Common use of Partners as Creditors Clause in Contracts

Partners as Creditors. Any Partner who is a bona fide creditor of the Partnership as a lender thereto or by reason of any other debtor/creditor relationship therewith (including, without limitation, creditor status arising by reason of the making of any Partners' Loan or Partners' Priority Loan) shall be permitted, in the event of any breach thereof or default thereunder, to take such action and to exercise and pursue such other rights, powers or remedies against the Partnership and/or against any other obligor, which rights, powers or remedies are available to such Partner by law, in equity or by contract; and the taking of any such action, the exercise and pursuit of any such right, power or remedy, and the execution or foreclosure on any Partnership property in connection therewith, shall each be understood to be for the benefit of the creditor-Partner only and shall not be deemed or understood to cause or permit a reconstitution of the Partnership for the benefit of any other Partner.

Partners as Creditors. Any Partner who is a bona fide creditor of the Partnership as a lender thereto or by reason of any other debtor/creditor relationship therewith (including, without limitation, creditor status arising by reason in each case with the approval of Partners as and to the making of any Partners' Loan or Partners' Priority Loanextent required hereby) shall be permitted, in the event of any breach thereof or default thereunder, to take such action and to exercise and pursue such other rights, powers or remedies against the Partnership and/or against any other obligor, which rights, powers or remedies is or are available to such Partner by law, in equity or by contract; and the taking of any such action, the exercise and pursuit of any such right, right power or remedy, and the execution or foreclosure on any Partnership property in connection therewith, shall each be understood to be for the benefit of the creditor-/Partner only and shall not be deemed or understood to cause or permit a reconstitution of the Partnership for the benefit of any other Partner.