Advances by Members. If the Company does not have sufficient cash to pay its obligations, with the approval of the Board, any Member may (but shall have no obligation to) advance all or part of the needed funds to or on behalf of the Company, which advance shall constitute a loan from such Member and shall not be a Capital Contribution. Any advance made by a Member shall be repaid by the Company prior to any distributions under Section 6.1.
Appears in 7 contracts
Samples: Limited Liability Company Agreement (Quintana Maritime LTD), Limited Liability Company Agreement (Quintana Maritime LTD), Limited Liability Company Agreement (Quintana Maritime LTD)
Advances by Members. If the Company does not have sufficient cash to pay its obligations, then, with the approval of the Board, any Member the Members may (but shall will have no obligation to) advance all or part of the needed funds to or on behalf of the Company, which advance shall advances will constitute a loan from such Member Members to the Company, will bear interest and shall be subject to such other terms and conditions as agreed between such Members and the Company and will not be deemed to be a Capital Contribution. Any advance made by a Member shall be repaid by the Company prior to any distributions under Section 6.1.
Appears in 4 contracts
Samples: Membership Interest Purchase Agreement (LMP Automotive Holdings, Inc.), Membership Interest Purchase Agreement (LMP Automotive Holdings, Inc.), Membership Interest Purchase Agreement (LMP Automotive Holdings, Inc.)
Advances by Members. If the Company does not have sufficient cash to pay its obligations, then with the approval of the Board, any Member or all of the Members may (but shall will have no obligation to) advance all or part of the needed funds to or on behalf of the Company, which advance shall advances will constitute a loan from such Member or Members to the Company, will bear interest and shall be subject to such other terms and conditions as agreed between such Member or Members and the Company and will not be deemed to be a Capital Contribution. Any advance made by a Member shall be repaid by the Company prior to any distributions under Section 6.1.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Hi-Crush Partners LP), Limited Liability Company Agreement (Laredo Petroleum - Dallas, Inc.), Limited Liability Company Agreement (Laredo Petroleum, Inc.)
