Excess Loans definition
Examples of Excess Loans in a sentence
For purposes of priority under this Section 5(a), Required Loans and Excess Loans made pursuant to the same call under Sections 4(h) or 4(i) shall be deemed to have been made on the same date although they may have been advanced on different dates.
Any interest on Excess Loans paid by the Joint Venture shall be charged solely to the capital account of the Non-Contributing Venturer who occasioned any such Excess Loan.
Loans to the Joint Venture pursuant to Section 8(a) above (excluding Excess Loans) shall be payable in accordance with Section 5(a) and shall bear interest at the Prime Rate unless otherwise agreed to by the Venturer making the loan and the Board of Managers.
The resulting percentage amount will then be subtracted from such Non-Contributing Venturer's then existing Distributive Share (provided same shall not be reduced below zero) and an equivalent amount shall be added to the respective Distributive Share(s) of the Venturer(s) who made any such Excess Loan (in proportion to the amount of Excess Loans made to such Venturers).
To the extent of any payments of Excess Loans directly by the Joint Venture out of Available Cash to any Venturer(s) who made an Excess Contribution, such Venturer(s) who made the Excess Contribution(s) shall subrogate all rights which such Venturer(s) had against the Non-Contributing Venturer to the Joint Venture.
Any interest on Excess Loans paid by the Partnership shall be charged solely to the capital account of the Non-Contributing Partner who occasioned any such Excess Loan.
To the extent of any payments of Excess Loans directly by the Partnership to any Partner who made an Excess Contribution, such Partner who made the Excess Contribution shall subrogate all rights which such Partner had against the Non-Contributing Partner to the Partnership.
In addition, at any time when no Excess Loans, Additional Loans or Required Loans are outstanding, the Board of Managers may make monthly distributions to BARLTD of up to nine percent (9%) of the net income of the Joint Venture, each as determined by the internal accountants of the Joint Venture for purpose of allowing BARLTD to satisfy any corresponding obligation to make monthly distributions ▇▇▇▇▇▇▇ pursuant to the terms of the ▇▇▇▇▇▇▇ Employment Agreement.
Also without limiting the foregoing, the Shareholder shall be responsible for all Loans Due (or payable) to Officers and loans due to any other person or entity by the Corporation, either long or short term, in excess of Three Hundred Thousand Dollars ($300,000) as of the Closing Date (collectively the "Excess Loans").
In addition, at any time when no Excess Loans, Additional Loans or Required Loans are outstanding, the Board of Managers may make monthly distributions to BARLTD of up to ten percent (10%) of the net income of the Joint Venture, as determined by the internal accountants of the Joint Venture for purpose of allowing BARLTD to satisfy any corresponding obligation to make monthly distributions to Barrett pursuant to the terms of the Barrett Employment Agreement.