Certain Returns of Capital. A. Any portion of the Capital Contribution of the Partnership (except for necessary operating capital) that has not been expended or that is not, or in the determination of the General Partner, will not be committed for expenditure by the second anniversary of the Activation of the Partnership will promptly be refunded to the Unit Holders as a return of part of their Capital Contributions at the earlier of such determination of the second anniversary of the Activation of the Partnership. In addition, the General Partner shall contribute cash to the Partnership (with respect to which its Capital Account will be credited) in an amount equal to that portion of the total of (i) the amount paid to the General Partner in respect of the Acquisitions and Operations Fee, (ii) the amount paid to the General Partner in consideration of its payment of the Organization and Offering Costs, and (iii) the Commissions, which are attributable (on a proportionate basis) to the unexpended amount of Capital Contributions so refunded, which cash shall be refunded to the Unit Holders together with the unexpended Capital Contributions so refunded. All amounts so refunded to the Unit Holders shall reduce dollar for dollar their Capital Accounts. B. The Prospectus may provide that if certain conditions (which may include the condition that the General Partner, on behalf of the Partnership, has acquired or entered into a commitment to acquire interests in Producing Properties which the General Partner believes will meet certain objectives described in such Prospectus) have not been satisfied on or before a specified date, the Partnership will return all Unit Holders' Subscriptions together with all interest earned thereon. If such conditions are a term of the offering of the Units and by such specified date such conditions have not been met, then the General Partner will return all Unit Holders' Subscriptions together with all interest thereon and the Partnership shall thereupon be dissolved and terminated in accordance with the terms hereof. To the extent any Acquisitions and Operations Fees, payments in respect of Organization and Offering Costs and Commissions have been paid, the General Partner will make cash contributions to the Partnership in the same manner as provided in Section 3.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Geodyne Energy Income LTD Partnership Iii-G), Limited Partnership Agreement (Geodyne Energy Income LTD Partnership Iii-G)
Certain Returns of Capital. A. Any portion of the Capital Contribution of the Partnership Unit Holders (except for necessary operating capitalcapital and amounts reserved for identified activities) that has not been expended or that is notcommitted for use for the acquisition of interests in Producing Properties, as evidenced by a written agreement, or in the determination of the General Partner, Partner will not be committed for expenditure such use, by the second anniversary of the Activation of the Partnership will promptly be refunded prorate to the Unit Holders as a return of part of their Capital Contributions at the earlier of such determination of or the second anniversary of the Activation of the Partnership. In addition, the General Partner shall contribute return cash to the Partnership (with respect to which its Capital Account will be credited) in an amount equal to that portion of the total of (i) the amount paid to the General Partner in respect of the Acquisitions and Operations Fee, (ii) the amount paid to the General Partner in consideration of its payment of the Organization and Offering Costs, and (iii) the Commissions, which are attributable (on a proportionate basis) to the unexpended amount of Capital Contributions so refunded, which cash shall be refunded pro rata to the Unit Holders together with the unexpended Capital Contributions so refunded. All amounts so refunded to the Unit Holders shall reduce dollar for dollar their Capital Accounts.
B. The Prospectus may provide that if certain conditions (which may include include, without limitation, the condition that the General Partner, on behalf of the Partnership, has acquired or entered into a commitment to acquire interests in Producing Properties which the General Partner believes will meet certain objectives described in such Prospectus) have not been satisfied on or before a specified date, the Partnership will return all or part of the Unit Holders' Subscriptions Capital Contributions together with all interest earned thereon. If such conditions are a term of the offering of the Units and by such specified date such conditions have not been met, then the General Partner will return all Unit Holders' Subscriptions Capital Contributions together with all interest thereon and the Partnership shall thereupon be dissolved and terminated in accordance with the terms hereof. To the extent any Acquisitions and Operations Fees, payments in respect of Organization and Offering Costs Costs, and Commissions have been paid, the General Partner will make cash contributions to the Partnership in the same manner as provided in Section 3.3.3A.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Geodyne Institutional Pension Energy Inc LTD Partnership P-7), Limited Partnership Agreement (Geodyne Institutional Pension Energy Inc LTD Partnership P-7)
Certain Returns of Capital. A. Any portion of the Capital Contribution of the Partnership (except for necessary operating capital) that has not been expended or that is not, or in the determination of the General Partner, will not be committed for expenditure by the second anniversary of the Activation of the Partnership will promptly be refunded to the Unit Holders as a return of part of their Capital Contributions at the earlier of such determination of the second anniversary of the Activation of the Partnership. In addition, the General Partner shall contribute cash to the Partnership (with respect to which its Capital Account will be credited) in an amount equal to that portion of the total of (iI) the amount paid to the General Partner in respect of the Acquisitions and Operations Fee, (ii) the amount paid to the General Partner in consideration of its payment of the Organization and Offering Costs, and (iii) the Commissions, which are attributable (on a proportionate basis) to the unexpended amount of Capital Contributions so refunded, which cash shall be refunded to the Unit Holders together with the unexpended Capital Contributions so refunded. All amounts so refunded to the Unit Holders shall reduce dollar for dollar their Capital Accounts.
B. The Prospectus may provide that if certain conditions (which may include the condition that the General Partner, on behalf of the Partnership, has acquired or entered into a commitment to acquire interests in Producing Properties which the General Partner believes will meet certain objectives described in such Prospectus) have not been satisfied on or before a specified date, the Partnership will return all Unit Holders' Subscriptions together with all interest earned thereon. If such conditions are a term of the offering of the Units and by such specified date such conditions have not been met, then the General Partner will return all Unit Holders' Subscriptions together with all interest thereon and the Partnership shall thereupon be dissolved and terminated in accordance with the terms hereof. To the extent any Acquisitions and Operations Fees, payments in respect of Organization and Offering Costs and Commissions have been paid, the General Partner will make cash contributions to the Partnership in the same manner as provided in Section 3.
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Samples: Limited Partnership Agreement (Geodyne Energy Income LTD Partnership Iii-G)