FUND LOANS. The Directors or any Affiliate of any Director may lend funds to the Fund for such period of time as the Management Committee may determine, and with interest payable in an amount equal to the lesser of (i) the interest rate at which the Directors or such Director Affiliate could then borrow such amount or (ii) the maximum amount of interest then permitted under any applicable usury laws; provided, however, that if the Fund is able to obtain comparable financing from an unrelated lending institution, the amount of interest and similar charges or fees paid to the Directors or such Affiliate would not exceed those charged by such unrelated lending institution on comparable loans for the same purpose. Any such amounts shall be repaid to the Directors or any Director Affiliate before any distributions may be made pursuant to Article 9. In no event shall a loan made to the Fund by any Person be deemed to be a part of any Fund Interest that such Person may hold, nor shall the Directors or their Affiliates provide the Fund with permanent financing.
Appears in 4 contracts
Samples: Operating Agreement (Technology Funding Venture Capital Fund Vi LLC), Operating Agreement (Technology Funding Venture Capital Fund Vi LLC), Operating Agreement (Technology Funding Venture Capital Fund Vi LLC)
FUND LOANS. The Directors or any Affiliate of any Director may lend funds to the Fund for such period of time as the Management Committee Directors may determine, and with interest payable in an amount equal to the lesser of (i) the interest rate at which the Directors or such Director Affiliate could then borrow such amount or (ii) the maximum amount of interest then permitted under any applicable usury laws; provided, however, that if the Fund is able to obtain comparable financing from an unrelated lending institution, the amount of interest and similar charges or fees paid to the Directors or such Affiliate would not exceed those charged by such unrelated lending institution on comparable loans for the same purpose. Any such amounts shall be repaid to the Directors or any Director Affiliate before any distributions may be made pursuant to Article 9. In no event shall a loan made to the Fund by any Person be deemed to be a part of any Fund Interest that such Person may hold, nor shall the Directors or their Affiliates provide the Fund with permanent financing.
Appears in 2 contracts
Samples: Form of Operating Agreement (Vcvillage Com Opportunity Fund LLC), Form of Operating Agreement (Vcvillage Com Opportunity Fund LLC)
