Common use of Capital Contributions to the Partnership Clause in Contracts

Capital Contributions to the Partnership. (a) The Partners initially contributed capital to the Partnership in the amounts set forth opposite their respective names on Schedule B to this Agreement. A record of any capital contributions in addition to those listed on Schedule B is maintained on the books of account and records of the Partnership. The Partners shall have no obligation to make any capital contribution other than the initial capital contributions specified on Schedule B to this Agreement. (b) Subject to Section 2.1(a), after the initial capital contributions referred to in Section 2.1(a) were made, the Partners shall make additional capital contributions to the Partnership pro rata in accordance with their respective Sharing Ratios (as defined in Section 2.1(c)). Such capital contributions shall be made from time to time if, as and when the General Partner may approve. (c) The Partners shall receive distributions from the Partnership made pursuant to this Agreement in accordance with their respective undivided percentage ownership interests in the Partnership referred to herein as the sharing ratios (the “Sharing Ratios”). The initial Sharing Ratio of each Partner is set forth opposite such Partner’s name on Schedule B to this Agreement. A record of the Sharing Rations shall be maintained on the books of account and records of the Partnership. The Sharing Ratio means, in respect of each Partner, the ratio that such Partner’s total capital contributions to the Partnership bear to the total capital contributions of all Partners to the Partnership. In the event any Partner fails to contribute its full pro rata portion of an additional capital contribution pursuant to this Section 2.1(c), the Partners’ Sharing Ratios shall be adjusted as appropriate to reflect such ratio.

Appears in 4 contracts

Samples: Limited Partnership Agreement (MI Servicer LP, LLC), Limited Partnership Agreement (MI Servicer LP, LLC), Limited Partnership Agreement (Platinum Security Solutions, Inc.)

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