Manager Loans. The Manager and its Affiliates may, but will have no obligation to, make loans to the Company. Any such loan shall bear interest at a rate equal to the lesser of 10% or the maximum interest rate permitted by applicable law and provide for the payment of principal and any accrued but unpaid interest in accordance with the terms of the promissory note evidencing such loan, but in no event later than the dissolution of the Company.
Manager Loans. Manager shall have the right, but not the obligation, at any time and from time to time, to advance funds reasonably needed for additional Working Capital and to fund any shortfalls in the Debt Service Reserve Account in an amount which when added to the outstanding balance of previous such advances shall not exceed the average amount of the Deductions for each Accounting Period during the preceding full thirteen (13)
Manager Loans. The Manager or Affiliates may, but except as expressly described in the Memorandum, will have no obligation to, make loans to the Company to pay Company operating expenses or for any other business purpose. Any such loan shall bear interest at 10% per annum, compounded quarterly.
Manager Loans. The Manager and its Affiliates may, but will have no obligation to, make loans to the Fund. Any such loan shall bear interest at the actual cost of funds to the Manager and provide for the payment of principal and any accrued but unpaid interest in accordance with the terms of the promissory note evidencing such loan, but in no event later than the dissolution of the Fund.
Manager Loans. In the event the General Partners of the Partnership make Deficiency Loans prior to the expiration of five years from the Commencement Date and the KG General Partner makes KG Loans, as those terms are defined in the Venture Agreement, then, so long as such KG Loans remain outstanding, Manager shall make non-recourse loans ("Manager Loans") to the WKA General Partner, as that term is defined in the Venture Agreement, out of payments received by it in respect of the Basic Management Fee to the extent and in an amount equal to 1% of Resort Gross Revenues as provided in the agreement (the "Manager Loan Agreement") to be executed concurrently herewith among Manager, the WKA General Partner and Kumagai Caribbean, Inc. in the form annexed hereto as Exhibit F. Manager hereby authorizes and directs the Partnership, for so long as the KG Loans remain outstanding, to pay that portion of the Basic Management Fee required to be loaned to the WKA General Partner as Manager Loans directly to the KG General Partner at the address provided in the Venture Agreement. Notwithstanding the payment of such sums to the KG General Partner, such sums shall be deemed to satisfy, to the extent thereof, the obligation of the Partnership to Manager under the terms hereof with respect to the Basic Management Fee. It is understood and agreed that the KG General Partner is an express third party beneficiary of the foregoing agreement.
Manager Loans. The Managers shall front all expenses of the formation of the Company. A running calculation of these expenses shall be kept on a separate ledger. Such expenses shall be treated as a loan to the Company (“Manager Loan”). Such Manager Loan shall be due on demand from the date of such advance, or earlier if prepaid by distributions from the Company, and shall bear interest at a rate equal to two (2) percent.
Manager Loans. Manager shall have the right, but not the obligation, at any time and from time to time, to advance funds reasonably needed for additional Working Capital, or to provide funds to the Servicer for its use in making any payments or funding any reserves, escrows or accounts provided for under the Cash Management Procedures, or to make deposits into the Operating Account for the above purposes. No Manager Loan shall be in an amount which, when added to the outstanding balance of previous such advances, would exceed the sum of (i) the average amount of the Deductions for each Accounting Period during the preceding full thirteen (13) Accounting Periods, and (ii) an amount equal to the Hotel's pro rata share of one Monthly Debt Service Payment then in effect (pro rata share based on the proportion of the Hotel's Qualifying Mortgage Debt to the amount of the Permanent Loan). Any such advances shall be deemed a loan by Manager to Owner in such amount (each, a "Manager Loan"), shall bear interest at one percent (1%) above the Prime Rate, and shall be repayable by Owner out of Operating Profit in the priority set forth in Section 5.03, and Net Sales Proceeds and Net Refinancing Proceeds in the priority set forth in Section 5.04, and as provided in Section 5.08, or out of other funds available to Owner. Owner shall evidence any such loan by executing a promissory note payable to Manager in the principal amount of each such loan and bearing interest as aforesaid. Each such note shall be payable upon the earlier of (i) ten (10) years from the date of such advance (or as otherwise provided in the Cash Management Procedures), or (ii) the sale of the Hotel; and, during the term of this Agreement, shall be payable out of Operating Profit, and Net Sales Proceeds, and as provided in Section 5.08.
Manager Loans. 38 ARTICLE VI WORKING CAPITAL AND FIXED ASSET SUPPLIES ........................... 40
Manager Loans. 24 Article VI - Working Capital and Fixed Asset Supplies ----------------------------------------------------- 6.01 Working Capital..........................................26 6.02
Manager Loans. Subject to Section 7.3 hereof, the Manager, on behalf of the Company, may obtain any Additional Funds for the Company by causing the Company to incur Debt with the Manager, any Special Member or any of their Affiliates (each, a “Manager Loan”). Subject to Section 7.3, a Manager Loan may be secured or unsecured, and the Manager, Special Member or Affiliate that makes a Manager Loan shall be treated as a third party lender to the Company (with all attendant rights, privileges, and remedies) to the extent that it does so. Each Manager Loan shall be on such terms as the Manager determines in good faith to be fair and reasonable and comparable to terms that could be obtained from an unaffiliated party in an arm’s length transaction. At the election of the Manager, in lieu of any Manager Loan, the Manager or any Special Member or any of their Affiliates may make a Capital Contribution to the Company and receive, in exchange therefor, an interest in the Company that entitles it to receive distributions of Available Cash before the payment of distributions pursuant to Section 5.1, in an aggregate amount equal to the amount of such Capital Contribution, plus a return equal to the amount of interest that would have accrued in respect of such Capital Contribution if it was a Manager Loan. No Manager Loan or equity interest issued pursuant to this Section 4.3(d) shall require any fixed payment schedule or maturity and any such Manager Loan or equity interest shall only be entitled to be paid out of Available Cash (before deducting any payment in respect of the Manager Loan). Notwithstanding anything to the contrary in this Agreement, the Company shall not enter into any Manager Loan if any Member would be personally liable for the repayment of such Debt or would require an Affiliate thereof to provide a guaranty or other credit enhancement (unless such Member otherwise agrees in writing).
