Partner Loans. Upon the approval of the General Partner, any Partner may make loans to the Partnership, which shall bear interest and be repaid on such reasonable terms and conditions as may be approved by the General Partner. No Partner shall be required to make a loan to the Partnership unless such Partner has agreed to make such loan.
Partner Loans. Upon the approval of a Majority in Interest of the Partners, any Partner may make loans (“Partner Loans”) to the Partnership, which shall bear interest and be repaid on such reasonable terms and conditions as may be approved by a Majority in Interest of the Partners. No Partner shall be required to make a Partner Loan unless such Partner has agreed in writing to make a Partner Loan.
Partner Loans. A Partner or its Affiliates may loan funds to the Partnership on such terms and conditions as may be approved by the Partnership Governance Committee, and, subject to other applicable law, have the same rights and obligations with respect thereto as a Person who is neither a Partner nor an Affiliate of a Partner. The existence of such a relationship and acting in such a capacity will not result in a Limited Partner being deemed to be participating in the control of the business of the Partnership or otherwise affect the limited liability of a Partner. If a Partner or any Affiliate thereof is a lender, in exercising its rights as a lender, including making its decision whether to foreclose on property of the Partnership, such lender will have no duty to consider (i) its status as a Partner or an Affiliate of a Partner, (ii) the interests of the Partnership, or (iii) any duty it may have to any other Partner or the Partnership.
Partner Loans. In the event that the General Partner shall determine, at any time and from time to time, that the Partnership requires additional funds to pay any costs or expenses of the Partnership incurred in accordance with the provisions of this Agreement, and the General Partner determines that it is in the best interest of the Partnership not to obtain a loan for such funds from an unrelated third party, then the General Partner shall notify the Partners of the amount required to pay such costs and expenses and the Partners shall have fifteen (15) days to elect to participate in making a Partner Loan, provided, however, no Partner shall have any obligation to make a Partner Loan. In the event any Partner so elects to participate, each Partner electing to make such Loan shall advance its pro rata share of the needed funds, based upon the participating Partners' respective Percentage Interests. Any Partner Loan shall bear interest at the rate equal to the "prime rate" plus two percent (2%) per annum, non-compounded and shall have a maturity date specified by the Partner or Partners making such Partner Loan, provided the term of any such Partner Loan shall not be less than ninety (90) days. Principal and interest on any Partner Loan shall be repayable solely from distributions of Net Cash Flow as provided hereunder. In the event there is more than one Partner Loan, the loans shall have priority and be repayable on the basis of the oldest Partner Loan having the first priority (with all loans having been made in response to a single notice being deemed to have been made at the same time). If more than one Partner has participated in a Partner Loan, then as among the Partners, distributions in repayment of the principal and interest of the Partner Loans shall be made pro rata in accordance with the amounts advanced by the Partners.
Partner Loans. The Partners may lend money to the Partnership for any Partnership purposes on terms that are Approved by the Partners from time to time.
Partner Loans. The General Partner, on behalf of the Partnership, may obtain any Additional Funds by causing the Partnership to incur Debt to the General Partner and/or the Parent, as the case may be, if (i) such Debt is, to the extent permitted by law, on substantially the same terms and conditions (including interest rate, repayment schedule, and conversion, redemption, repurchase and exchange rights) as Funding Debt incurred by the General Partner and/or the Parent, as the case may be, the net proceeds of which are loaned to the Partnership to provide such Additional Funds or (ii) such Debt is on terms and conditions no less favorable to the Partnership than would be available to the Partnership from any third party; provided, however, that the Partnership shall not incur any such Debt if a breach, violation or default of such Debt would be deemed to occur by virtue of the Transfer by any Limited Partner of any Partnership Interest.
Partner Loans. If the Partnership shall have insufficient cash to pay its obligations, any Partner, with the approval of the Limited Partner and the General Partner, may advance such funds for the Partnership on such terms and conditions as the lending Partner, the Limited Partner, and the General Partner may determine. Each such advance shall constitute a loan from such Partner to the Partnership and shall not constitute a Capital Contribution.
Partner Loans. No Limited Partner (other than SSG) shall be required or permitted to make any loans or otherwise lend any funds to the Partnership. No loans made by any Limited Partner to the Partnership shall have any effect on such Limited Partner’s Base Percentage Interest, such loans representing a debt of the Partnership payable or collectible solely from the assets of the Partnership in accordance with the terms and conditions upon which such loans were made.
Partner Loans. The Partnership Governance Committee may by unanimous Partnership Governance Committee Action, subject to Section 3.8., authorize the CEO to cause the Partnership to borrow money from a Partner.
Partner Loans. If at any time the Net Cash Flow of the Partnership for any fiscal year (or part of a fiscal year) is a negative figure, and the General Partner determines that additional funds are needed for the proper operation and management of the business of the Partnership, the General Partner or any of the Limited Partners may (but shall not be obligated to) make Partner Loans to the Partnership to the extent so determined to be necessary. Partner Loans may be secured or unsecured and shall bear interest at a rate which does not exceed the greater of (a) the prime rate of the bank in which the largest amount of Partnership funds is deposited, as adjusted from time to time, or (b) the interest rate charged to the Partner that makes the loan, if the Partner borrows the money loaned to the Partnership. The amount of any Partner Loan and the interest on any Partner Loan shall be deemed an obligation of the Partnership and shall be payable out of funds of the Partnership prior to any other distributions to Partners. No Partner (including the General Partner) shall have any liability or obligation to make Partner loans.
