Advances by Members. If the Company does not have sufficient cash to pay its obligations, then with the approval of the Board and Requisite Member Approval, any or all of the Members may (but will have no obligation to) advance all or part of the needed funds to or on behalf of the Company, which advances will constitute a loan from such Member or Members to the Company, will bear interest and 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.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Magnum Hunter Resources Corp), Limited Liability Company Agreement (Magnum Hunter Resources Corp)
Advances by Members. If the Company does not have sufficient cash to pay its obligations, then with the approval of the Board and Requisite Member Approval, any or all of the Members may (but will have no obligation to) advance all or part of the needed funds to or on behalf of the Company, which advances will constitute a loan from such Member or Members to the Company, will bear interest and 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 Contributioncontribution to the capital of the Company.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Enbridge Energy Partners Lp), Operating and Construction Management Agreement (Enbridge Energy Partners Lp)
Advances by Members. If the Company does not have sufficient cash to pay its obligations, then with the approval of the Board and Requisite Member ApprovalBoard, any or all of the Members may (but will have no obligation to) advance all or part of the needed funds to or on behalf of the Company, which advances will constitute a loan from such Member or Members to the Company, will bear interest and 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.
Appears in 1 contract
Samples: Limited Liability Company Agreement (RoyaltyTraders LLC)
Advances by Members. If the Company does not have sufficient cash to pay its obligations, then with the approval of the Board and Requisite Member ApprovalBoard, any or all of the Members may (but will have no obligation to) advance all or part of the needed funds to or on behalf of the Company, which advances (a) will constitute a loan from such Member or Members to the Company, (b) will bear interest at competitive commercial rates and be subject to such other terms and conditions as agreed between such Member or Members and the Company and (c) will not be deemed to be a Capital ContributionContribution by such Member to the Company.
Appears in 1 contract
