1998 Credit Facility Proceeds. At such time as the Partnership enters into the 1998 Credit Facility, the Partnership shall make a special distribution to Millennium LP of $75 million, plus interest on such amounts from May 15, 1998, until such distribution at a per annum rate (based on a year of 360 days and the number of days elapsed) equal to the LIBOR Rate plus 60 basis points (.60%). The interest payments shall be treated as payment for the use of capital to which section 707(c) of the Code applies.
Appears in 3 contracts
Samples: Partnership Agreement (Millennium Chemicals Inc), Limited Partnership Agreement (Occidental Petroleum Corp /De/), Limited Partnership Agreement (Lyondell Petrochemical Co)
1998 Credit Facility Proceeds. At such time as the Partnership enters ----------------------------- into the 1998 Credit Facility, the Partnership shall make a special distribution to Millennium LP of $75 million, plus interest on such amounts from May 15, 1998, until such distribution at a per annum rate (based on a year of 360 days and the number of days elapsed) equal to the LIBOR Rate plus 60 basis points (.60%). The interest payments shall be treated as payment for the use of capital to which section 707(c) of the Code applies.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Equistar Chemicals Lp), Limited Partnership Agreement (Equistar Funding Corp), Limited Partnership Agreement (Lyondell Chemical Co)
