Other General Partner Loans Sample Clauses

Other General Partner Loans. After expiration of the Operating Deficit Guarantee Period, with the Consent of the Special Limited Partner, the General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it. Any such loan shall bear simple interest (not compounded) at the rate of 2% per annum above the then prevailing prime or reference rate charged by Bank of America N.T. & S.A., Main Office, San Francisco, California, or, if lesser, the maximum legal rate. The maturity date and repayment schedule of any such loan shall be as agreed to by the General Partner and the Special Limited Partner. The terms of any such loan shall be evidenced by a written instrument. The General Partner shall not charge a prepayment penalty on any such loan. Any loan in contravention of this Section shall be deemed an invalid action taken by the General Partner and such advance will be classified as a General Partner Capital Contribution.

Other General Partner Loans. 19 VII. CAPITAL CONTRIBUTIONS OF LIMITED PARTNER AND SPECIAL LIMITED PARTNER.............................. 20

Other General Partner Loans. Unless provided elsewhere, after expiration of the Operating Deficit Guarantee Period, with the Consent of the Special Limited Partner, the General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it. Any such loan shall bear simple interest (not compounded) at the 10-year Treasury money market rate in effect as of the day of the General Partner loan, or, if lesser, the maximum legal rate. The maturity date and repayment schedule of any such loan shall be as agreed to by the General Partner and the Special Limited Partner. The terms of any such loan shall be evidenced by a written instrument. The General Partner shall not charge a prepayment penalty on any such loan. Any loan in contravention of this Section shall be deemed an invalid action taken by the General Partner and such advance will be classified as a General Partner Capital Contribution. Notwithstanding this provision, the General Partner remains obligated to the Partnership, Limited Partner and Special Limited Partner as required in accordance with the State limited partnership act, as amended from time to time.

Other General Partner Loans. After expiration of the Operating Deficit Guarantee Period, with the Consent of the Special Limited Partner, the General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it. Any such loan shall bear simple interest (not compounded) at the rate of 2% per annum above the then prevailing prime or reference rate charged by Bank of America N.T. & S.A., Main Office, San Francisco, California, or, if lesser, the maximum legal rate. The maturity date and repayment schedule of any such loan shall be as agreed to by the General Partner and the Special Limited Partner. The terms of any such loan shall be evidenced by a written instrument. The General Partner shall not charge a prepayment penalty on any such loan. Any loan in contravention of this Section shall be deemed an advance by the General Partner and such advance will bear no interest and will be repaid in accordance with Article XI of this Agreement. E:\WNC\Mansur3.doc

Other General Partner Loans. (a) Unless provided elsewhere, after expiration of the Operating Deficit Guarantee Period (or the full funding of the Operating Loans required pursuant to Section 6.3(b) hereof), with the Consent of the Special Limited Partner, a General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it. Any such loan will not bear interest, will be repaid from Net Operating Income, as provided in Section 11.1, and will be due at the earlier of a Sale or Refinancing or upon the 20th anniversary of the achievement of Breakeven Operations. The terms of any such loan will be evidenced by a written instrument. The General Partner will not charge a prepayment penalty on any such loan. Any loan made by a General Partner in contravention of this Section will be deemed an invalid action taken by said General Partner and such advance will be classified as a General Partner Capital Contribution. Notwithstanding this provision, the General Partner remains obligated to the Partnership, Limited Partner and Special Limited Partner as required in accordance with the Act.

Other General Partner Loans. After expiration of the Operating Deficit Guarantee Period, the General Partner, with the consent of the Special Limited Partner, may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it. In the event of an emergency , as determined by the General Partner, the General Partner may loan the Partnership any sums required, provided the Special Limited Partner is notified in writing within 10 days. Any such loan shall bear simple interest (not compounded) at the rate of 2% per annum above the then prevailing prime or reference rate charged by CitiBank Corporation, or, if lesser, the maximum legal rate. The maturity date and repayment schedule of any such loan shall be as agreed to by the General Partner and the Special Limited Partner. The amount and terms of any such loan shall be evidenced by a written instrument. The General Partner shall not charge a prepayment penalty on any such loan.

Other General Partner Loans. Unless provided elsewhere, after expiration of the Operating Deficit Guarantee Period, with the Consent of the Special Limited Partner, the General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it. Any such loan shall bear simple interest (not compounded) at the 10-year Treasury money market rate in effect as of the day of the General Partner loan, or, if lesser, the maximum legal rate. The maturity date and repayment schedule of any such loan shall be as agreed to by the General Partner and the Special Limited Partner. The terms of any such loan shall be evidenced by a written instrument. The General Partner shall not charge a prepayment penalty on any such loan. Any loan in contravention of this Section shall be deemed an invalid action taken by the General Partner and such advance will be classified as a General Partner Capital Contribution. Notwithstanding this provision, the General Partner remains obligated to the Partnership, Limited Partner, Georgia Limited Partner, and Special Limited Partner as required in accordance with the State limited partnership act, as amended from time to time.

Other General Partner Loans. After expiration of the Operating Deficit Guarantee Period, with the Consent of the SLP Class A, the General Partner may loan to the Partnership any sums required by the Partnership and not otherwise reasonably available to it. Any such loan shall bear simple interest (not compounded) at the rate of 2% per annum above the then prevailing prime or reference rate charged by Bank of America N.T. & S.A., Main Office, San Francisco, California, or, if lesser, the maximum legal rate. The maturity date and repayment schedule of any such loan shall be as agreed to by the General Partner and the SLP Class A. The terms of any such loan shall be evidenced by a written instrument. The General Partner shall not charge a prepayment penalty on any such loan. Any loan in contravention of this Section shall be deemed an invalid action taken by the General Partner and such advance will be classified as a General Partner Capital Contribution.