LP Loan definition

LP Loan means a loan made by the Limited Partner to the Partnership pursuant to Section 3.8 hereof. Unless otherwise agreed by the Limited Partner and approved by the General Partner, each such loan shall (a) bear interest at the Base Rate plus 2% from the date the loan is made until the date of payment, but in no event more than the maximum rate permitted by applicable law, (b) require interest and principal to be payable in a single installment on demand and, if no demand is made, one year after the date of such advance, (c) be unsecured, and (d) be with recourse solely to the assets of the Partnership and no Partner will have any obligation or liability on account thereof.
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LP Loan has the meaning set out in Section 4.9(d)(iii)(C).
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Examples of LP Loan in a sentence

  • As a result of the transfer pursuant to this Section 1(a), without any further action on the part of the Partnership or SREP, the principal amount of the SREP Note is hereby reduced by the amount of the LP Loan Amount, and the Partnership has satisfied any obligation it has to the Limited Partner with respect to the Limited Partner’s capital contribution.

  • If the Wichita GP funds such a curative GP Loan by cash, certified check or wire transfer of immediately available funds within such six month period, the Partnership shall immediately use the proceeds of such loan to make a payment (a "Cure Payment") on the LP Loan equal to the amount of such GP Loan.

  • The Borrower further undertakes not to make any changes to the terms and conditions of the Arena LP Loan unless approved in writing by the City.

  • Wichita GP shall have the right to make Cure Payments with respect to each LP Loan (other than a Default LP Loan) made by AHF or its designee.

  • For a period of six months after the date AHF or its designee has made an LP Loan (other than a Default LP Loan) which increases the Excess LP Loan Amount (an "Excess LP Loan"), Wichita GP shall have the right to make a GP Loan in an amount equal to the amount by which such Excess LP Loan increased the Excess LP Loan Amount, plus the accrued interest on such Excess LP Loan.

  • By making an LP Loan, AHF does not waive, release or modify any claim of, or remedies with respect to a default, if any, by Wichita GP under this Agreement.

  • Not all Partners must be given the opportunity to make an LP Loan.

  • If the Wichita GP does not fund such GP Loan by cash, certified check or wire transfer of immediately available funds within such six month period, then the right of the Wichita GP to make a GP Loan with respect to that particular increase in the Excess LP Loan Amount, and consequently reduce the Excess LP Loan Amount under this Section 5.10(g), shall terminate.

  • Lithia Motors ▇▇▇▇▇▇ Loan Servicing LP Loan Servicing, Inc Lockheed ▇▇▇▇▇▇, Corp.

  • An LP Loan constitutes a loan to the Partnership and is not a Capital Contribution.