Loans by Members. Should the Company lack sufficient cash to pay its obligations, any Member that may agree to do so may advance all or part of the needed funds to or on behalf of the Company. An advance described in this section constitutes a loan from the Member to the Company, bears interest at the interest rate agreed to by the Company and the lending Member from the date of the advance until the date of payment, and is not a capital contribution.
Appears in 2 contracts
Samples: Operating Agreement (Sensory Performance Technology, Inc), Operating Agreement (University Bancorp Inc /De/)
Loans by Members. Should If the Company lack does not have sufficient cash to pay its obligations, any Member that may agree to do so with the Managers' consent may advance all or part of the needed funds to or on behalf of the Company. An advance described in this section paragraph constitutes a loan from the Member to the Company, bears interest at the interest rate agreed to by the Company and the lending Member General Interest Rate from the date of the advance until the date of payment, and is not a capital contributionCapital Contribution.
Appears in 1 contract
Samples: Company Agreement (Deeproot Growth Runs Deep Fund, LLC)
Loans by Members. Should If the Company lack does not have sufficient cash to pay its obligations, any Member that may agree to do so with the Managers’ consent may advance all or part of the needed funds to or on behalf of the Company. An advance described in this section paragraph constitutes a loan from the Member to the Company, bears interest at the interest rate agreed to by the Company and the lending Member General Interest Rate from the date of the advance until the date of payment, and is not a capital contributionCapital Contribution.
Appears in 1 contract
