Common use of Lease Not in Force and Effect Clause in Contracts

Lease Not in Force and Effect. At any such time as the Lease is terminated, expires or is otherwise not in force and effect (other than a No Rebuilding Termination), the following shall occur: (a) The number of Units held by Lyondell (Pelican) LP1 shall be reduced from 6,623 Units to 2,541 Units. (b) If and to the extent Lyondell (Pelican) LP1 and OCC both so elect in writing, OCC and the Partnership shall form a general partnership (the “LC Partnership”) by entering into a partnership agreement having the provisions described in Section 14.2 (the “GPA”). Except as provided in Section 15.1, if Lyondell (Pelican) LP1 and OCC do not make the written election referred to in the immediately preceeding sentence and satisfy their obligations under this Section 14, then the provisions of Section 14.4 shall apply as if Lyondell (Pelican) LP1 had breached its obligations under Section 14.1. (c) The Partnership shall distribute to Lyondell (Pelican) LP1 the balance in its Capital Account. (d) OCC shall cause the Lake Cxxxxxx Facility to be contributed to the LC Partnership, and Lyondell (Pelican) LP1 shall pay to the LC Partnership the amount received pursuant to Section 14.1(c), and OCC shall contribute to the LC Partnership an amount equal to any proceeds of a partial condemnation of the Lake Cxxxxxx Facility received by OCC under the terms of the Lease, and the Partnership shall contribute to the LC Partnership the amount received pursuant to Section 26(b) of the Lease in connection with such termination of the Lease. (e) Immediately after and as a result of the foregoing transactions, the capital account of OCC and the Partnership in the LC Partnership shall be pro rata in accordance with the partners’ equity ownership interests, and Lyondell (Pelican) LP1’s Capital Account shall be the same per Unit as the Capital Accounts of the other Partners (determined without regard to the special allocations in Sections 4.1(a) through (c)). (f) Sections 4.1(e) and (f) shall terminate.

Lease Not in Force and Effect. At any such time as the Lease is terminated, expires or is otherwise not in force and effect (other than a No Rebuilding Termination), the following shall occur: (a) The number of Units held by Lyondell (Pelican) LP1 shall be reduced from 6,623 Units to 2,541 Units. (b) If and to the extent Lyondell (Pelican) LP1 and OCC both so elect in writing, OCC and the Partnership shall form a general partnership (the “LC Partnership”) by entering into a partnership agreement having the provisions described in Section 14.2 (the “GPA”). Except as provided in Section 15.1, if Lyondell (Pelican) LP1 and OCC do not make the written election referred to in the immediately preceeding sentence and satisfy their obligations under this Section 14, then the provisions of Section 14.4 shall apply as if Lyondell (Pelican) LP1 had breached its obligations under Section 14.1. (c) The Partnership shall distribute to Lyondell (Pelican) LP1 the balance in its Capital Account. (d) OCC shall cause the Lake Cxxxxxx Xxxxxxx Facility to be contributed to the LC Partnership, and Lyondell (Pelican) LP1 shall pay to the LC Partnership the amount received pursuant to Section 14.1(c), and OCC shall contribute to the LC Partnership an amount equal to any proceeds of a partial condemnation of the Lake Cxxxxxx Xxxxxxx Facility received by OCC under the terms of the Lease, and the Partnership shall contribute to the LC Partnership the amount received pursuant to Section 26(b) of the Lease in connection with such termination of the Lease. (e) Immediately after and as a result of the foregoing transactions, the capital account of OCC and the Partnership in the LC Partnership shall be pro rata in accordance with the partners’ equity ownership interests, and Lyondell (Pelican) LP1’s Capital Account shall be the same per Unit as the Capital Accounts of the other Partners (determined without regard to the special allocations in Sections 4.1(a) through (c)). (f) Sections 4.1(e) and (f) shall terminate.

Lease Not in Force and Effect. At any such time as the Lease is terminated, expires or is otherwise not in force and effect (other than a No Rebuilding Termination), the following shall occur: (a) The number of Units held by Lyondell (Pelican) LP1 shall be reduced from 6,623 Units to 2,541 Units. (b) If and to the extent Lyondell (Pelican) LP1 and OCC both so elect in writing, OCC and the the; Partnership shall form a general partnership (the “LC Partnership”) by entering into a partnership agreement having the provisions described in Section 14.2 (the “GPA”). Except as provided in Section 15.1, if Lyondell (Pelican) LP1 and OCC do not make the written election referred to in the immediately preceeding sentence and satisfy their obligations under this Section 14, then the provisions of Section 14.4 shall apply as if Lyondell (Pelican) LP1 had breached its obligations under Section 14.1. (c) The Partnership shall distribute to Lyondell (Pelican) LP1 the balance in its Capital Account. (d) OCC shall cause the Lake Cxxxxxx Xxxxxxx Facility to be contributed to the LC Partnership, and Lyondell (Pelican) LP1 shall pay to the LC Partnership the amount received pursuant to Section 14.1(c), and OCC shall contribute to the LC Partnership an amount equal to any proceeds of a partial condemnation of the Lake Cxxxxxx Xxxxxxx Facility received by OCC under the terms of the Lease, and the Partnership shall contribute to the LC Partnership the amount received pursuant to Section 26(b) of the Lease in connection with such termination of the Lease. (e) Immediately after and as a result of the foregoing transactions, the capital account of OCC and the Partnership in the LC Partnership shall be pro rata in accordance with the partners’ equity ownership interests, and Lyondell (Pelican) LP1LPl’s Capital Account shall be the same per Unit as the Capital Accounts of the other Partners (determined without regard to the special allocations in Sections 4.1(a) through (c)). (f) Sections 4.1(e4.1 (e) and (f) shall terminate.. HOU03:1138115.4 51