ADDITIONAL CAPITAL CONTRIBUTION OF AMERICAN HOMESTAR CORPORATION AND OTHER PARTNERS Sample Clauses

ADDITIONAL CAPITAL CONTRIBUTION OF AMERICAN HOMESTAR CORPORATION AND OTHER PARTNERS. In addition to the contributions required by other provisions of this Agreement, American Homestar Corporation, a limited partner of this Partnership shall have the capital contribution obligations required by this Section 3.2. American Homestar Corporation shall provide for the timely payment as obligations accrue of all funds necessary for (1) the earnest money and extension fees to acquire the property, (2) econoxxx, xxrket, environmental and other feasibility type studies, (3) reimbursement of costs of organization, accounting, survey, preliminary engineering and other reasonable and necessary start up costs and expenses of the types that are often and/or normally incurred for the development of property prior to closing of a development loan (4) other cash amounts required for capital equity interest by the financial institution making the acquisition and/or development loans relating to the Property, and (5) all closing costs for the acquisition and development loans. The foregoing costs shall be reflected on the books of the Partnership as Partner's capital equity. The total obligation of American Homestar Corporation pursuant to this Section 3.2 shall not exceed $500,000.00. Such capital account amount shall be entitled to a Preferred Return of 8% per annum to accrue from the date of each such contribution. The Preferred Return and the balance in the capital account that is created under this Section 3.2 shall be paid to American Homestar Corporation out of Available Cash. To the extent that the aforementioned costs are reimbursed at the closing of the acquisition and/or development loan, American Homestar Corporation will be paid promptly out of such reimbursement funds.
Sample 1
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ADDITIONAL CAPITAL CONTRIBUTION OF AMERICAN HOMESTAR CORPORATION AND OTHER PARTNERS. In addition to the contributions required by other provisions of this Agreement, American Homestar Corporation, a limited partner of this Partnership shall have the capital contribution obligations required by this paragraph 3.2. American Homestar Corporation shall provide for the timely payment as obligations accrue of all funds necessary for (1) the earnest money and extension fees to acquire the property, (2) econoxxx, xxrket, environmental and other feasibility type studies, (3) reimbursement of costs of organization, accounting, survey, preliminary engineering and other reasonable and necessary start up costs and expenses of the types that are often and/or normally incurred for the development of property prior to closing of a development loan (4) other cash amounts required for capital equity interest by the financial institution making the acquisition and/or development loans relating to the Property, (5) recurring interest payments on the acquisition loan between the closing of the acquisition loan and the closing of a future development loan and (6) all closing costs for the acquisition and development loans. The foregoing costs shall not be reimbursed at any loan closing, but shall be reflected on the books of the Partnership as Partner's capital equity. The total of the obligation under this paragraph 3.2 shall not exceed $547,000.00. The amounts in the capital account which results from this paragraph 3.2 shall be subject to a preferred return of 8% per annum to accrue from the date of each such contribution. The preferred return and the balance in the capital account which is created under this paragraph 3.2 shall be paid to this Partner out of available cash flow from operations after payment of all creditors and all financial institution financing for acquisition and development. Partners other than American Homestar Corporation may also make Additional Capital Contributions pursuant to this paragraph and shall receive the same preferred return if they do so.
Sample 1

Related to ADDITIONAL CAPITAL CONTRIBUTION OF AMERICAN HOMESTAR CORPORATION AND OTHER PARTNERS

  • Initial Capital Contribution and Ownership The Trust Beneficial Owner has paid or has caused to be paid to, or to an account at the direction of, the Trustee, on the date hereof, the sum of $15 (or, in the case of Notes issued with original issue discount, such amount multiplied by the issue price of the Notes). The Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of the series of Notes to purchase the Funding Agreement. Upon the creation of the Trust and the registration of the Trust Beneficial Interest in the Securities Register (as defined in the Trust Agreement) by the Registrar in the name of the Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole beneficial owner of the Trust.

  • Formation of the Partnership The Partnership was formed as a limited partnership pursuant to the provisions of the Act and the Original Agreement and continued upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.

  • Partnership Capital A. No Partner shall be paid interest on any Capital Contribution to the Partnership or on such Partner's Capital Account, notwithstanding any disproportion therein as between Partners.

