Common use of Advances by Manager Clause in Contracts

Advances by Manager. (a) If the Company does not have sufficient cash to pay its obligations, subject to the approval of the Investment Committee, the Manager shall have the right (but not the obligation) to advance all or part of the needed funds to or on behalf of the Company if necessary to make Investments or otherwise satisfy the Company’s obligations when due. The Company will pay interest to the Manager on any such advances outstanding accruing at the rate of five percent (5%) per annum until paid. The Company shall not make any distributions to the Members until the principal amount and accrued but unpaid interest of any such Manager advance has been paid in full. Any Manager advance described in this Section 4.03 constitutes a loan from the Manager to the Company and is not a Capital Contribution. The MangerManager shall call for capital contributions from the unfunded Commitments of the Members in accordance with Section 4.05 to repay any such advance by the Manager within one hundred twenty (120) days of the making of such advance. (b) In lieu of making advances to the Company to make Investments, subject to the approval of the Investment Committee, the Manager will have the right to make Investments itself and to sell such Investments within one hundred twenty (120) days after closing to the Company, subject to the approval of such Investment by the Investment Committee as provided in Section 10.02, for a purchase price equal to 100% of principal plus accrued interest to the date of purchase. (c) Thehe Manager will have the right to sell the Specified Investments to the Company for a purchase price equal to 100% of principal plus accrued interest to the date of purchase.

Advances by Manager. (a) If the Company does not have sufficient cash to pay its obligations, subject to the approval of the Investment Committee, the Manager shall have the right (but not the obligation) to advance all or part of the needed funds to or on behalf of the Company if necessary to make Investments or otherwise satisfy the Company’s obligations when due. The Company will pay interest to the Manager on any such advances outstanding accruing at the rate of five percent (5%) per annum until paid. The Company shall not make any distributions to the Members until the principal amount and accrued but unpaid interest of any such Manager advance has been paid in full. Any Manager advance described in this Section 4.03 constitutes a loan from the Manager to the Company and is not a Capital Contribution. The MangerManager Manager shall call for capital contributions from the unfunded Commitments of the Members in accordance with Section 4.05 to repay any such advance by the Manager within one hundred twenty (120) days of the making of such advance. (b) In lieu of making advances to the Company to make Investments, subject to the approval of the Investment Committee, the Manager will have the right to make Investments itself and to sell such Investments within one hundred twenty (120) days after closing to the Company, subject to the approval of such Investment by the Investment Committee as provided in Section 10.02, for a purchase price equal to 100% of principal plus accrued interest to the date of purchase. (c) Thehe he Manager will have the right to sell the Specified Investments to the Company for a purchase price equal to 100% of principal plus accrued interest to the date of purchase.

Advances by Manager. (a) If the Company does not have sufficient cash to pay its obligations, subject to the approval of the Investment Committee, the Manager shall have the right (but not the obligation) to advance all or part of the needed funds to or on behalf of the Company if necessary to make Investments or otherwise satisfy the Company’s obligations when due. The Company will pay interest to the Manager on any such advances outstanding accruing at the rate of five percent (5%) per annum until paid. The Company shall not make any distributions to the Members until the principal amount and accrued but unpaid interest of any such Manager advance has been paid in full. Any Manager advance described in this Section 4.03 constitutes a loan from the Manager to the Company and is not a Capital Contribution. The MangerManager Manager shall call for capital contributions from the unfunded Commitments of the Members in accordance with Section 4.05 to repay any such advance by the Manager within one hundred twenty (120) days of the making of such advance. (b) In lieu of making advances to the Company to make Investments, subject to the approval of the Investment Committee, the Manager will have the right to make Investments itself and to sell such Investments within one hundred twenty (120) days after closing to the Company, subject to the approval of such Investment by the Investment Committee as provided in Section 10.02, for a purchase price equal to 100% of principal plus accrued interest to the date of purchase. (c) Thehe If the Manager makes Investments prior to the Initial Closing of the Company, including but not limited to the Specified Investments, thehe Manager will have the right to sell the suchthe Specified Investments to the Company for a purchase price equal to 100% of principal plus accrued interest to the date of purchase.