Common use of Partnership Loans Clause in Contracts

Partnership Loans. The General Partners or any Affiliate of any General Partner may lend funds to the Partnership for such period of time as the Management Committee may determine, and with interest payable quarterly in an amount equal to the lesser of (i) the interest rate at which the General Partners or such General Partner Affiliate could then borrow such amount or (ii) the maximum amount of interest then permitted under any applicable usury laws; provided, however, that if the Partnership is able to obtain comparable financing from an unrelated lending institution, the amount of interest and similar charges or fees paid to the General Partners or such Affiliate would not exceed those charged by such unrelated lending institution on comparable loans for the same purpose. Any such amounts shall be repaid to the General Partners or any General Partner Affiliate before any distributions may be made pursuant to Article 9. In no event shall a loan made to the Partnership by any Person be deemed to be a part of any Partnership Interest that that Person may hold, nor shall the General Partners or their Affiliates provide the Partnership with permanent financing.

Partnership Loans. The General Partners or any Affiliate of any General Partner may lend funds to the Partnership for such period of time as the Management Committee Individual General Partners may determine, and with interest payable quarterly in an amount equal to the lesser of (i) the interest rate at which the General Partners or such General Partner Affiliate could then borrow such amount or (ii) the maximum amount of interest then permitted under any applicable usury laws; provided, however, that if the Partnership is able to obtain comparable financing from an unrelated lending institution, the amount of interest and similar charges or fees paid to the General Partners or such Affiliate would not exceed those charged by such unrelated lending institution on comparable loans for the same purpose. Any such amounts shall be repaid to the General Partners or any General Partner Affiliate before any distributions may be made pursuant to Article 9. In no event shall a loan made to the Partnership by any Person be deemed to be a part of any Partnership Interest that that Person may hold, nor shall the General Partners or their Affiliates provide the Partnership with permanent financing.