Yep, I agree with you. Thanks for the clarification. I'm going to remove my post so as not to confuse the issue.

And in that, it negates even more the argument that PTSC is in the process of gaining 100% control of the MMP. For example, PDS pays Alliancense (TPL) for their work in licensing. Funding for that payment comes from either licensing fees, or contribtions by the members (PTSC & TPL). So with that in mind, TPL has an obligation to fund PDS in order for PDS to in return pay Alliacense (TPL). Obviously, if they are borrowing money, TPL either doesn't have the funds to contribute and thus need the loan to make that contribution, OR, they are need the money to pay the Alliacense staff to continue the licensing work in order for them to be reimbursed by PDS for the efforts they've expended on behalf of the MMP.

In either case, unless specifically prohibited by the agreement, PTSC could fund PDS for both portions due, and thus TPL would not have funded their part and thus the transfer of percentages could occur. Based on the loan to TPL, rather than the EXTRA funding to PDS, it seems PTSC is helping TPL to MAINTAIN their ownership percentages in the MMP, not take them over.