Common use of General Partner Participation Clause in Contracts

General Partner Participation. The General Partner agrees that all business activities of the General Partner, including activities pertaining to the acquisition, development and/or ownership of property, shall be conducted through the Partnership or one or more subsidiary partnerships; provided, however, that the Company is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of New Securities, which direct acquisition and issuance have been approved and determined to be in the best interests of the Company and the Partnership by a majority of the Independent Directors. The General Partner also agrees that all loans from the General Partner to the Partnership shall constitute Funding Loans, subject to the exception set forth in Section 4.03 hereof.

General Partner Participation. The General Partner agrees that all business activities of the General Partner, including activities pertaining to the acquisition, development and/or ownership of hotels or other property, shall be conducted through the Partnership or one or more subsidiary partnershipsPartnership; provided, however, that the Company General Partner is allowed to make a direct acquisition, but if and only if, such acquisition is made in connection with the issuance of New Securities, which direct acquisition and issuance have been approved and determined to be in the best interests of the Company General Partner and the Partnership by a majority of the Independent Directors. The General Partner also agrees that all loans from the General Partner to the Partnership borrowings shall constitute Funding Loans, subject to the exception set forth in Section 4.03 hereof.