Borrow Funds Clause Samples
The "Borrow Funds" clause authorizes one party, typically a company or organization, to obtain loans or credit from external sources. It outlines the conditions under which borrowing is permitted, such as limits on the amount, approved lenders, or required approvals from directors or stakeholders. This clause ensures that the process of incurring debt is clearly regulated, helping to manage financial risk and maintain oversight over the organization's liabilities.
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Borrow Funds. To borrow money and issue evidences of indebtedness in furtherance of the Partnership business, whether secured or unsecured;
Borrow Funds. Except in accordance with Section 7.4, borrow any funds on behalf of Owner (other than trade accounts payable in the ordinary course of business).
Borrow Funds. Borrow or agree to borrow any funds or incur, assume or become subject to, whether directly or by way of guarantee or otherwise, any other obligation or liability (absolute or contingent) except obligations and liabilities incurred in the ordinary course of business in which event in connection with any such borrowing, the Company will promptly notify Buyer of such borrowing;
Borrow Funds. In addition to or in lieu of requesting Additional Capital Contributions from the Partners pursuant to Section 5.4, the General Partner, on behalf of the Partnership, shall have the right to borrow funds from third parties on such terms and conditions, including rate of interest and maturity, as the General Partner deems advisable; provided, however, that in lieu of borrowing from third parties, any one or more of the Partners may, if acceptable to the General Partner, from time to time make advances to the Partnership to meet such requirements. Any such advance made by a Partner to the Partnership shall not be considered a Capital Contribution, but shall constitute a debt of the Partnership to the advancing Partner, payable at such time and on such terms as the General Partner and advancing Partner shall agree; provided, however that if the advancing Partner is the General Partner (or a Partner that controls, is controlled by, or under common control with the General Partner), the debt shall be payable on the later of (a) six (6) months from the advance or (b) within thirty (30) days following written demand and bear interest on the unpaid principal balance thereof until paid beginning on the date of such advance at a rate equal to the Stated Rate. Payments made to an advancing Partner will be credited first to interest and then to principal. At the request of the Partner making the advance, the Partnership will execute a promissory note evidencing this debt.
Borrow Funds. Subject to Section 6.5.1, in addition to or in lieu of requesting Additional Capital Contributions from the Members pursuant to Section 3.2 or Company Loans pursuant to Section 3.3, upon approval of the Executive Committee, the Company shall have the right to borrow funds sufficient to finance the Cash Needs on such terms and conditions, including rate of interest and maturity, as the Executive Committee deems advisable; provided, however, that in lieu of borrowing from third parties, any one or more of the Members may upon approval of the Executive Committee, from time to time make advances to the Company to meet such requirements, provided that all Members are given an opportunity to make such advances in accordance with their Percentage Interests. Any such advance made by a Member to the Company shall not be considered a Capital Contribution, but shall constitute a debt of the Company to the advancing Member, payable at such time and on such terms as the Executive Committee and advancing Member may agree. Payments made to an advancing Member will be credited first to interest and then to principal. At the request of the Member making the advance, the Company will execute a promissory note evidencing this debt.