Advances by General Partner Sample Clauses

Advances by General Partner. At any time that the Partnership shall not have sufficient cash to pay its obligations, the General Partner may, but shall not be obligated to, advance such funds for or on behalf of the Partnership. Each such advance shall constitute a loan from the General Partner to the Partnership and shall bear interest from the date of the advance until the date of repayment at the General Interest Rate. Any advances made by the General Partner pursuant to this Section 4.03 shall not be considered to be Capital Contributions. All advances shall be repaid out of the next available funds of the Partnership, including Capital Contributions received.
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Advances by General Partner. All advances from time to time made by the General Partner on behalf of the Partnership to pay expenses, capital expenditures and other outlays of the Partnership, or to refund money so expended by the Partnership, shall be credited to a special account to be known as the “General Partner’s Advance Account”.
Sample 1
Advances by General Partner. The General Partner, in its sole discretion, may advance monies to the Partnership for use by the Partnership in its operations or otherwise. The aggregate amount of such advances shall be an obligation of the Partnership to the General Partner, and shall bear interest at an annual rate equal to the rate per annum from time to time published and announced as its prime rate for commercial loans by Bankers Trust Company, New York, New York, adjusted from time to time on the same dates that changes in the rate published or announced by Bankers Trust Company as its prime rate for commercial loans become effective. All such advances shall be deemed loans by the General Partner to the Partnership and shall not be deemed to be capital contributions. Any and all unpaid advances by the General Partner shall be repaid exclusively out of net cash receipts of the Partnership; provided, however, that all and any unpaid advances by the General Partner, together with accrued and unpaid interest thereon, shall become immediately due and payable upon termination and dissolution of the Partnership.
Sample 1
Advances by General Partner. Although it is not presently contemplated, the General Partner, or any of its Affiliates, subject to the provisions of Section 8.03(b)(iii), may in its discretion advance funds to the Partnership for use in funding Partnership operations if the need therefor should occur. Any such advances shall be for purposes other than those which a Subordinated Loan would be made pursuant to Section 8.02(c) and shall be for a period not to exceed three years which period, however, may be renewed at the end of each term. Notwithstanding the foregoing, as long as capital expenditures for a Hotel Property do not exceed the amount reserved for such expenditures pursuant to the Management Agreement for such Hotel Property advances can be made for any purpose. The aggregate amount of such advances shall become an obligation of the Partnership to the General Partner or Affiliate, and shall be paid with interest; provided that the per annum interest rate does not exceed the prime rate quoted by the Bank of America, N.T. & S.A., from time to time, plus one percentage point, compounded quarterly, or such lower rate as would be charged by an unrelated lending institution on a comparable loan for the same purpose.
Sample 1

Related to Advances by General Partner

  • Reimbursement of General Partner (a) Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership.

  • Borrowing and Repayment Borrower may from time to time during the term of the Line of Credit borrow, partially or wholly repay its outstanding borrowings, and reborrow, subject to all of the limitations, terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under the Line of Credit shall not at any time exceed the maximum principal amount available thereunder, as set forth above.

  • Single Disbursement to Borrower Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.

  • Powers of General Partner Notwithstanding any provision of this Agreement to the contrary, the General Partner’s discretion and authority are subject to the limitations imposed by law, and by the General Partner’s Articles of Organization and operating agreement. Subject to the foregoing and to other limitations imposed by this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business and affairs of the Partnership and make all decisions affecting the business and assets of the Partnership. Without limiting the generality of the foregoing (but subject to the restrictions specifically contained in this Agreement), the General Partner shall have the power and authority to take the following actions on behalf of the Partnership:

  • General Partner Loans The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the Partnership to incur Debt to the General Partner if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner, the net proceeds of which are loaned to the Partnership to provide such Additional Funds, or (ii) such Debt is on terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if any Partner would be personally liable for the repayment of such Debt (unless such Partner otherwise agrees).

  • Manner of Borrowing Loans and Designating Applicable Interest Rates Notice to the Administrative Agent 9

  • Conditions of Initial Borrowing The obligation of each Lender to make its initial Borrowing hereunder is subject to satisfaction of the following conditions precedent:

  • Loans from the General Partner; Loans or Contributions from the Partnership or Group Members (a) The General Partner or any of its Affiliates may lend to any Group Member, and any Group Member may borrow from the General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the General Partner may determine; provided, however, that in any such case the lending party may not charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing party than would be charged or imposed on the borrowing party by unrelated lenders on comparable loans made on an arm’s-length basis (without reference to the lending party’s financial abilities or guarantees), all as determined by the General Partner. The borrowing party shall reimburse the lending party for any costs (other than any additional interest costs) incurred by the lending party in connection with the borrowing of such funds. For purposes of this Section 7.6(a) and Section 7.6(b), the term “Group Member” shall include any Affiliate of a Group Member that is controlled by the Group Member.

  • Initial Advance to Each Designated Subsidiary The obligation of each Lender to make an initial Advance to each Designated Subsidiary is subject to the receipt by the Agent on or before the date of such initial Advance of each of the following, in form and substance reasonably satisfactory to the Agent and dated such date:

  • Determinations of Initial Borrowing Conditions For purposes of determining compliance with the conditions specified in Section 3.1, each Lender shall be deemed to be satisfied with each document and each other matter required to be satisfactory to such Lender unless, prior to the Closing Date, the Administrative Agent receives notice from such Lender specifying such Lender’s objections and such Lender has not made available its Pro Rata Share of any Borrowing scheduled to be made on the Closing Date.

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