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C150349 Feasibility Study I
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C150349 Feasibility Study I
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Last modified
3/27/2013 7:35:42 AM
Creation date
3/26/2013 2:13:41 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150349
Contractor Name
Ordway Feedyard LLC
Contract Type
Loan
Water District
17
County
Crowley
Loan Projects - Doc Type
Feasibility Study
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Member shall not be liable for any debts or losses of the Company except to the <br />extent of its capital contributions, or to the extent it has personally guaranteed or is <br />otherwise obligated for payment of the same, as provided in Subsection 4.6(c). <br />(b) Return of Capital. No distribution to any Member shall be deemed to be a <br />return or withdrawal of its capital unless so designated by unanimous agreement of <br />the Members or as otherwise provided in this Agreement. If a Member receives the <br />return of all or any part of his capital contribution, it shall remain liable to the <br />Company, to the extent provided in state law, for the amount returned to the extent <br />necessary to discharge the Company's liabilities to creditors who extended credit to <br />the Company or whose claims against the Company arose prior to the return or as <br />otherwise provided under state law; provided that the Members shall not be liable <br />for any such liabilities beyond their capital contributions, and any such liability <br />shall persist only for the period of time provided under applicable state Iaw. <br />(c) Members' Liability for Personal Loan Guarantees. The Members may <br />from time to time enter into certain personal loan guarantees with respect to <br />Company indebtedness, under which each of them is personally liable for its <br />proportionate share of the indebtedness. Each Member shall be fully liable under <br />those loan guarantees in accordance with their terms, and shall not be entitled to <br />indemnification, reimbursement, or repayment for the same from the Company or <br />Is any other Member; nor shall any payment by a Member on any such guarantee be <br />treated as a capital contribution to the Company. <br />4.7 Return of Capital Contributions. No Member shall receive interest on any <br />contributions to capital. A Member may not demand, withdraw, or receive the return of <br />all or any part of its capital contribution except as provided in this Agreement. if and to <br />the extent the return of any capital contribution to a Member is required, it shall be made <br />solely from Company Property. <br />4.8 Loans from Members. Any Member may, with the consent of the Manager, <br />advance funds to the Company (other than as a required capital contribution), or make <br />any other payment to or on behalf of the Company for any Company purpose. Any such <br />advance or payment shall be deemed a loan to the Company upon terms to be reasonably <br />agreed by the Manager and the Member making the advance or payment. If they do not <br />agree within 30 days of the transaction, the principal amount of the loan shall be due and <br />payable by the Company at the end of one year, shall bear interest on the principal <br />balance outstanding from time to time at a rate of interest equal to the prime rate set forth . <br />in the Wall Street .Journal on the nearest date immediately preceding the transaction (or, if <br />more than one rate is reported as the prime rate, the average of them), and may be prepaid <br />in part or in full at anv time without penalty. <br />4 <br />
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