Funding of the Company. As a means to finance the operations of the Company without contributing to, changing or otherwise affecting the Unit capital of the Company, the Unitholders and the Board, via majority approval, respectively, may require the Unitholders to provide intercompany loans to the Company from time to time in amounts proportionate to each Unitholder’s Unitholder Interest (each, a “Cash Call”). The terms and conditions of each Cash Call and related intercompany loans must be unanimously approved by the Unitholders and the Board. The Chairman shall propose the due dates for payment of Cash Calls and purposes of use of respective Cash Calls, including funding the Company’s operations and the general administrative expenses of the Company.
Appears in 2 contracts
Samples: Amended and Restated Operating Agreement (Pedevco Corp), Amended and Restated Operating Agreement (Pedevco Corp)
Funding of the Company. As a means to finance the operations of the Company without contributing to, changing or otherwise affecting the Unit capital of the Company, the Unitholders and the Board, via majority unanimous approval, respectively, may require some or all the Unitholders to provide intercompany loans to the Company from time to time in such amounts proportionate to each Unitholder’s Unitholder Interest as unanimously agreed upon by the Unitholders (each, a “Cash Call”). The terms and conditions of each Cash Call and related intercompany loans must be unanimously approved by the Unitholders and the Board. The Chairman shall propose the due dates for payment of Cash Calls and purposes of use of respective Cash Calls, including funding the Company’s operations and the general administrative expenses of the Company, and any such loans shall be documented using Board-approved promissory notes and shall accrue interest at the Agreed Interest Rate.
Appears in 2 contracts
Samples: Operating Agreement (Pedevco Corp), Operating Agreement (Pedevco Corp)
