Partner Loans; Additional Capital Contributions Sample Clauses

Partner Loans; Additional Capital Contributions. (a) After the First GE Capital Flip Date, in the event that the Partnership is unable to borrow money necessary to further the Partnership's business on terms reasonably acceptable to the Managing General Partner, prior to making any call for Additional Capital Contributions (as hereinafter defined) the Managing General Partner shall, subject to Section 7.3(c)(ii), seek to borrow the necessary money from the Limited Partners and the Limited Partners shall have the right but not the obligation to loan money to the Partnership (a "Partner Loan"). Partner Loans shall bear interest at the lesser of (i) the maximum rate permitted by law, and (ii) the Prime Rate plus 2% per annum, and shall be repayable prior to any distributions pursuant to Article IV; provided, however, that the total amount of each repayment as a percentage of Distributable Cash shall not exceed fifty percent (50%). If more than one Limited Partner desires to make a Partner Loan pursuant to this Section 8.2, each shall be entitled to make a Partner Loan pro rata in the same proportion that its Percentage Interest bears to the total Percentage Interests of all Partners desiring to make such Partner Loans. Partner Loans shall not be treated as Capital Contributions. In accordance with this Agreement, a Limited Partner may lend money to and transact other business with the Partnership and, subject to applicable law, shall have the same rights and obligations with respect thereto as a Person who is not a partner of the Partnership. If a Limited Partner is a lender, in exercising its rights as a lender, including in making its decision on whether to foreclose on property of the Partnership, such lender will have no duty to consider (i) its status as a partner of the Partnership, (ii) the interests of the Partnership, or (iii) any duty (including fiduciary duties, if any) it may have to any Partner or the Partnership.
Sample 1
AutoNDA by SimpleDocs

Related to Partner Loans; Additional Capital Contributions

  • Additional Capital Contributions No Member shall be required to make additional capital contributions. A Member may make additional capital contributions to the Company.

  • No Additional Capital Contributions Except as otherwise provided in this Article V, no Partner shall be required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General Partner.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Initial Capital Contributions (a) The Partners have made, on or prior to the date hereof, Capital Contributions and, in exchange, the Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the Partnership.

  • Members Capital Contributions (a) Initial Capital Contribution. The initial Capital Contribution described on Schedule 1 (the “Property”) was made by the previous Member.

  • Subsequent Capital Contributions Without creating any rights in favor of any third party, each Member shall contribute to the Company, in cash, on or before the date specified as hereinafter described, that Member's Sharing Ratio of all monies that in the unanimous judgment of the Management Committee are necessary to enable the Company to acquire the Project from the Seller and to cause the assets of the Company to be properly operated and maintained and to discharge its costs, expenses, obligations, and liabilities, including without limitation its Sharing Ratio of the purchase price set forth in the Asset Sale Agreement, and its Sharing Ratio of Working Capital Requirements in order to bring current Company bank accounts to an amount equal to the Working Capital Requirements, as more particularly described in Section 5.01 below. The Management Committee shall notify each other Member of the need for Capital Contributions pursuant to this Section 4.02 when appropriate, which notice must include a statement in reasonable detail of the proposed uses of the Capital Contributions and a date (which date may be no earlier than the fifth Business Day following each Member's receipt of its notice) before which the Capital Contributions must be made. Notices for Capital Contributions must be made to all Members in accordance with their Sharing Ratios.

  • Additional Capital Contributions and Issuances of Additional Partnership Interests Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2.

  • Additional Funds and Capital Contributions .. 22 Section 4.4 Stock Option Plan................................... 23 Section 4.5 No Interest; No Return.............................. 24 Section 4.6 Conversion or Redemption of Preferred Shares........ 24

  • Capital Contributions of the Partners (a) The Partners have made the Capital Contributions as set forth in Exhibit A.

  • Capital Contributions and Capital Accounts (a) The value of the interests contributed by the Class A Certificateholders and the Class I Certificateholders shall equal the amount paid by such Certificateholders for such interests, respectively, and such amounts shall constitute the opening balance in their Capital Accounts (as hereinafter defined). The value of the interests contributed by the Class IC Certificateholder shall equal the fair market value of the Receivables contributed to the Tax Partnership less the value attributed to the Class A Certificateholders and the Class I Certificateholders, as described above. Such amount shall constitute the opening balance in the Class IC Certificateholder's Capital Account.

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