Capital Contribution of Limited Partners Sample Clauses

Capital Contribution of Limited Partners. The obligation of the Limited Partner to pay the Capital Contribution shall be subject to the satisfaction of the following conditions: (a) The Limited Partner shall make a total Capital Contribution in the amount of $641,829 in cash on the dates and subject to the conditions hereinafter set forth. (1) prior to the initial payment of the Capital Contribution only, the issuance to the Limited Partner of an opinion of the Partnership's legal counsel, in a form substantially similar to the form of opinion attached hereto as Exhibit "B" and incorporated herein by this reference; (2) prior to the initial payment of the Capital Contribution only, the General Partner shall deliver to the Limited Partner a fully executed Certificate and Agreement in the form attached hereto as Exhibit "C" and incorporated herein by this reference; (3) prior to the initial payment of the Capital Contribution only, the Limited Partner shall obtain from the General Partner, with respect to the Project, a construction pro forma reflecting payment of the construction expenses and an operation pro forma reflecting income and expenses; (4) prior to the due date of each installment of such Capital Contribution except the first payment, the issuance to the Limited Partner of a certificate signed by or on behalf of the General Partner in the form attached hereto as Exhibit "D" and incorporated herein by this reference, dated not more than five days prior to such due date, to the effect that all of the representations and warranties set forth in Section 9.10 are accurate; (5) prior to the Capital Contribution payment referenced in Section 7.2(b)(4), the General Partner shall deliver to the Limited Partner the following: (A) Certificate of Occupancy on all the apartment units in the Project; (B) copy of the recorded grant deed (warranty deed); (C) copy of the policy of title insurance issued at Permanent Mortgage Commencement; (D) an audited construction cost certification with an itemized cost breakdown; (E) copies of all Mortgage Loan agreements; (F) copies of all Mortgage Notes; and (G) copy of the Declaration of Restrictive Covenants/Extended Use Agreement entered into between the Partnership and the State Tax Credit Agency responsible for allocating the LIHTC; and (6) prior to the Capital Contribution payment referenced in Section 7.2(b)(4) the General Partner shall deliver to the Limited Partner Internal Revenue Code Form 8609, or any successor form. (b) Provided the conditions of Secti...
Sample 1
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Capital Contribution of Limited Partners. Each Limited Partner shall make a capital contribution on the Closing Date in such amount as may be required by the General Partner as a condition of such admission. Contributions of property, if any, shall be valued at their fair market value in accordance with paragraph 11.2.
Sample 1

Related to Capital Contribution of Limited Partners

  • 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.

  • 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.

  • Capital Contributions of the Partners (a) The General Partner and Initial Limited Partner have made the Capital Contributions as set forth in Exhibit A to this Agreement. (b) To the extent the Partnership acquires any property by the merger of any other Person into the Partnership or the contribution of assets by any other Person, Persons who receive Partnership Interests in exchange for their interests in the Person merging into or contributing assets to the Partnership shall become Partners and shall be deemed to have made Capital Contributions as provided in the applicable merger agreement or contribution agreement and as set forth in Exhibit A, as amended to reflect such deemed Capital Contributions. (c) Each Partner shall own Partnership Units in the amounts set forth for such Partner in Exhibit A and shall have a Percentage Interest in the Partnership as set forth in Exhibit A, which Percentage Interest shall be adjusted in Exhibit A from time to time by the General Partner to the extent necessary to reflect accurately exchanges, additional Capital Contributions, the issuance of additional Partnership Units or similar events having an effect on any Partner’s Percentage Interest. (d) The number of Partnership Units held by the General Partner, in its capacity as general partner, shall be deemed to be the General Partner Interest. (e) Except as provided in Sections 4.2 and 10.5, the Partners shall have no obligation to make any additional Capital Contributions or provide any additional funding to the Partnership (whether in the form of loans, repayments of loans or otherwise) and no Partner shall have any obligation to restore any deficit that may exist in its Capital Account, either upon a liquidation of the Partnership or otherwise.

  • 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:

  • Initial Capital Contribution of Trust Estate As of the date of the Original Trust Agreement, the Seller sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account.

  • Initial Capital Contribution The initial Capital Contribution of the Original Member as of the date of this Agreement will be $ .

  • Initial Capital Contributions The Partners have made, on or prior to the date hereof, Capital Contributions and have acquired the number of Class A Units as specified in the books and records of the Partnership.

  • 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.

  • Member Capital Contributions (Check One)

  • Capital Contributions and Issuance of Partnership Interests Section 5.1

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