Loans from Third Parties. The Company will be authorized to borrow from recognized banks or financial institutions and other lenders who are not Affiliates of any Members of the Company, at such times and on such terms as the Board approves. The Members hereby agree that if required under the terms of any financing arrangement hereunder, they shall pledge their Percentage Interests to such bank, financial institutions or other lenders providing the loans to the Company.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Mascoma Corp), Limited Liability Company Operating Agreement (Mascoma Corp)
Loans from Third Parties. The Company will be authorized to borrow from recognized banks or financial institutions and other lenders who are not Affiliates of any Members of the Company, at such times and on such terms as the Board approves. The Members hereby agree that if required under the terms of any financing arrangement hereunder, they shall pledge their Percentage Interests to such bank, financial institutions or other lenders providing the loans to the Company.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Innovative Payment Solutions, Inc.)
