Common use of Adjustment of Limited Partner's Capital Contribution Clause in Contracts

Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is less than 99.99% of $1,068,740 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 75% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Certification and Agreement (WNC Housing Tax Credit Fund VI, L.P., Series 13)

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Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is less than 99.99% of $1,068,740 836,925 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 75% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Certification and Agreement (WNC Housing Tax Credit Fund VI, L.P., Series 13)

Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is are less than 99.99% of $1,068,740 1,209,189 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 7573% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Amended and Restated Agreement (WNC Housing Tax Credit Fund Vi Lp Series 11)

Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is are less than 99.99% of $1,068,740 844,726 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 7573% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Certification and Agreement (WNC Housing Tax Credit Fund Vi Lp Series 10)

Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, at a cost of 75.00% and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is are less than 99.99% of $1,068,740 1,223,025 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 7575.00% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Amended and Restated Agreement (WNC Housing Tax Credit Fund Vi Lp Series 12)

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Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is are less than 99.99% of $1,068,740 1,198,000 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 7573% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Amended and Restated Agreement (WNC Housing Tax Credit Fund Vi Lp Series 11)

Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is are less than 99.99% of $1,068,740 1,216,418 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 7573% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Amended and Restated Agreement (WNC Housing Tax Credit Fund Vi Lp Series 11)

Adjustment of Limited Partner's Capital Contribution. (a) The amount of the Limited Partner's and Special Limited Partner's Capital Contribution was determined in part upon the amount of Tax Credits that were expected to be available to the Partnership, and was based on the assumption that the Partnership would be eligible to claim, in the aggregate, the Projected Tax Credits. If the anticipated amount of Projected Tax Credits to be allocated to the Limited Partner and Special Limited Partner as evidenced by IRS Form 8609, Schedule A thereto, and the audited construction cost certification provided to the Limited Partner and Special Limited Partner is are less than 99.99% of $1,068,740 941,106 (the new Tax Credit amount, if applicable, shall be referred to as the "Revised Projected Tax Credits") then the Limited Partner's and Special Limited Partner's Capital Contribution provided for in Section 7.2 and Section 7.5 respectively shall be adjusted by the amount which will make the total Capital Contribution to be paid by the Limited Partner and Special Limited Partner to the Partnership equal to 7573% of the Revised Projected Tax Credits so anticipated to be allocated to the Limited Partner and Special Limited Partner. If the Capital Contribution adjustment referenced in this Section 7.4(a) is a reduction which is greater than the remaining Capital Contribution to be paid by the Limited Partner and the Special Limited Partner then the General Partner shall have ninety days from the date the General Partner receives notice from either the Limited Partner or the Special Limited Partner to pay the shortfall. If the Capital Contribution adjustment referenced in this Section 7.4(a) is an increase then the Limited Partner and Special Limited Partner shall have ninety days from the date the Limited Partner and Special Limited Partner have received notice from the General Partner to pay the increase.

Appears in 1 contract

Samples: Certification and Agreement (WNC Housing Tax Credit Fund Vi Lp Series 10)

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