Defaulting Partners. (a) In the event any Partner fails to make, when due, any portion of a Capital Contribution required to be contributed by such Partner pursuant to this Agreement or any other payment required to be made by it hereunder, then the Partnership shall promptly provide written notice to such Partner, UST and SIGTARP of such failure. If such Partner fails to make such Capital Contribution or other payment within five (5) Business Days after receipt of such notice then such Partner shall be deemed a “Defaulting Partner” (the amount in respect of which a Defaulting Partner has defaulted being a “Defaulted Amount”) and the General Partner shall immediately notify UST and SIGTARP of such failure.
Defaulting Partners. Subject to Section 6.7 (Excused Limited Partners), if any Partner fails to make all or any portion of any Capital Contribution or any other amount required to be funded by such Limited Partner pursuant to the provisions of this Agreement or any corresponding agreement or with respect to any other Fund Vehicle (including, but not limited to, the obligation to return and contribute distributions to the Fund pursuant to Section 14.7 (Clawback) or Section 16.3 (Limited Partner Giveback)), the General Partner shall notify such Partner in writing of such failure (a “Default Notice”). If such failure continues for [five (5)] Business Days after receipt by such Limited Partner of the Default Notice, then such Partner shall be designated by the General Partner as in “Default” under this Agreement (a “Defaulting Partner”) and shall thereafter be subject to the provisions of this Section 6.6 (Defaulting Partners). The General Partner may, if it determines this to be in the best interests of the Fund and the Non-Defaulting Partners, choose not to designate any Partner as a Defaulting Partner and may agree to waive or permit the cure of any Default by a Partner, subject to such conditions as the General Partner and the Defaulting Partner may agree upon, provided that any such decision not to designate any Affiliated Partner as a Defaulting Partner or to waive or permit the cure of any Default by an Affiliated Partner shall be subject to the prior written consent of the Advisory Committee. The General Partner shall inform the Limited Partners of the occurrence of any such Default and of any action taken by it with respect to any Defaulting Partner within [thirty (30)] days of the Defaulting Partner becoming a Defaulting Partner. A Limited Partner that fails to make all or any portion of any Capital Contribution or other payment required pursuant to this Agreement on the relevant Due Date shall pay or reimburse the Fund for any Damages resulting therefrom. In addition, any amounts that are not duly paid on the relevant Due Date shall accrue interest at a rate of [10]% per annum from the Due Date as specified in the relevant Default Notice until the date the Limited Partner makes the Capital Contribution. Any proceeds received by the Fund pursuant to this Section 6.6.3 and Section 6.6.4, including any amounts that would otherwise have been distributed to such Defaulting Partner, shall (i) first be applied to reimburse the Fund Parties for any related costs and expenses in...
Defaulting Partners. Lyondell GP and Lyondell LP, in the case of a Default by Lyondell GP or Lyondell LP; and CITGO GP and CITGO LP, in the case of a Default by CITGO GP or CITGO LP. Depreciation. For each Calendar Quarter or portion thereof, an amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such period. Notwithstanding the preceding sentence, if the Asset Value (after taking into account any adjustment pursuant to the proviso of Section 7.1.(C)) of an asset differs from its adjusted tax basis on the date such asset is contributed or, if applicable, on the date of any adjustment to Capital Accounts which has taken place pursuant to Section 7.1.(C), Depreciation for any period shall be an amount which bears the same ratio to such Asset Value (as adjusted pursuant to the proviso of Section 7.1.(C)) as the federal income tax depreciation, amortization or other cost recovery deduction for such period bears to such adjusted tax basis, except that in the case of any asset that has a zero adjusted tax basis on either the date of its contribution to the Partnership or on the date of any adjustment pursuant to Section 7.1.(C), Depreciation for any period shall be an amount equal to the product of (i) the Asset Value (as adjusted pursuant to the proviso of Section 7.1.(C)) of such asset on the date of contribution, or, if applicable, the date of the most recent adjustment to Capital Accounts pursuant to Section 7.1.(C) and (ii) the Blended Rate. Distributable Cash. The amount of cash distributable to the Partners as determined under Section 7.3., and in regard to each Partner.
Defaulting Partners. Lyondell GP and Lyondell LP, in the case of a Default by Lyondell GP, Lyondell LP or their Guarantor; Millennium GP and Millennium LP, in the case of a Default by Millennium GP, Millennium LP or their Guarantor; and Occidental GP, Occidental LP1 and Occidental LP2, in the case of a Default by Occidental GP, Occidental LP1, Occidental LP2 or their Guarantor.
