1 The provisions of 12.9(f)(1) does not consider a loan to a partnership, joint venture, or association, a loan to "those partners or members, by the terms of the partnership or membership agreement are not held generally liable for the debts or actions of the partnership, joint venture, or association provided those provisions are valid against third parties under applicable law, and that have not otherwise agreed to guarantee or be personally liable on the loan or extension of credit."  This exception is not discussed in this letter because it is not relevant to the question asked.