Effect of Operating Losses. For any year in which a General Partner's share of a Loss is sustained that exceeds its previously undistributed Profits, no distributions shall be made to such General Partner in any subsequent year until such excess Loss is recouped, and for subsequent years only Profits in excess of such recoupment shall be treated as Profit for purposes of this Section 3.1.
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Samples: Occidental Petroleum Corp /De/, Lyondell Petrochemical Co, Millennium Chemicals Inc
Effect of Operating Losses. For any year in which a General Partner's -------------------------- share of a Loss is sustained that exceeds its previously undistributed Profits, no distributions shall be made to such General Partner in any subsequent year until such excess Loss is recouped, and for subsequent years only Profits in excess of such recoupment shall be treated as Profit for purposes of this Section 3.1.. ----------- (d)
Appears in 2 contracts
Samples: Lease Agreement (Equistar Chemicals Lp), Lease Agreement (Lyondell Chemical Co)
Effect of Operating Losses. For any year in which a General Partner's share of a Loss is sustained that exceeds its previously undistributed Profits, no distributions shall be made to such General Partner in any subsequent year until such excess Loss is recouped, and for subsequent years only Profits in excess of such recoupment shall be treated as Profit for purposes purpose of this Section 3.1.
Appears in 1 contract
Samples: Lyondell Petrochemical Co
Effect of Operating Losses. For any year in which a General Partner's -------------------------- share of a Loss is sustained that exceeds its previously undistributed Profits, no distributions shall be made to such General Partner in any subsequent year until such excess Loss is recouped, and for subsequent years only Profits in excess of such recoupment shall be treated as Profit for purposes of this Section 3.1.. -----------
Appears in 1 contract
