Allocation of Capital. The Parties hereby confirm that, consistent with the past and current practice of the Parties: (a) all Assets (as defined in the Company’s Articles of Incorporation, filed with the Maryland State Department of Assessments and Taxation, or other organizational document governing the Company, as amended, supplemented or restated from time to time (the “Charter”)) shall be owned directly or indirectly by the OP; (b) the Company shall have no liabilities or obligations (other than any liabilities or obligations of the Company that arise solely in the Company’s capacity as a partner of the OP) that are not assumed by the OP; (c) the Company shall contribute all its capital, including any cash, cash equivalents or property, to the OP pursuant to Article 4 (or any successor provision) of the OP Agreement; provided, that notwithstanding the foregoing clause of this subsection (c), the Company shall not contribute to the OP any distributions paid to the Company under the terms of the OP Agreement; and (d) in connection with any contribution described in subsection (c) above, the OP shall issue Partnership Interests (as defined in the OP Agreement) to the Company pursuant to Article 4 (or any successor provision) of the OP Agreement.
Appears in 4 contracts
Samples: Assignment, Assumption and Allocation Agreement (American Realty Capital Trust IV, Inc.), Assignment, Assumption and Allocation Agreement (American Realty Capital Trust III, Inc.), Assignment, Assumption and Allocation Agreement (American Realty Capital New York Recovery Reit Inc)
