such Member Loan.