Common use of Use of Distributable Proceeds to Fund Drawdowns Clause in Contracts

Use of Distributable Proceeds to Fund Drawdowns. The General Partner may determine to retain and use Distributable Proceeds that otherwise would be distributed to a Limited Partner pursuant to Section 14.3 (Distribution of Distributable Proceeds) to fund all or part of any Capital Contribution that would otherwise be required to be made by such Limited Partner within [sixty (60)] days of the receipt of such Distributable Proceeds. At least ten (10) Business Days prior to the acquisition of a Portfolio Investment out of retained Distributable Proceeds, the General Partner shall provide to each Limited Partner the information required to be provided in a Drawdown Notice issued pursuant to Section 6.2.1 with the 11 Note that some investors require a cap (e.g., 110% of commitments) on total investments that may be possible through recycling. intention and the effect that each Limited Partner has the opportunity to exercise any right to be an Excused Limited Partner that it would have had pursuant to Section 6.7 (Excused Limited Partners) if the Acquisition Cost of such Portfolio Investment had been entirely funded by Drawdowns.

Use of Distributable Proceeds to Fund Drawdowns. The General Partner may determine to retain and use Distributable Proceeds that otherwise would be distributed to a Limited Partner pursuant to Section 14.3 (Distribution of Distributable Proceeds) to fund all or part of any Capital Contribution that would otherwise be required to be made by such Limited Partner within [sixty (60)] days of the receipt of such Distributable Proceeds. At least ten (10) Business Days prior to the acquisition of a Portfolio Investment out of retained Distributable Proceeds, the General Partner shall provide to each Limited Partner the information required to be provided in a Drawdown Notice issued pursuant to Section 6.2.1 with the 11 intention and the effect that each Limited Partner has the opportunity to exercise any right to be an Excused 9 Note that some investors require a cap (e.g., 110% of commitments) on total investments that may be possible through recycling. intention and the effect that each Limited Partner has the opportunity to exercise any right to be an Excused Limited Partner that it would have had pursuant to Section 6.7 (Excused Limited Partners) if the Acquisition Cost of such Portfolio Investment had been entirely funded by Drawdowns.