Common use of Loans or Contributions from the Partnership or Group Members Clause in Contracts

Loans or Contributions from the Partnership or Group Members. The General Partner or any of its Affiliates may lend to any Group Member, and any Group Member may borrow from the General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the General Partner may determine; provided, however, that in any such case the lending party may not charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing party than would be charged or imposed on the borrowing party by unrelated lenders on comparable loans made on an arm’s-length basis (without reference to the lending party’s financial abilities or guarantees), all as determined by the General Partner. The borrowing party shall reimburse the lending party for any costs (other than any additional interest costs) incurred by the lending party in connection with the borrowing of such funds. For purposes of this Section 7.6(a) and Section 7.6(b), the term “Group Member” shall include any Affiliate of a Group Member that is controlled by the Group Member.

Appears in 4 contracts

Samples: Agreement of Limited Partnership (Legacy Reserves Lp), Agreement of Limited Partnership (Legacy Reserves Lp), Limited Partnership Agreement (Blueknight Energy Partners, L.P.)

AutoNDA by SimpleDocs

Loans or Contributions from the Partnership or Group Members. The General Partner or any of its Affiliates may lend to any Group Member, and any Group Member may borrow from the General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the General Partner may determine; provided, however, that in any such case the lending party may not charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing party than would be charged or imposed on the borrowing party by unrelated lenders on comparable loans made on an arm’s-length basis (without reference to the lending party’s financial abilities or guarantees), all as determined by the General Partner. The borrowing party shall reimburse the lending party for any costs (other than any additional interest costs) incurred by the lending party in connection with the borrowing of such funds. For purposes of this Section 7.6(a7.7(a) and Section 7.6(b7.7(b), the term “Group Member” shall include any Affiliate of a Group Member that is controlled by the Group Member.

Appears in 1 contract

Samples: Limited Partnership Agreement (Shell Midstream Partners, L.P.)

Loans or Contributions from the Partnership or Group Members. The General Partner or any of its Affiliates may may, but shall be under no obligation to, lend to any Group Member, and any Group Member may borrow from the General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the General Partner may determine; provided, however, that in any such case the lending party may not charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing party than would be charged or imposed on the borrowing party by unrelated lenders on comparable loans made on an arm’s-arm’s length basis (without reference to the lending party’s financial abilities or guarantees), all as determined by the General Partner. The borrowing party shall reimburse the lending party for any costs (other than any additional interest costs) incurred by the lending party in connection with the borrowing of such funds. For purposes of this Section 7.6(a) and Section 7.6(b), the term “Group Member” shall include any Affiliate of a Group Member that is controlled Controlled by the Group Member.

Appears in 1 contract

Samples: Limited Partnership Agreement (Rentech Nitrogen Partners, L.P.)

AutoNDA by SimpleDocs

Loans or Contributions from the Partnership or Group Members. The General Partner or any of its Affiliates may lend to any Group Member, and any Group Member may borrow from the General Partner or any of its Affiliates, funds needed or desired by the Group Member for such periods of time and in such amounts as the General Partner and the Board of Directors may determine; provided, however, that in any such case the lending party may not charge the borrowing party interest at a rate greater than the rate that would be charged the borrowing party or impose terms less favorable to the borrowing party than would be charged or imposed on the borrowing party by unrelated lenders on comparable loans made on an arm’s-length arms'-length basis (without reference to the lending party’s 's financial abilities or guarantees), all as determined by the General PartnerPartner and the Board of Directors. The borrowing party shall reimburse the lending party for any costs (other than any additional interest costs) incurred by the lending party in connection with the borrowing of such funds. For purposes of this Section 7.6(a7.14(a) and Section 7.6(b7.14(b), the term "Group Member" shall include any Affiliate of a Group Member that is controlled by the Group Member.

Appears in 1 contract

Samples: Limited Partnership Agreement (Dynagas LNG Partners LP)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!