Loans to Partnership. At the option of the General Partner, any Partner (including, without limitation, the General Partner) may make loans to the Partnership on terms deemed by the General Partner to be commercially reasonable.
Loans to Partnership. Nothing in this Agreement shall prevent any Partner from making secured or unsecured loans to the Partnership by agreement with the Partnership.
Loans to Partnership. To the extent approved by the Managing Partner, any Unit Holder may make a secured or unsecured loan to the Partnership, and such loan shall not be deemed a Capital Contribution.
Loans to Partnership. Pursuant to a written agreement approved by the General Partner, any Partner may lend funds to the Partnership for Partnership business. The amount of any loan or advance by the Partner shall bear interest at the lesser of: (i) one percent in excess of the prime rate as published in the most recent issue of The Wall Street Journal (Central Edition); or (ii) the maximum permissible interest rate allowable under applicable usury laws. Loans made under this provision of this Agreement shall be deemed an obligation of indebtedness from the Partnership to the Partner, payable prior to any distributions to the Partners.
Loans to Partnership. No Partner may lend or advance money to the Partnership except with the consent of the other Partner. Any loan by a Partner to the Partnership shall be identified and segregated as a loan payable on the books of the Partnership. Loans shall bear interest at such rate as set forth herein or as may be agreed upon by the Partners, provided such rate does not exceed the maximum allowed by law, and shall be evidenced by a promissory note delivered to the lending Partner and executed in the name of the Partnership by all Partners. Interest paid by the Partnership to a Partner shall be treated for tax purposes as an item of Partnership deduction. Undistributed Partnership profits and profits which are not withdrawn shall not be treated as loans by the Partners to the Partnership.
Loans to Partnership. To the extent the funds of the Partnership shall be inadequate from time to time, the Partnership shall attempt to obtain such funds by borrowings from such Persons and on such terms and conditions as shall be determined by the Board in accordance with the provisions of the Partnership’s budget and business plan approved by the Board.
Loans to Partnership. 10.1 Nothing in this Agreement will prevent or restrict any Partner from loaning money to the Partnership. Any such loan will be evidenced by a promissory note or similar form of indebtedness, properly executed by the Managing Partner, setting forth a reasonable rate of interest. Any Partner loaning money to the Partnership will have the same rights regarding the loan as would any person or entity making the loan who was not a Partner of the Partnership.
Loans to Partnership. In the event any of the nondefaulting Partners elect, in proportion to their Sharing Ratios or as otherwise agreed, to make a loan to the Partnership in an amount equal to their proportion of the Default Amount, then:
(a) the sums advanced shall constitute loans from each lending Limited Partner to the Partnership of the amounts advanced;
(b) the amount loaned shall bear interest at the interest rate of fifteen percent (15%) per annum (the “Default Interest Rate”) from the day that the advance is made until the day the loan, together, with all interest accrued thereon is repaid; and
(c) prior to any distributions of Distributable Cash under Sections 5.1, 5.2 or 5.4, the Partnership (whether before or after dissolution and winding up of the Partnership) all Distributable Cash shall be utilized to satisfy any and all outstanding loans from lending Partners in proportion to the unpaid principal of and accrued interest on each of their respective loans until such loans and all accrued interest thereon have been repaid (with payments being applied first to accrued and unpaid interest and then to principal). Notwithstanding any provision in this Section 3.5 to the contrary, the Default Interest Rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If the nondefaulting Partners receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the loan or, if it exceeds such unpaid principal, shall be refunded to the Partnership. In determining whether the interest contracted for, charged, or received by the nondefaulting Partners exceeds the Maximum Rate, the nondefaulting Partners may, to the extent permitted by applicable law, characterize any payment that is not principal as an expense, fee or premium rather than interest.
Loans to Partnership. In the event the Partnership requires additional cash in order to satisfy the Partnership's operating expenses, the General Partner and/or Limited Partners, upon the request of the General Partner, shall have the right (but not the obligation) to make loans to the Partnership reasonably necessary for the Partnership activities. The terms and conditions of such loans shall be mutually agreeable to the General Partner and each Partner making a loan, and such loans may be secured or unsecured in the discretion of the General Partner. No distributions of any kind shall be made to the Partners until all then outstanding loans, together with accrued interest, are paid in full, unless the Partners making such loans agree otherwise.
Loans to Partnership. Pursuant to a written agreement approved by the General Partner, any partner may lend funds to the Partnership for Partnership business. The amount of any loan or advance by the partner shall bear interest at the lesser of: (i) 3 % in excess of the base rate as published from time to time by Texas Commerce Bank, N.A., or (ii) the maximum permissible interest rate allowable under applicable usury laws. Xxxxx made under this provision of this agreement shall be deemed an obligation of indebtedness from the Partnership to the partner, payable prior to any distributions to the partners.
