Common use of Defaulting Partners Clause in Contracts

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 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 Distribution Cash. The amount of cash distributable to the Partners as determined under Section 7.3., and in regard to each Partner.