Common use of Members as Creditors Clause in Contracts

Members as Creditors. Any Member who is a bona fide creditor of the Company as a lender thereto or by reason of any other debtor/creditor relationship therewith (in each case with the approval of Members as and to the extent required hereby) shall be permitted, in the event of any breach thereof or default thereunder, to take such action and to exercise and pursue such other rights, powers or remedies against the Company or against any other obligor, which rights, powers or remedies is or are available to such Member by law, in equity or by contract; and the taking of any such action, the exercise and pursuit of any such right power or remedy, and the execution or foreclosure on any Company property in connection therewith, shall each be understood to be for the benefit of the creditor/Member only and shall not be deemed or understood to cause or permit a reconstitution of the Company for the benefit of any other Member.