Defaulting Partners. (a) In the event any Partner fails to make, when due, any portion of a Capital Contribution required to be contributed by such Partner pursuant to this Agreement or any other payment required to be made by it hereunder, then the Partnership shall promptly provide written notice to such Partner, UST and SIGTARP of such failure. If such Partner fails to make such Capital Contribution or other payment within five (5) Business Days after receipt of such notice then such Partner shall be deemed a “Defaulting Partner” (the amount in respect of which a Defaulting Partner has defaulted being a “Defaulted Amount”) and the General Partner shall immediately notify UST and SIGTARP of such failure.
(b) The Defaulted Amount may be deducted from any distribution of Temporary Investment Income, Investment Proceeds and liquidating distributions that such Defaulting Partner would otherwise receive.
(c) In the event that any Partner defaults in making a Capital Contribution to the Partnership, the General Partner may require all of the Non- Defaulting Partners (other than UST) to increase their Capital Contributions by an aggregate amount equal to the Defaulted Amount. For the avoidance of doubt, UST shall not be required to increase its Capital Contributions in respect of any Defaulted Amount.
(d) Each Partner acknowledges by its execution hereof that it has been admitted to the Partnership in reliance upon its agreements under this Section 7.3 (as well as the other provisions of this Agreement), that the General Partner and the Partnership may have no adequate remedy at law for a breach hereof and that damages resulting from a breach hereof may be impossible to ascertain at the time hereof or of such breach. It is specifically agreed that any amount due to be paid, forfeited or otherwise deducted from any amount otherwise due to be paid to any Partner, or any abrogation of rights in respect of allocations, distributions or withdrawals, due to be made pursuant to the provisions of this Article VII constitutes a specified penalty or consequence permitted by Section 17-306 of the Act. Notwithstanding the foregoing, to the fullest extent not prohibited by law, each of the General Partner and the Partnership hereby waives any action, remedy and/or recovery against UST for any failure to fund any Capital Contribution or any other payment required to be made by UST hereunder other than the remedies set forth in Section 7.3(b).
(e) In the event any Partner (other than UST) becomes...
Defaulting Partners. Subject to Section 6.7 (Excused Limited Partners), if any Partner fails to make all or any portion of any Capital Contribution or any other amount required to be funded by such Limited Partner pursuant to the provisions of this Agreement or any corresponding agreement or with respect to any other Fund Vehicle (including, but not limited to, the obligation to return and contribute distributions to the Fund pursuant to Section 14.7 (Clawback) or Section 16.3 (Limited Partner Giveback)), the General Partner shall notify such Partner in writing of such failure (a “Default Notice”). If such failure continues for [five (5)] Business Days after receipt by such Limited Partner of the Default Notice, then such Partner shall be designated by the General Partner as in “Default” under this Agreement (a “Defaulting Partner”) and shall thereafter be subject to the provisions of this Section 6.6 (Defaulting Partners). The General Partner may, if it determines this to be in the best interests of the Fund and the Non-Defaulting Partners, choose not to designate any Partner as a Defaulting Partner and may agree to waive or permit the cure of any Default by a Partner, subject to such conditions as the General Partner and the Defaulting Partner may agree upon, provided that any such decision not to designate any Affiliated Partner as a Defaulting Partner or to waive or permit the cure of any Default by an Affiliated Partner shall be subject to the prior written consent of the Advisory Committee. The General Partner shall inform the Limited Partners of the occurrence of any such Default and of any action taken by it with respect to any Defaulting Partner within [thirty (30)] days of the Defaulting Partner becoming a Defaulting Partner. A Limited Partner that fails to make all or any portion of any Capital Contribution or other payment required pursuant to this Agreement on the relevant Due Date shall pay or reimburse the Fund for any Damages resulting therefrom. In addition, any amounts that are not duly paid on the relevant Due Date shall accrue interest at a rate of [10]% per annum from the Due Date as specified in the relevant Default Notice until the date the Limited Partner makes the Capital Contribution. Any proceeds received by the Fund pursuant to this Section 6.6.3 and Section 6.6.4, including any amounts that would otherwise have been distributed to such Defaulting Partner, shall (i) first be applied to reimburse the Fund Parties for any related costs and expenses in...
Defaulting Partners. Lyondell GP and Lyondell LP, in the case of a Default by Lyondell GP or Lyondell LP; and CITGO GP and CITGO LP, in the case of a Default by CITGO GP or CITGO LP. Depreciation. For each Calendar Quarter or portion thereof, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such period. Notwithstanding the preceding sentence, if the Asset Value (after taking into account any adjustment pursuant to the proviso of Section 7.1.(C)) of an asset differs from its adjusted tax basis on the date such asset is contributed or, if applicable, on the date of any adjustment to Capital Accounts which has taken place pursuant to Section 7.1.(C), Depreciation for any period shall be an amount which bears the same ratio to such Asset Value (as adjusted pursuant to the proviso of Section 7.1.(C)) as the federal income tax depreciation, amortization or other cost recovery deduction for such period bears to such adjusted tax basis, except that in the case of any asset that has a zero adjusted tax basis on either the date of its contribution to the Partnership or on the date of any adjustment pursuant to Section 7.1.(C), Depreciation for any period shall be an amount equal to the product of (i) the Asset Value (as adjusted pursuant to the proviso of Section 7.1.(C)) of such asset on the date of contribution, or, if applicable, the date of the most recent adjustment to Capital Accounts pursuant to Section 7.1.(C) and (ii) the Blended Rate. Distributable Cash. The amount of cash distributable to the Partners as determined under Section 7.3., and in regard to each Partner.
Defaulting Partners. Lyondell GP and Lyondell LP, in the case of a Default by Lyondell GP, Lyondell LP or their Guarantor; Millennium GP and Millennium LP, in the case of a Default by Millennium GP, Millennium LP or their Guarantor; and Occidental GP, Occidental LP1 and Occidental LP2, in the case of a Default by Occidental GP, Occidental LP1, Occidental LP2 or their Guarantor.
Defaulting Partners. Lyondell GP, Lyondell LP, Lyondell (Pelican) LP1 and Lyondell (Pelican) LP2, in the case of a Default by Lyondell GP, Lyondell LP, Lyondell (Pelican) LP1 or Lyondell (Pelican) LP2 or their Guarantor; and Millennium GP and Millennium LP, in the case of a Default by Millennium GP, Millennium LP or their Guarantor.
Defaulting Partners. No Defaulting Partner may transfer its Interest except (i) as expressly provided under Article 8, and (ii) with the consent of the Nondefaulting Partners.
Defaulting Partners. The Partners other than the Defaulting ----------------------- Partners.
Defaulting Partners. 21 4.3 Requirements for Admission as Limited Partner...........................23 4.4
Defaulting Partners and Section 6.6.46.6(d)
Defaulting Partners including any amounts that would otherwise have been distributed to such Defaulting Partner, shall (i) first be applied to reimburse the Fund Parties for any related costs and expenses incurred due to such Defaulting Partner’'s Default as determined by the General Partner and notified to the Defaulting Partner by the General Partner, and (ii) thereafter be distributed to the Limited Partners who are not Defaulting Partners (the “"Non-Defaulting Partners”") pursuant to Article 14 (Distributions; Allocations) if attributable to a Portfolio Investment and otherwise in proportion to their Commitments (provided that a Non-Defaulting Partner shall not receive a distribution with respect to a Portfolio Investment with respect to which such Limited Partnerit is an Excused Limited Partner).