Loans by Partners. Subject to Section 14.02(c)(iii), no loan by any Partner or any Affiliate of any Partner to the Partnership (including, without limitation, any Partnership Loan) shall constitute a Capital Contribution to the Partnership or increase the Capital Account balance of any Partner, but shall be treated, for all purposes, as Indebtedness of the Partnership payable or collectible only out of the assets of the Partnership in accordance with the terms and conditions on which the loan was made.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Resource Real Estate Investors 7, L.P.), Limited Partnership Agreement (Resource Real Estate Investors 6 LP)
Loans by Partners. Subject to Except as provided in Section 14.02(c)(iii11.2(a)(iii), no loan by any Partner or any Affiliate of any Partner to the Partnership (including, without limitation, any Partnership Loan) shall constitute a Capital Contribution to the Partnership or increase the Capital Account balance of any Partner, but shall be treated, for all purposes, as Indebtedness indebtedness of the Partnership payable or collectible only out of the assets of the Partnership in accordance with the terms and conditions on upon which the such loan was made.
Appears in 1 contract
Samples: Icon Holdings Corp
Loans by Partners. Subject to Except as provided in Section 14.02(c)(iii14.2(c)(ii), no loan by any Partner or any Affiliate of any Partner to the Partnership (including, without limitation, any Partnership Loan) shall constitute a Capital Contribution to the Partnership or increase the Capital Account balance of any Partner, but shall be treated, for all purposes, as Indebtedness of the Partnership payable or collectible only out of the assets of the Partnership in accordance with the terms and conditions on upon which the such loan was made.
Appears in 1 contract
Loans by Partners. Subject to Except as provided otherwise in Section 14.02(c)(iii14.2(c)(ii), no loan by any Partner or any Affiliate of any Partner to the Partnership (including, without limitation, any Partnership Loan) shall constitute a Capital Contribution to the Partnership or increase the Capital Account balance of any Partner, but shall be treated, for all purposes, as Indebtedness of the Partnership payable or collectible only out of the assets of the Partnership in accordance with the terms and conditions on which the loan was made.
Appears in 1 contract