Defaulting Partners. Lyondell GP, Lyondell LP, Lyondell (Pelican) LP1 and Lyondell (Pelican) LP2, in the case of a Default by Lyondell GP, Lyondell LP, Lyondell (Pelican) LP1 or Lyondell (Pelican) LP2 or their Guarantor; and Millennium GP and Millennium LP, in the case of a Default by Millennium GP, Millennium LP or their Guarantor.
Defaulting Partners. (i) If a Delinquent Partner fails to pay the Unpaid Amount together with the Penalty Amount to the Partnership or the Timely Partners as provided in Section 2.4(b) on or before the expiration of the Grace Period, such failure shall constitute a "Payment Default" and, if such Payment Default is not thereafter cured in full as provided in Section 2.4(c)(iii), the Delinquent Partner shall for all purposes hereof be considered a "Defaulting Partner" with the effect described herein.
Defaulting Partners. 3.5.1 Notwithstanding any provision of this Agreement to the contrary, if any Limited Partner fails to contribute to the Partnership the amount which is the subject of a Drawdown Notice on or before the date of expiry of such Drawdown Notice then the General Partner may, at any time thereafter while such default is outstanding, give notice (a “Default Notice”) to such Limited Partner requiring it to remedy such default within ten (10) Business Days by payment of the amount due, and also to pay interest to the Partnership on any amount outstanding for the period from the date such balance was due up to the date of payment thereof (or, if earlier, the date of forfeiture of such Limited Partner’s Partnership Interest as provided below) at a rate equal to the lesser of: (a) 12% per annum (compounded daily); or (b) the highest rate permitted by law. Any such interest amount owed to the Partnership shall be allocated to the other non-defaulting Partners in proportion to their respective Capital Contributions in connection with such applicable Drawdown Notice. If the Limited Partner has not remedied such default (including any such interest thereto) upon the expiry of ten (10) Business Days from the date of the Default Notice, the General Partner may designate such Limited Partner as a “Defaulting Partner”, provided that the General Partner may remove such designation at any time thereafter in its sole discretion. If, at any time, a Limited Partner notifies the General Partner that it is or will be unable to contribute to the Partnership the amount that is the subject of a Drawdown Notice on or before the date of expiry of such Drawdown Notice, the General Partner may designate such Limited Partner as a Defaulting Partner, provided that the General Partner may remove such designation at any time thereafter in its sole discretion. In the event of a failure by a Feeder Fund to contribute a portion of the amount that is the subject of a Drawdown Notice, the provisions of this clause 3.5.1 shall apply to the proportionate share of such Feeder Fund’s Partnership Interest. The General Partner shall have the full authority to interpret in good faith the remaining provisions of this clause 3.5 to give effect to the intent of the preceding sentence.
Defaulting Partners. 6.6.1 Subject to Section 6.7 (Excused Limited Partners), if any Partner fails to make all or any portion of any Capital Contribution or any other amount required to be funded by such Limited Partner pursuant to the provisions of this Agreement or any corresponding agreement or with respect to any other Fund Vehicle (including, but not limited to, the obligation to return and contribute distributions to the Fund pursuant to Section 14.7 (Clawback) or Section 16.3 (Limited Partner Giveback)), the General Partner shall notify such Partner in writing of such failure (a “Default Notice”). If such failure continues for [five (5)] Business Days after receipt by such Limited Partner of the Default Notice, then such Partner shall be designated by the General Partner as in “Default” under this Agreement (a “Defaulting Partner”) and shall thereafter be subject to the provisions of this Section 6.6 (Defaulting Partners). The General Partner may, if it determines this to be in the best interests of the Fund and the Non-Defaulting Partners, choose not to designate any Partner as a Defaulting Partner and may agree to waive or permit the cure of any Default by a Partner, subject to such conditions as the General Partner and the Defaulting Partner may agree upon, provided that any such decision not to designate any Affiliated Partner as a Defaulting Partner or to waive or permit the cure of any Default by an Affiliated Partner shall be subject to the prior written consent of the Advisory Committee.
Defaulting Partners. The Partners other than the Defaulting ----------------------- Partners.
Defaulting Partners. No Defaulting Partner may transfer its Interest except (i) as expressly provided under Article 8, and (ii) with the consent of the Nondefaulting Partners.
