Common use of Other Current Distributions Clause in Contracts

Other Current Distributions. Distributions, other than those made pursuant to Section 7.2 or Section 12.2, may be declared by the General Partner out of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions) as the General Partner shall determine and shall be made to the Partnership Unit Holders as of the close of business on such record date as the General Partner shall determine on a pro rata basis in accordance with each Partnership Unit Holder’s Percentage Interest as of the close of business on such record date; provided that the General Partner shall have the obligation to make the distributions provided for in Section 2.6 and such distributions shall be made only to the recipients thereof specified in Section 2.6 and shall not be made on a pro rata basis; provided, further, that the General Partner shall have the obligation to make the distributions set forth in Sections 7.1(a), (b) and (c) and Sections 7.2 and 12.2; and provided, further, that, notwithstanding any other provision herein to the contrary, no distributions shall be made to any Partnership Unit Holder or former Partnership Unit Holder to the extent such distribution would render the Partnership insolvent or would otherwise violate the Act. For purposes of the foregoing sentence, insolvency shall mean the inability of the Partnership to meet its payment obligations when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 7.1(d), the General Partner shall give notice to each Partnership Unit Holder of the record date, the amount and terms of the distribution and the payment date thereof.