Effect of Feeder Partner Defaults Sample Clauses

Effect of Feeder Partner Defaults. The provisions of Section 2.12 shall apply to each Feeder Vehicle, with respect to each of its Feeder Partners, as if such Feeder Partner held an interest directly in the Fund rather than through such Feeder Vehicle. In particular, upon the default of any Feeder Partner in making required contributions to a Feeder Vehicle and a corresponding failure of such Feeder Vehicle to make its required capital contributions to the Fund, Section 2.12 shall be interpreted and applied as necessary to ensure, to the extent feasible, that only the defaulting Feeder Partner, and none of the Management Company (or any Sponsor Related Limited Partner), the General Partner, or any of their Affiliates, nor any other Feeder Partner of such Feeder Vehicle, is adversely affected as a result of the defaulting Feeder Partner’s default. For this purpose, among other things, rather than notifying such Feeder Vehicle that it will become a Defaulting Partner, the General Partner may notify such Feeder Vehicle that if payment is not made by such Feeder Partner, (a) any election under Section 2.12.1(i) to terminate all or any portion of the Defaulting Partner’s interest in the Fund (including a forfeiture all or any portion of the Defaulting Partner’s Capital Account) (a “Default Charge”) will be applied only to a portion of the interest and Capital Account of such Feeder Vehicle in the Fund corresponding to the Capital Account balance of such Feeder Vehicle which is attributable to the Feeder Partner who has failed to contribute capital to such Feeder Vehicle and (b) the vote or consent of such Feeder Vehicle shall be based upon the Capital Commitment of such Feeder Vehicle less a corresponding amount equal to the Capital Commitment of such Feeder Vehicle which is attributable to such Feeder Partner. For purposes of the reallocation of the Default Charge pursuant to Section 2.11.1(i), any Default Charge imposed on a Feeder Vehicle may be allocated by the Fund to such Feeder Vehicle to reflect amounts which otherwise would have been allocated to the non-defaulting Feeder Partner s of such Feeder Vehicle. If an Feeder Partner fails to contribute capital to a Feeder Vehicle when required, such Feeder Vehicle shall not be separately obligated to contribute such amount to the Fund (unless and until such Equity Feeder Partner makes its contribution) and notwithstanding Section 2.4 may make a partial contribution.
Sample 1
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Related to Effect of Feeder Partner Defaults

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