Enforcement of Member Loan. If, after the Due Date, the Non-Defaulting Member elects to enforce the obligations of the Defaulting Member under the Member Loan, the Non-Defaulting Member shall deliver written notice of such election to the Defaulting Member within sixty (60) days following the Due Date. The obligation of the Defaulting Member to repay the Member Loan and all accrued interest thereon shall be a personal liability of the Defaulting Member and shall be enforceable against any assets of the Defaulting Member, including its Interest in the Company.
Appears in 3 contracts
Samples: Operating Agreement (Inland Real Estate Corp), Operating Agreement (Inland Real Estate Corp), Limited Liability Company Agreement (Inland Retail Real Estate Trust Inc)
Enforcement of Member Loan. If, after the Due Date, the Non-Defaulting Non‑Defaulting Member elects to enforce the obligations of the Defaulting Member under the Member Loan, the Non-Defaulting Non‑Defaulting Member shall deliver written notice of such election to the Defaulting Member within sixty (60) days following the Due Date. The obligation of the Defaulting Member to repay the Member Loan and all accrued interest thereon shall be a personal liability of the Defaulting Member and shall be enforceable against any assets of the Defaulting Member, including its Interest in the Company.
Appears in 2 contracts
Samples: Operating Agreement (Inland Real Estate Corp), Operating Agreement (Inland Real Estate Corp)
