Extract to table

Upon the declaration of a Material Impediment Event, the LP Agreement provides for a period of dormancy during which: (i) no further capital calls may be made (subject to limited exceptions for ordinary-course operating expenses and legal costs), (ii) the General Partner shall use commercially reasonable efforts to assess the feasibility of reactivating the investment purpose, and (iii) the General Partner shall deliver quarterly reports to the limited partners regarding the status of the Material Impediment Event and the dormancy

01(b) contains an important qualification: a party whose material breach of any representation, warranty, covenant, or agreement contained in the EPA has been the principal cause of, or principally resulted in, the failure of the closing to occur on or before the Outside Date shall not be entitled to exercise the termination right under Section 9

The dormancy provisions operate as follows: (a) Upon the declaration of a Material Impediment Event, the GP shall notify the limited partners in writing, specifying the nature of the event and the anticipated duration of the dormancy period