Partner Loan Sample Clauses

Partner Loan. Each Partner Loan shall bear interest at an annual rate (compounded monthly) equal to the greater of 18% or 500 basis points over the Prime Rate, adjusting when and as the Prime Rate adjusts, with a gross-up for income tax withholding on such interest. Notwithstanding anything to the contrary in this Agreement, a Partner Loan shall be repaid by the Partnership paying amounts otherwise distributable by the Partnership to the Failing Partner directly to each Non-Failing Partner (pro rata based on the portion of the Unfunded Amount funded by each of them as a Partner Loan) until the Partner Loan and all interest thereon is repaid (which payments will be applied first to accrued interest on the outstanding principal balance of such loan and then outstanding principal balance of such loan). Any amounts so applied shall be treated under this Agreement as having been distributed to the Failing Partner. A Partner Loan shall be recourse to the Failing Partner and any outstanding balance following dissolution of the Partnership shall be immediately due and payable by the Failing Partner. A Partner Loan may be prepaid at any time or from time to time by a Failing Partner. If Partner Loans are advanced in connection with different Unfunded Amounts at different times, each such advance of Partner Loans shall be deemed issued as a different series, with the interest and principal on the most-recent series of Partner Loans being repaid in full prior to payment of interest and principal on any previously issued series of Partner Loans then outstanding.
Sample 1Sample 2
AutoNDA by SimpleDocs
Partner Loan. Any assignment or pledge of a Partnership interest as security for a Partner Loan shall be subject to the prior written approval of MassHousing. Notwithstanding any provision to the contrary in the Partnership Agreement or any documentation entered into in connection with a Partner Loan, any pledge of Partnership interests to secure such Loan is and shall be subject to any and all pledges to MassHousing under the DFA and any other applicable Contract Documents.
Sample 1
Partner Loan. The Contributing Partner may advance the Delinquent Additional Capital Contribution to the Partnership which shall be treated as a loan from the Contributing Partner to the Non-Contributing Partner (“Partner Loan”). Such Partner Loan shall bear interest, compounded quarterly, at a rate equal to the lesser of (i) twenty percent (20%) per annum, or (ii) the maximum rate permitted by law for the Partner Loan. At the time a Contributing Partner advances a Partner Loan, the Non-Contributing Partner shall be deemed to have contributed to the capital of the Partnership an amount equal to the Delinquent Additional Capital Contribution, and (except in respect of a Xxxxxx Retained Liability) the Capital Account of the Non-Contributing Partner shall be credited with the amount of the Delinquent Additional Capital Contribution. Notwithstanding any other provision of this Agreement, until any and all Partner Loans to a Non-Contributing Partner are repaid in full together with all accrued and unpaid interest, such Non-Contributing Partner shall draw no further distributions from the Partnership and all cash or property otherwise distributable with respect to the Non-Contributing Partner’s Interest shall be distributed to the Contributing Partner, but shall in all events be due and payable upon the earlier of (A) the transfer of the entire Interest of a Partner in the Partnership or (B) the dissolution of the Partnership. A Partner Loan shall be prepayable at any time or from time to time without penalty. All cash or property otherwise distributable by the Partnership with respect to the Non-Contributing Partner’s Interest shall be paid to the Contributing Partner in repayment of the Partner Loan, until the Partner Loan is repaid in full together with all accrued and unpaid interest. Such distributions paid to the Contributing Partner which would have otherwise been distributed to the Non-Contributing Partner will reduce the outstanding balances of (together with all accrued, unpaid interest on) any and all outstanding Partner Loans, and will be applied first to reduce any and all interest accrued on the Partner Loan(s) and then to reduce the principal amount thereof. Any amounts so distributed shall be treated, for all purposes under this Agreement, as having actually been distributed to the Non-Contributing Partner and applied by the Non-Contributing Partner to repay the outstanding Partner Loan(s). If any Partner Loan is to be made by Xxxxxx, the Partners will use rea...
Sample 1
Partner Loan. If additional capital is needed in order to enable the Partnership to meet its existing or anticipated obligations, or if excess capital is available, AMC or TIC may elect, in its sole and absolute discretion and without any obligation to do so, to make a loan (a "PARTNER LOAN") to the Partnership, or the Partnership may make a loan to the Partner, on such terms and conditions as are reasonably acceptable to AMC or TIC. Each Partner Loan must be repaid prior to any distributions to the Partners pursuant to this Agreement.
Sample 1
Partner Loan. As defined in Section 4.2(b).
Sample 1

Related to Partner Loan

  • Partner Loans Upon the approval of the General Partner, any Partner may make loans to the Partnership, which shall bear interest and be repaid on such reasonable terms and conditions as may be approved by the General Partner. No Partner shall be required to make a loan to the Partnership unless such Partner has agreed to make such loan.

