Adjustment of Capital Contribution Sample Clauses

Adjustment of Capital Contribution. (1) As evidenced by IRS Form 8609 and the audited construction cost certification, if the Limited Partner's 99% interest in the Tax Credit is different than $1,116,250 then the Capital Contribution provided for in Section 7.2 shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner to the Partnership equal to 57.5% of the total Tax Credits allocated to the Limited Partner. In the event there is a reduction in the Capital Contribution pursuant to this Section 7.4, Projected Tax Credits shall thereafter be referred to as the "Revised Projected Tax Credits." Notwithstanding the provision of this Section, if the Limited Partner has closed its offering to sell its limited partnership interest to the public prior to receipt of a notice of an increase in the Limited Partner's 99% Interest in the Tax Credits then the Partners consent and agree that the Limited Partner is not required to increase its Capital Contribution pursuant to this Section 7.4(a)(1)and (a)(2). (2) As evidenced by the IRS Form 8609, if the total Tax Credit allocated to the Partnership is different than $112,750 per year, then the Capital Contribution of the Special Limited Partner shall be adjusted to equal the amount of the total annual Tax Credits allocated to the Partnership. (b) If the Capital Contribution of the Limited Partner and the Special Limited Partner are to be adjusted pursuant to this Section 7.4 during the period when the Limited Partner is required to make their Capital Contribution, then the amount of the adjustment shall be applied to the next Capital Contribution owed by the Limited Partner. If the Capital Contribution reduction referenced in this Section 7.4 is greater than the balance of a Limited Partner's Capital Contribution payments ("Reduction Shortfall") then the amount of the Reduction Shortfall shall be paid by the General Partner to such Limited Partner within ninety days of the General Partner receiving notice of the Reduction Shortfall from the Limited Partner. (c) The General Partner will use its best efforts to rent 100% of the Project's apartment units to Qualified Tenants over the fifteen (15) year LIHTC life. If at any time the Accountants determine that the Actual Tax Credit for any fiscal year or portion thereof is less than the Projected Tax Credit, or the Revised Projected Tax Credit, if applicable, pertaining to such fiscal year or portion thereof, then the Capital Contribution of the Limited Par...
Sample 1
AutoNDA by SimpleDocs

Related to Adjustment of Capital Contribution

  • Return of Capital Contribution From time to time the Partnership may have cash in excess of the amount required for the conduct of the affairs of the Partnership, and the General Partner may, with the Consent of the Special Limited Partner, determine that such cash should, in whole or in part, be returned to the Partners, pro rata, in reduction of their Capital Contribution. No such return shall be made unless all liabilities of the Partnership (except those to Partners on account of amounts credited to them pursuant to this Agreement) have been paid or there remain assets of the Partnership sufficient, in the sole discretion of the General Partner, to pay such liabilities.

  • Return of Capital Contributions No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner’s Capital Contribution for so long as the Partnership continues in existence.

  • Interest on and Return of Capital Contributions No Member shall be entitled to interest on its Capital Contribution or to return of its Capital Contribution, except as otherwise specifically provided for herein.

  • Member Capital Contributions (Check One)

  • Additional Funds and Capital Contributions 30 SECTION 4.4 NO INTEREST; NO RETURN................................................................... 31 SECTION 4.5 NOTE DEFICIENCY CAPITAL CONTRIBUTION..................................................... 31

  • Limitations on Return of Capital Contributions Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets.

  • 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.

  • Capital Contributions Distributions 17 TABLE OF CONTENTS (continued)

  • Members Capital Contributions a) Single-Member Capital Contributions (Applies ONLY if Single-Member): The Member may make such capital contributions (each a “Capital Contribution”) in such amounts and at such times as the Member shall determine. The Member shall not be obligated to make any Capital Contributions. The Member may take distributions of the capital from time to time in accordance with the limitations imposed by the Statutes. b) Multi-Member (Applies ONLY if Multi-Member): The Members have contributed the following capital amounts to the Company as set forth below and are not obligated to make any additional capital contributions:

  • Capital Contribution Capital Contribution" means any contribution to the capital of the Company in cash or property by the Sole Member pursuant to Article V.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!