Common use of Millennium Indemnity Clause in Contracts

Millennium Indemnity. If any Partner, former Partner or a Related Person of any Partner or former Partner is required to pay any portion of the Referenced Obligation (whether paid directly, as a result of the Partner's deficit restoration obligation set forth in Section 12.2(d)(ii) of the Partnership Agreement or the Partner's right of contribution or otherwise) and, as a result, the amount Millennium Indemnitor would otherwise be required to pay pursuant to the Millennium Indemnity is reduced, then Millennium Indemnitor shall pay to such Partner, former Partner or Related Person an amount equal to such reduction. For purposes of the Partnership Agreement, any payment made pursuant to this Section 1 shall be treated as a contribution by the Millennium Indemnitor to the Partnership for the benefit of the Millennium partner named in the Millennium Indemnity, and a distribution by the Partnership to the Partner to which any such payment is made.

Millennium Indemnity. If any Partner, former Partner or a Related Person of any Partner or former Partner is required to pay any portion of the Referenced Obligation (whether paid directly, as a result of the Partner's ’s deficit restoration obligation set forth in Section 12.2(d)(ii) of the Partnership Agreement or the Partner's ’s right of contribution or otherwise) and, as a result, the amount Millennium Indemnitor would otherwise be required to pay pursuant to the Millennium Indemnity is reduced, then Millennium Indemnitor shall pay to such Partner, former Partner or Related Person an amount equal to such reduction. For purposes of the Partnership Agreement, any payment made pursuant to this Section 1 shall be treated as a contribution by the Millennium Indemnitor to the Partnership for the benefit of the Millennium partner named in the Millennium Indemnity, and a distribution by the Partnership to the Partner to which any such payment is made.