Default Loans definition
Examples of Default Loans in a sentence
Upon the repayment in full of all Contribution Default Loans (but not upon their conversion as provided in this Article made in respect of a Defaulting Member (and so long as the Defaulting Member is not otherwise a Defaulting Member), such Defaulting Member shall cease to be a Defaulting Member.
Any such Default Loans shall be with full recourse to the Defaulting Member and shall be secured by the Defaulting Member’s interest in the Company including, without limitation, such Defaulting Member’s right to Distributions.
Upon the occurrence and during the continuance of any Event of Default, Loans denominated in Alternative Currencies and Supplemental Currencies will automatically, on the date of such Event of Default, be converted on a notional basis into the Dollar Equivalent thereof solely for the purposes of making any allocations required under Section 8.03 and Section 2.14(b).
Such Default Loan(s) (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.
Any such Default Loans shall be with full recourse to the Defaulting Member and shall be secured by the Defaulting Member's interest in the Company including, without limitation, such Defaulting Member's right to Distributions.
At the Closing, Inland shall cause the Company to distribute to Cordish the Cordish Liquidation Amount and each party shall repay the Default Loans as applicable.
Subject to the provisions of Section 3.4 and Section 6.5.F relating to Default Loans, distributions in respect of an LLC Interest shall be made only to the Person or Persons that, according to the Company's books and records, are the holders of record of the LLC Interests in respect of which such distributions are made on the actual date of distribution.
Such determination is in the sole discretion of the Manager, and need not be made until a reasonable amount of time following the receipt of all Additional Capital Contributions and any Contribution Default Loans provide for in Section 4.3(b).
Except with respect to Default Loans, the Manager shall have no right or authority to set off any debts or obligations of Cordish against any distributions due to Cordish hereunder, including distributions under Section 9.6 hereof.
Any such Default Loans shall be with full recourse to the Noncontributing Partner and shall be secured by the Noncontributing Partner’s Interest including, without limitation, such Noncontributing Partner’s right to Distributions.