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. In the event of any Transfer of an Interest, if the transferor shall have made any Partnership Loan(s), the transferor shall transfer to the transferee of such Interest a proportional share of its interest in such Partnership Loan(s).
Partnership Loans. Without limiting the generality of the powers conferred upon the Managing Partner in this Agreement, the Managing Partner shall have the power to borrow money for and on behalf of the Partnership for operating purposes, upon such terms and conditions as it, in its sole discretion may deem necessary or appropriate, and in order to secure any such loans to the Partnership for Partnership purposes, to convey, mortgage, pledge and hypothecate, for and on behalf on the Partnership and upon such terms and conditions as it, in its sole discretion, deems necessary or appropriate, all or any part of the Partnership’s assets; and for that purpose to execute and deliver for and on behalf of the Partnership any promissory notes, deeds of trust, mortgages, security agreements, financing statements, or other instruments required or advisable in connection with any such loans, conveyances, pledges or hypothecations. The foregoing power shall be subject to any Special Resolution and subject to the Authority Limits (including without limitation in relation to any related party transaction) and any direction by the Credit Committee or the board of directors of SRLC, as the case may be.
Partnership Loans. To the extent that SITA and/or Allegany have lent money to the Partnership, SITA and Allegany acknowledge that no monies are owed by the Partnership to Allegany and/or SITA for partner loans.
Partnership Loans. Lend Partnership funds to the General Partner or an Affiliate of the General Partner. 8.4.14
Partnership Loans. The General Partner may, from time to time, cause the Partnership to make demand loans at a market rate of interest out of Available Cash to the General Partner or an Affiliate thereof in accordance with Section 5.Z(b). ARTICLE IV
Partnership Loans. (1) If any Partner, with the prior written consent of the other Partners (other than the Special Partner), advances any funds or makes any other payment to or on behalf of the Partnership not required pursuant to the provisions hereof, such advance shall be deemed a loan to the Partnership by such Partner, bearing interest from the date of such advance or payment was made until such loan is repaid. The rate of interest payable on such loan shall be equal to the lesser of (i) the greater of (x) the published base lending rate from time to time in effect at Citibank N.A. for prime borrowers, adjustable quarterly or (y) the applicable federal rate (within the meaning of Section 1274(d) or successor provision) of the Code, or (ii) the maximum rate of interest allowed by applicable law (the "Interest Rate"). All distributions shall first be made to the Partner or Partners making such loans until all such loans have been repaid to such Partners, together with interest accrued thereon as above provided (with payments allocated first to accrued interest and then to principal). If more than one Partner shall have made such loans, distributions shall be made to such Partners pro rata in proportion to the respective amounts owed them by the Partnership.
Partnership Loans. The Partners may agree from time to time to make loans to the Partnership which in each such case shall be in proportion to their Percentage Interests (the "Partnership Loans"). All Partnership Loans shall be made on not less than five days' prior written request to the Partners by the Partnership. Partnership Loans shall not be construed as contributions to the capital of the Partnership and shall not affect the Partners' Capital Accounts. Partnership Loans shall be due and payable, unless extended by agreement of the Partners, within one year from the date made. Partnership Loans shall be evidenced by written promissory notes and shall bear interest on a quarterly basis at a rate equal to the higher of (x) the base rate paid by HIGI under its principal bank credit agreement or (y) the prime rate of Nationsbank, N.A. (or its successor) plus 1%, in effect on the first day of each calendar quarter (but in no event to exceed the maximum rate permitted by law).
Partnership Loans. As of the Commencement, the Partnership shall borrow the sum of $110,000,000 (the "Original Partnership Loan") from Beazer U.S.A., Inc. Upon the funding of the Original Partnership Loan (the "Funding"), the principal amount of the Original Partnership Loan (the "Loan Proceeds") shall be paid and distributed to the Company as an Equalizing Distribution as provided for in Section 6.1.4 hereof. The Partners and the General Manager shall use their reasonable best efforts to cause the Partnership to obtain, as promptly as practicable following the Commencement, from one or more banks or other lending institutions a commitment to loan not less than $100,000,000 (the "Non-Recourse Loan") to the Partnership on terms and conditions reasonably acceptable to the Partners, the proceeds of which shall be used to pay and discharge the original Partnership Loan in its entirety, it being specifically understood and agreed that neither Partner shall have any personal liability with respect to the Non-Recourse Loan. Upon obtaining such commitment, the Partners shall use reasonable efforts to cause the Partnership to satisfy as quickly as possible all requirements of and conditions precedent to the funding of the Non-Recourse Loan.
Partnership Loans
