Common use of General Partner Loans Clause in Contracts

General Partner Loans. The General Partner may from time to time advance funds to the Partnership for any proper Partnership purpose as a loan ("Funding Loan"), provided that any such funds must first be obtained by the General Partner from a third party lender, or from the Company which must obtain such funds from a third party lender, and then all of such funds must be loaned by the General Partner to the Partnership on the same terms and conditions, including principal amount, interest rate, repayment schedule and costs and expenses, as shall be applicable with respect to or incurred in connection with such loan with such third party lender. Except for Funding Loans, the General Partner and the Company shall not incur any indebtedness for borrowed funds; provided, however, that any loan proceeds received by the Company may be distributed to its shareholders or other equity holders if such loan and distribution have been approved and determined to be necessary to enable the Company to maintain its status as a REIT under Sections 856 through 860 of the Code by a majority of the Independent Trustees.

General Partner Loans. The General Partner may from time to time advance funds to the Partnership for any proper Partnership purpose as a loan ("Funding Loan"), provided that any such funds must first be obtained by the General Partner from a third party lender, or from the Company which must obtain such funds from a third party lender, and then all of such funds must be loaned by the General Partner to the Partnership on the same terms and conditions, including principal amount, interest rate, repayment schedule and costs and expenses, as shall be applicable with respect to or incurred in connection with such loan with such third party lender. Except for Funding Loans, the General Partner and the Company shall not incur any indebtedness for borrowed funds; provided, however, that any loan proceeds received by the Company General Partner may be distributed to its the Company and, in turn, to the Company's shareholders or other equity holders if such loan and distribution have been approved and determined to be necessary to enable the Company to maintain its status as a REIT under Sections 856 through 856-860 of the Code by a majority of the Independent TrusteesDirectors.

General Partner Loans. The General Partner may from time to time advance funds to the Partnership for any proper Partnership purpose as a loan ("Funding Loan"), provided that any such funds must first be obtained by the General Partner from a third party lender, or from the Company which must obtain such funds from a third party lender, and then all of such funds must be loaned by the General Partner to the Partnership on the same terms and conditions, including principal amount, interest rate, repayment schedule and costs and expenses, as shall be applicable with respect to or incurred in connection with such loan with from such third party lender. Except for Funding Loans, the General Partner and the Company shall not incur any indebtedness for borrowed funds; provided, however, that upon a majority vote of the Independent Directors, any loan proceeds received by the Company General Partner may be distributed to its shareholders or other equity holders if such loan and distribution have been approved and determined by a majority of the Independent Directors to be necessary to enable the Company General Partner to maintain its status as a REIT under Sections 856 through 856-860 of the Code by a majority of the Independent TrusteesCode.

General Partner Loans. The General Partner may from time to time advance funds to the Partnership for any proper Partnership purpose as a loan ("Funding Loan"), provided that any such funds must first be obtained by the General Partner from a third party lender, or from the Company which must obtain such funds from a third party lender, and then all of such funds must be loaned by the General Partner to the Partnership on the same terms and conditions, including principal amount, interest rate, repayment schedule and costs and expenses, as shall be applicable with respect to or incurred in connection with such loan with from such third party lender. Except for Funding Loans, the General Partner and the Company shall not incur any indebtedness for borrowed funds; provided, however, that upon a majority vote of the Independent Directors, any loan proceeds received by the Company General Partner may be distributed to its shareholders or other equity holders if such loan and distribution have been approved and determined by a majority of the Independent Directors to be necessary to enable the Company General Partner to maintain its status as a REIT under Sections 856 through 860 of the Code by a majority of the Independent TrusteesCode.

General Partner Loans. The General Partner may from time to time advance funds to the Partnership for any proper Partnership purpose as a loan ("Funding Loan"), provided that any such funds must first be obtained by the General Partner from a third party lender, or from the Company which must obtain such funds from a third party lender, and then all of such funds must be loaned by the General Partner to the Partnership on the same terms and conditions, including principal amount, interest rate, repayment schedule and costs and expenses, as shall be applicable with respect to or incurred in connection with such loan with such third party lender. Except for Funding Loans, the General Partner and the Company shall not incur any indebtedness for borrowed funds; provided, however, that any loan proceeds received by the Company General Partner may be distributed to its the Company and, in turn, to the Company's shareholders or other equity holders if such loan and distribution have been approved and determined to be necessary to enable the Company to maintain its status as a REIT under Sections 856 through 860 856-859 of the Code by a majority of the Independent Trustees.