  • Capital Contributions of the Partners (a) The Partners have made the Capital Contributions as set forth in Exhibit A.

  • Interest of Departing General Partner and Successor General Partner (a) In the event of (i) withdrawal of the General Partner under circumstances where such withdrawal does not violate this Agreement or (ii) removal of the General Partner by the holders of Outstanding Units under circumstances where Cause does not exist, if the successor General Partner is elected in accordance with the terms of Section 11.1 or Section 11.2, the Departing General Partner shall have the option, exercisable prior to the effective date of the withdrawal or removal of such Departing General Partner, to require its successor to purchase its General Partner Interest and its or its Affiliates’ general partner interest (or equivalent interest), if any, in the other Group Members and all of its or its Affiliates’ Incentive Distribution Rights (collectively, the “Combined Interest”) in exchange for an amount in cash equal to the fair market value of such Combined Interest, such amount to be determined and payable as of the effective date of its withdrawal or removal. If the General Partner is removed by the Unitholders under circumstances where Cause exists or if the General Partner withdraws under circumstances where such withdrawal violates this Agreement, and if a successor General Partner is elected in accordance with the terms of Section 11.1 or Section 11.2 (or if the business of the Partnership is continued pursuant to Section 12.2 and the successor General Partner is not the former General Partner), such successor shall have the option, exercisable prior to the effective date of the withdrawal or removal of such Departing General Partner (or, in the event the business of the Partnership is continued, prior to the date the business of the Partnership is continued), to purchase the Combined Interest for such fair market value of such Combined Interest. In either event, the Departing General Partner shall be entitled to receive all reimbursements due such Departing General Partner pursuant to Section 7.4, including any employee-related liabilities (including severance liabilities), incurred in connection with the termination of any employees employed by the Departing General Partner or its Affiliates (other than any Group Member) for the benefit of the Partnership or the other Group Members. For purposes of this Section 11.3(a), the fair market value of the Combined Interest shall be determined by agreement between the Departing General Partner and its successor or, failing agreement within 30 days after the effective date of such Departing General Partner’s withdrawal or removal, by an independent investment banking firm or other independent expert selected by the Departing General Partner and its successor, which, in turn, may rely on other experts, and the determination of which shall be conclusive as to such matter. If such parties cannot agree upon one independent investment banking firm or other independent expert within 45 days after the effective date of such withdrawal or removal, then the Departing General Partner shall designate an independent investment banking firm or other independent expert, the Departing General Partner’s successor shall designate an independent investment banking firm or other independent expert, and such firms or experts shall mutually select a third independent investment banking firm or independent expert, which third independent investment banking firm or other independent expert shall determine the fair market value of the Combined Interest. In making its determination, such third independent investment banking firm or other independent expert may consider the then current trading price of Units on any National Securities Exchange on which Units are then listed or admitted to trading, the value of the Partnership’s assets, the rights and obligations of the Departing General Partner, the value of the Incentive Distribution Rights and the General Partner Interest and other factors it may deem relevant.

  • Capitalization of the Partnership Subject to Section 8.2, the Partnership is authorized to issue two classes of Partnership Interests. The Partnership Interests shall be designated as General Partner Interests and Limited Partner Interests, each having such rights, powers, preferences and designations as set forth in this Agreement.

  • Termination of the Partnership The Partnership shall terminate when all assets of the Partnership, after payment or due provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the Partners in the manner provided for in this Article VIII, and the Certificate shall have been canceled in the manner required by the Act.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • SUCCESSOR TO THE HOLDING COMPANY The Holding Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation or otherwise, to all or substantially all the business or assets of the Institution or the Holding Company, expressly and unconditionally to assume and agree to perform the Holding Company's obligations under this Agreement, in the same manner and to the same extent that the Holding Company would be required to perform if no such succession or assignment had taken place.

  • Member and Capital Contribution The name and the business address of the Member and the amount of cash or other property contributed or to be contributed by the Member to the capital of the Company are set forth on Schedule A attached hereto and shall be listed on the books and records of the Company. The managers of the Company shall be required to update the books and records, and the aforementioned Schedule, from time to time as necessary to accurately reflect the information therein. The Member shall not be required to make any additional contributions of capital to the Company, although the Member may from time to time agree to make additional capital contributions to the Company.

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