Funding Capital Requirements. (a) In the event that the Company requires additional funds to carry out its purposes, to conduct its business, or to meet its obligations, the Company may borrow funds not to exceed $250,000 from such lender(s), including Members, on such terms and conditions as are approved by the Board of Managers, all on such terms as reflect fair market value. Any borrowing of funds exceeding $250,000 shall require Supermajority Approval of the Board. It is specifically provided that no such terms or conditions shall impose any personal liability on any Member without the prior written consent of such Member. (b) No Member shall be obligated to make any Capital Contributions or loans to the Company (except as provided in Sections 3.2 and 5.1(c)), or otherwise supply or make available any funds to the Company, even if the failure to do so would result in a default of any of the Company’s obligations or the loss or termination of all or any part of the Company’s assets or business. (c) The Company may require that additional Capital Contributions be made by the Members holding Units upon Supermajority Approval of the Board pursuant to Section 7.4 hereof.
Appears in 5 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
