Common use of Certain Consequences of Default Clause in Contracts

Certain Consequences of Default. Notwithstanding any other ------------------------------- provision of this Agreement, commencing on the Default Date and (i) prior to the Non-Defaulting Partners' collection of Damages through the exercise of its legal remedies or otherwise, or (ii) while the Non-Defaulting Partners are pursuing their remedies under Section 11.2(a) or (b), the Representatives of the ---------------------- Defaulting General Partner shall not have any voting or decisional rights with respect to matters requiring Partnership Governance Committee Action, and such matters shall be determined solely by the Representatives of the Non-Defaulting General Partners; provided, however, that the foregoing loss of voting and decisional rights shall not occur as a result of a Default caused solely by the Bankruptcy of a Partner or a Guarantor described in Section 11.1(a)(iii); and -------------------- provided further, that in the case of a Default under Section 11.1(a)(i) or ---------------- ------------------ (ii), the foregoing loss of voting and decisional rights shall not apply to those voting and decisional rights contained in Sections 6.7(i), (x), (xvi) or ------------------------------ (xviii) of this Agreement, which rights shall continue in full force and effect ------- at all times.

Appears in 2 contracts

Sources: Limited Partnership Agreement (Equistar Chemicals Lp), Limited Partnership Agreement (Lyondell Chemical Co)

Certain Consequences of Default. Notwithstanding any other provision ------------------------------- provision of this Agreement, commencing on the Default Date and (i) prior to the Non-Non- Defaulting Partners' collection of Damages through the exercise of its legal remedies or otherwise, or (ii) while the Non-Defaulting Partners are pursuing their remedies under Section 11.2(a) or (b), the Representatives of the ---------------------- Defaulting General Partner shall not have any voting or decisional rights with respect to matters requiring Partnership Governance Committee Action, and such matters shall be determined solely by the Representatives of the Non-Defaulting General Partners; provided, however, that the foregoing loss of voting and -------- ------- decisional rights shall not occur as a result of a Default caused solely by the Bankruptcy of a Partner or a Guarantor described in Section 11.1(a)(iii); and -------------------- provided further, that in the case of a Default under Section 11.1(a)(i) or ---------------- ------------------ (ii), the foregoing loss of voting and decisional rights shall not apply to ---- those voting and decisional rights contained in Sections 6.7(i), (x), (xvi) or ------------------------------ (xviii) of this Agreement, which rights shall continue in full force and effect ------- at all times.

Appears in 1 contract

Sources: Limited Partnership Agreement (Equistar Funding Corp)