Examples of Permitted Loan in a sentence
Solely with respect to the lender from which the General Partner obtains a Permitted Loan to fund a redemption or purchase under Article VII of this Partnership Agreement and/or Section 19.2.B of the Lease, payments to such lender shall be deemed to be (i) a part of Distributable Cash and (ii) a distribution to the General Partner for the purpose of calculating the amount of available Distributable Cash to be paid to the Partners.
The payments, if any, to a lender of a Permitted Loan that are deemed to be received by General Partner for calculation of Distributable Cash shall be treated as a distribution to the General Partner.
Any and all Excess Funding disbursements shall constitute Advances under the Loan, shall bear interest in accordance with this Agreement and the Note, and are evidenced and secured by and payable and collectible in accordance with this Agreement, the Note, the Guaranty and any other Loan Documents, even though such Advances cause the then total outstanding principal amount hereunder to exceed the Permitted Loan Limit.
Simultaneous with a Permitted Loan the Borrower shall (i) deliver to the Lenders any and all documents related to such Permitted Loan, including without limitation any and all notes evidencing such Permitted Loan (collectively “Permitted Loan Documents”), (ii) notify, in writing, each borrower under such Permitted Loan that the Lenders hold a security interest in the Permitted Loan, and the Lenders have possession of the Permitted Loan Documents.
Notwithstanding the Permitted Loan Limit of the Loan as described herein: the parties recognize and agree that due to the nature of the business of the Borrower with Sellers in financing the sale of their inventory, the Bank may from time to time, in its discretion, make Advances constituting Excess Funding, such that the aggregate outstanding principal amount of the Loan exceeds the Permitted Loan Limit, by honoring Drafts presented by Sellers and requests made by the Borrower.