Common use of Interim Loans Clause in Contracts

Interim Loans. Distributions under this Section 7.5 may be made, as provided herein, to both Partners of an Affiliated Partner Group at any time. Each Affiliated Partner Group shall be entitled to receive distributions hereunder not more than once during each calendar quarter provided additional distributions can be made with the consent of the General Partner of the other Affiliated Partner Group, which consent shall be granted or withheld in the sole discretion of such other General Partner. Any time the Partnership's cash (excluding cash in the capital fund and any other cash held for a specific project) is greater than the Cash Balance Amount, by written notice to the Partnership both Partners of an Affiliated Partner Group shall be entitled to borrow from the Partnership and the Partnership shall promptly advance to such Partners, their respective Participation Percentages of the Partnership's cash in excess of the Cash Balance Amount. The "Cash Balance Amount" shall initially be $20 million, which amount may be changed from time to time by Unanimous Partnership Governance Committee Action. Any advance hereunder shall (subject to Section 12.11) bear interest at the same rate payable by the Partnership on its working capital facility or if the Partnership has no such facility then at the Agreed Rate. Any advance hereunder shall be repaid by withholding from all distributions otherwise payable to the Partner the amount of the advance plus interest thereon. Amounts withheld shall first be applied to interest and thereafter to principal. Each loan shall have a term of 90 days so that if the amount of the loan plus interest thereon is not repaid from distributions otherwise payable to the Partner within 90 days of the loan, then the Partner shall be required to repay the loan with other funds.