Examples of Extraordinary Loan in a sentence
Each Limited Partner shall deliver a notice (the “Extraordinary LP Response”) to the General Partner within ten (10) days of its receipt of the Extraordinary Drawdown Notice indicating whether it will elect to make such Extraordinary Loan and, if applicable, the amount of the Extraordinary Loan to be committed.
Notwithstanding the foregoing, the Managing Member may be required to sell the Artwork without the approval of the Series Members if (a) the Series has incurred material Extraordinary Expenses which the Managing Member is unable or unwilling to fund and cannot find third party financing under reasonable terms, or (b) an Extraordinary Loan funded by a third party has matured and the Managing Member is unable to extend such maturity date or find alternative financing to repay the matured loan.
Effective upon such removal, the Asset Manager shall pay all Operating Expenses that are then due and payable, and the outstanding balance of any Extraordinary Loan funded by the Asset Manager must be repaid in full by Series or SP, as applicable.
Each such Limited Partner shall deliver a notice (the “Extraordinary LP Response”) to the General Partner within twenty (20) days of its receipt of the Extraordinary Drawdown Notice indicating whether it will elect to make such Extraordinary Loan and, if applicable, the amount of the Extraordinary Loan to be committed.
Any Net Cash Flow from Operations or any Net Cash from Sales or Refinancings shall be applied to each Member's unpaid Extraordinary Loan in proportion to each Member's Percentage Interest.
Each Member shall contribute its share of such Extraordinary Capital Contribution or Extraordinary Loan, as the case may be, in immediately available funds on or before the due date to which the Members agreed in the Extraordinary Call.
If not reimbursed within such time period, the unreimbursed cost or expense shall be treated as an Extraordinary Loan funded by the Asset Manager to Series or the SPC, as applicable, bearing interest at the Prime Rate plus two (2) percentage points, from the date the cost or expense was invoiced until the date it is fully paid.
Any Net Cash Flow from Operations or any Net Cash from Sales or Refinancings shall be applied to each Member's unpaid Extraordinary Loan in proportion to each Member's Tranche II Percentage Interest.
An Extraordinary Funding may be made by agreement of the Members either as a loan by the Members to the Company (any such loan, an "Extraordinary Loan") or a supplementary capital contribution by the Members to the Company (any such contribution, an "Extraordinary Capital Contribution").
Each Member shall contribute its share of such Extraordinary Tranche II Capital Contribution or Extraordinary Loan, as the case may be, in immediately available funds on or before the due date to which the Members agreed in the Extraordinary Call.