VALUATION OF INTEREST OF THE Sample Clauses

VALUATION OF INTEREST OF THE. GENERAL PARTNER (a) In the event of the removal of the General Partner, pursuant to the provisions of Section 8.3(a)(iii) hereof, and the continuation of the Partnership by the election by the Limited Partners of a successor General Partner pursuant to Section 13.1(b) hereof, the then present fair market value of the removed General Partner's interest as General Partner in the Partnership shall be determined by agreement between the removed General Partner and the successor General Partner (which agreement shall require the consent of the holders of a majority of the then outstanding Units). The then present fair market value of the removed General Partner's interest as General Partner in the Partnership shall include any accrued but unpaid reimbursements for services rendered by the General Partner pursuant to Section 4.4 hereof; any advance or loan then outstanding from the General Partner to the Partnership, plus accrued but unpaid interest; any expenses paid by the General Partner for and on behalf of the Partnership but not reimbursed to the General Partner pursuant to Section 5.3 hereof; and the then present fair market value of the General Partner's share in Distributions of the Partnership pursuant to Section 6.1 hereof (using, as a discount rate, a rate equal to the interest rate on the note specified below to be issued to the removed General Partner in payment of its interest in the Partnership). If the removed General Partner and the successor General Partner cannot agree on the then present fair market value of the removed General Partner's interest in the Partnership, or their agreement is not approved by the Limited Partners as aforesaid, then the then present fair market value thereof shall be determined in accordance with the rules of the American Arbitration Association. The fees charged by the American Arbitration Association shall be borne equally by the removed General Partner and the Partnership. The interest of the removed General Partner shall be paid to such General Partner in the form of a note bearing interest at the lower of the then prime rate or the rate that would apply on a similar note negotiated by unaffiliated parties under similar circumstances (but in no event in excess of applicable usury limitations). The note shall provide for equal annual payments sufficient to pay in not less than five years all interest and principal owed to the removed General Partner. The note shall contain such provisions as would be usual and c...
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Related to VALUATION OF INTEREST OF THE

  • Calculation of interest The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:

  • Determination of Interest (a) The Administrative Agent shall determine the Interest (including unpaid Interest related thereto, if any, due and payable on a prior Payment Date) to be paid by the Borrower on each Payment Date for the related Accrual Period and shall advise the Collateral Agent, the Collateral Manager and the Borrower thereof on the third Business Day prior to such Payment Date.

  • Computation of Interest Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

  • Determination of Interest Rate (a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3(c) or Section 2.2.3(f).

  • Notification of Interest Periods and interest rate The Agent shall notify the Borrowers and the Banks promptly of the duration of each Interest Period and of each rate of interest (or, as the case may be default interest) determined by it under this clause 3.

  • Determination of Interest Periods Every Interest Period shall be of the duration specified by the Borrowers pursuant to clause 3.2 but so that:

  • Section 310 Computation of Interest Except as otherwise specified as contemplated by Section 301 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months.

  • Notification of Interest Periods and rates of normal interest The Agent shall notify the Borrower and each Lender of:

  • Limitation of Interest It is the intention of each Borrower and Lender to conform strictly to applicable usury laws. Accordingly, if the transactions contemplated hereby would be usurious under applicable law, then, in that event, notwithstanding anything to the contrary in any Loan Document, it is agreed as follows: (i) the aggregate of all consideration which constitutes interest under applicable law that is taken, reserved, contracted for, charged or received under any Loan Document or otherwise in connection with the Loan shall under no circumstances exceed the maximum amount of interest allowed by applicable law, and any excess shall be credited to principal by Lender (or if the Loan shall have been paid in full, refunded to any Borrower); and (ii) in the event that maturity of the Loan is accelerated by reason of an election by Lender resulting from any default hereunder or otherwise, or in the event of any required or permitted prepayment, then such consideration that constitutes interest may never include more than the maximum amount of interest allowed by applicable law, and any interest in excess of the maximum amount of interest allowed by applicable law, if any, provided for in the Loan Documents or otherwise shall be cancelled automatically as of the date of such acceleration or prepayment and, if theretofore prepaid, shall be credited to principal (or if the principal portion of the Loan and any other amounts not constituting interest shall have been paid in full, refunded to any Borrower.) In determining whether or not the interest paid or payable under any specific contingency exceeds the maximum amount allowed by applicable law, Lender shall, to the maximum extent permitted under applicable law (a) exclude voluntary prepayments and the effects thereof, and (b) amortize, prorate, allocate and spread, in equal parts, the total amount of interest throughout the entire contemplated term of the Loan so that the interest rate is uniform throughout the entire term of the Loan; provided, that if the Loan is paid and performed in full prior to the end of the full contemplated term hereof, and if the interest received for the actual period of existence thereof exceeds the maximum amount allowed by applicable law, Lender shall refund to any Borrower the amount of such excess, and in such event, Lender shall not be subject to any penalties provided by any laws for contracting for, charging or receiving interest in excess of the maximum amount allowed by applicable law.

  • Computation of Interest, Fees, Yield Protection All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate.

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