Right and Priority of Repayment. Principal and interest payments for a Manager Advance or Member Loan will be paid as an expense of the company as soon as sufficient Company funds are available, or held for longer in order to build up Company reserves, at the Managers sole discretion. A Manager or Member that make a loan to the Company shall be deemed an unsecured creditor of the Company for the purpose of determining its right and priority of repayment of interests and principal of such Advance or Loan, and repayment of the Principal will be paid in the order the Advance or Loan was made. Xxxxxxx Homes Xxxxxxx Loans | 14 Company Operating Agreement (Amended) (Disclosure): Our Company may never raise enough capital to move forward with its intended business operations. Note: Please also be advised that Distributions are not assured.
Appears in 7 contracts
Samples: Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC), Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC), Company Operating Agreement (Gilmore Homes - Gilmore Loans, LLC)