  • 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).

  • Member Loans The Member may make loans (“Member Loans”) to the Company, which shall bear interest and be repaid on such reasonable terms and conditions as may be approved by the Member.

  • Limited Partner The name and address of the New Limited Partner of the Partnership is 0000 X. Xxxx Xxxxx Xxxxxxxxx, 0xx Xxxxx, Xxxxx, Xxxxxxx 00000. The names and addresses of any other Limited Partners shall be set forth on Exhibit B, as amended from time to time, attached hereto and incorporated herein by this reference. The Partnership Interest of a Limited Partner shall be referred to herein as a “Limited Partnership Interest.”

  • Partnership Funds Pending application or distribution, the funds of the Partnership shall be deposited in such bank account or accounts, or invested in such interest-bearing or non-interest bearing investment, including, without limitation, checking and savings accounts, certificates of deposit and time or demand deposits in commercial banks, U.S. government securities and securities guaranteed by U.S. government agencies as shall be designed by the General Partner. Such funds shall not be commingled with funds of any other Person. Withdrawals therefrom shall be made upon such signatures as the General Partner may designate.

  • Partnership Interest Except as provided in this Agreement and the Transferor Partnership Agreement, no right (contingent or otherwise) to purchase or acquire the Transferor Partnership Interests held by such Transferor Partner is authorized or outstanding. Except as disclosed on Schedule 5.34, such Transferor Partner owns and holds the Transferor Partnership Interests set forth opposite its name on Schedule I beneficially and of record free and clear of any liens, pledges and encumbrances of any kind whatsoever and free of any rights of assignment of any third party. Prior to the Closing, all liens disclosed on Schedule 5.34 will be paid in full. Upon the Closing, good, valid, marketable, and indefeasible title to such Transferor Partnership Interests shall be vested in the BRI Partnership free and clear of any lien, claim, charge, pledge, encumbrance, limitation, agreement or instrument whatsoever. The provisions of this Section 5.34 shall survive the Closing indefinitely.

  • Insider Loans No Company-Related Person has any loan, credit or other Contract outstanding with Company or any Company Subsidiary that does not conform to applicable rules and regulations of the FDIC, the Federal Reserve Board, or any other Governmental Entity with jurisdiction over Company or any Company Subsidiary.

  • Substitute Member An Assignee who has been admitted to all of the rights of membership pursuant to this Operating Agreement.

  • Capital Commitments No Credit Party shall: (i) cancel, reduce, excuse, or xxxxx the Capital Commitment of any Investor without the prior written consent of the Lenders which may be withheld in their sole discretion; or (ii) relieve, excuse, delay, postpone, compromise or xxxxx any Investor from the making of any Capital Contribution (including, for the avoidance of doubt, in connection with any particular investment of such Credit Party), provided, however the Credit Parties may excuse any Investor from funding a Drawdown with respect to which an Investment Exclusion Event applies.

  • General Partner Gross Income Allocation After giving effect to the special allocations in paragraph 2 but prior to any allocations under subparagraphs 1(a) or 1(b), there shall be specially allocated to the General Partner an amount of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each fiscal year or other applicable period in an amount equal to the excess, if any, of (A) the cumulative distributions made to the General Partner under Section 7.3(b) of the Agreement, other than distributions which would properly be treated as “guaranteed payments” or which are attributable to the reimbursement of expenses which would properly be either deductible by the Partnership or added to the tax basis of any Partnership asset, over (B) the cumulative allocations of Partnership income and gain to the General Partner under this subparagraph 1(c)(i).

Time is Money Join Law Insider Premium to draft better contracts faster.