Default Loan definition

Default Loan has the meaning set forth in Section 3.02(b).

Default Loan shall have the meaning provided in Section 5.2(b)(1).

Default Loan. A loan to the Company of an amount equal to the Additional Contribution not made by a Defaulting Member.

Examples of Default Loan in a sentence

• A Default Loan shall be prepayable, in whole or in part, at any time or from time to time without penalty.

• Except as set forth in Section 14 and with respect to a Default Loan as set forth in Section 5.2(b), the Members shall not be bound by, or be personally liable for, by reason of being a Member, a judgment, decree or order of a court or in any other manner, for the expenses, liabilities or obligations of the Company, and the liability of each Member shall be limited solely to the amount of its Capital Contributions as provided under Section 5.

• Any interest on a Default Loan shall be treated as a "guaranteed payment" for purposes of Section 707(c) of the Code.

• In the event that more than one Contributing Member desires to make an Additional Contribution, or is permitted to make a Default Loan, on account of the Noncontributing Member, each such Contributing Member shall be permitted to participate in proportion to their respective Interests.

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More Definitions of Default Loan

Default Loan has the meaning set forth in Section 5.03(a).

Default Loan shall have the meaning set forth in Section 8.3.

Default Loan. A loan defined herein as a "Default Loan" pursuant to Sections 3.4.A, 3.4.B and/or 6.5.

Default Loan shall have the meaning given in Section 4.4(b).

Default Loan has the meaning ascribed thereto in Section 3.2.6(a) of this Agreement.

Default Loan. As defined in Section 11.3(a)(ii).

Default Loan means a Contribution Default Loan or Retained Debt Default Loan.