Repayment of Member Loans. The Purchase Price to be paid by the Purchasing Member for the Interest of the Selling Member shall be offset at the closing of such purchase by the then outstanding principal balance (together with all accrued, unpaid interest thereon) of any and all (i) Member Loans made by the Purchasing Member to the Selling Member and (ii) loans or advances of funds made by the Company to the Selling Member (each a “Seller Loan”). Such Member Loans and Seller Loans (together with all accrued, unpaid interest thereon) shall be deemed paid to the extent of such offset, with such deemed payment to be applied first to the accrued interest thereon and thereafter to the payment of the outstanding principal amount thereof. If the Purchase Price for the Defaulting Member’s Interest is insufficient to fully offset the then unpaid principal balance of any and all Member Loans and Seller Loans (together with all accrued, unpaid interest thereon), then the portion of any such Member Loans and Seller Loans (and accrued, unpaid interest thereon) that remains outstanding following such offset shall be due and payable in full at the closing of the purchase of the Selling Member’s Interest pursuant to this Article 7. Also, notwithstanding any other provision contained in this Agreement, the unpaid principal balance of any and all Member Loans and Seller Loans (together with all accrued, unpaid interest thereon) shall be due and payable in full at the closing of the purchase of the Selling Member’s Interest pursuant to this Article 7.
Repayment of Member Loans. If any Member shall be a borrower under one or more Member Loans (a "Debtor Member"), then any distributions that would otherwise be payable to such Debtor Member pursuant to Section 7.1, 7.2 or 10.2 shall instead be paid to the Member or Members which made such Member Loans (each, a "Lender Member"), first to pay any accrued interest (at the Default Rate) and then to pay the principal amount thereof, until such Member Loans (including any accrued and unpaid interest) shall be repaid in full. In the event there are two or more Lender Members with respect to any Debtor Member, distributions under this Section 7.4 shall be made pro rata to each Lender Member in proportion to the relative principal amount of Member Loans (including accrued and unpaid interest) that such Lender Member has outstanding as a percentage of total outstanding Member Loans made to such Debtor Member by all Lender Members. Any amounts distributed pursuant to this Section 7.4 shall for all other purposes of this Agreement be treated as if distributed to the Debtor Member.
Repayment of Member Loans. Notwithstanding any other term herein to the contrary, for so long as any Member Loan (including interest thereon) remains unpaid by an applicable Non-Contributing Member, all Operating Cash Flow or Extraordinary Cash Flow, as applicable, that would otherwise be distributable to such Non-Contributing Member pursuant to this Article V shall instead be paid directly to the applicable Contributing Member that made such Member Loan. Such distributions shall be applied first to outstanding interest at the Member Loan Rate and then to outstanding principal under the Member Loan. For avoidance of doubt, such distribution shall be deemed for all purposes to be a distribution from the Company to the Non-Contributing Member of the applicable amount and a simultaneous repayment under the Member Loan of such amount from the Non-Contributing Member to the Contributing Member.
Repayment of Member Loans. 20 ARTICLE X
Repayment of Member Loans. After Distributions are made under Section 9.1, if, with the consent of the Management Committee in accordance with Section 15.7 or pursuant to Section 8.6(a)(ii), any Member makes a loan to or on behalf of the Company other than pursuant to the line of credit agreement contemplated in section 10.1 of the Formation Agreement, all Distributable Cash shall first be used to repay such loans, together with interest thereon and, thereafter, any remaining Distributable Cash, if any, shall be distributed in accordance with the terms
Repayment of Member Loans. Notwithstanding the foregoing provisions of Section 6.05(a) and Section 6.05(b) or the provisions of Section 11.03, the amount of any Net Ordinary Cash Flow and Net Extraordinary Cash Flow that is distributable to (and would but for this Section 6.05(e) otherwise be paid to) any Non-Contributing Member under this Section 6.05 or Section 11.03 shall instead be paid over to any Contributing Member in repayment in whole or in part as the case may be of any Member Loans made by such Contributing Member to such Non-Contributing Member, together with any interest thereon, to be applied first to accrued and unpaid interest thereon and then to the principal balance thereof, in the order in which such Member Loans were made, so that the Member Loan longest outstanding is fully repaid prior to the payment of interest or principal on any Member Loan made after the date on which the longest outstanding Member Loan was made. Any such payment that would otherwise be distributed hereunder to a Non-Contributing Member that is made to the Contributing Member who has made a Member Loan shall be treated for all purposes of this Agreement as having been distributed to the Non-Contributing Member.
Repayment of Member Loans. 6.12 Within a reasonable time, but no later than one (1) year after a person’s withdrawal or termination of membership, the Cooperative must repay to the person any member loans (paid as a condition of membership in the Cooperative) in accordance with section 246 of the Act.
Repayment of Member Loans. If, as a result of a Member Loan, any Member becomes a Debtor Member, then any distributions that would otherwise be payable to the Debtor Member pursuant to Section 8.1 or Section 10.3 will instead be paid to the Lender Member or Members, first to pay any accrued interest (at the applicable Interest Rate) and then to pay the principal amount thereof, until these Member Loans (including any accrued and unpaid interest) are repaid in full. A Member Loan will be secured by a lien on the Debtor Member’s Interest, and any Transferee of the Debtor Member’s Interest will take that Interest subject to the lien. If there are two or more Lender Members with respect to any Debtor Member, distributions under this Section 8.3 will be made pro rata to each Lender Member in proportion to the relative principal amount of Member Loans (including accrued and unpaid interest) that each Lender Member has outstanding as a percentage of total outstanding Member Loans made to the Debtor Member by all Lender Members. Any amounts distributed pursuant to this Section 8.3 will, for tax allocation and all other purposes of this Agreement, be treated as if they had been distributed to the Debtor Member, not the Lender Member or Members.
Repayment of Member Loans. Each Member may, but shall not be required to, advance funds to the Company. Any such advances shall not be considered Capital Contributions but shall be treated as loans to the Company and shall bear interest at the annual rate of interest equal to four (4%) percent above the prime rate of interest charged from time to time by the primary commercial bank in the State of New York with whom the company usually does business. Notwithstanding the provisions of Section 7.02 and Article VIII hereof, Distributions of cash shall only be made, after loans, if any, made by Members to the Company have been repaid.
Repayment of Member Loans. No Member shall be entitled to any distributions from the Company until all Member Loans are fully paid.
