Common use of Compensation of the General Partner Clause in Contracts

Compensation of the General Partner. A. Except as provided in Articles Four and Five, the General Partner shall not, either in its capacity as General Partner or in its individual capacity, receive any salary, fees or profits from the Limited Partnership. B. In consideration of its payment of Organization and Offering Costs, the General Partner shall be paid by the Limited Partnership an amount equal to 3.5% of the Unit Holders' Subscriptions as provided in Section 3.5. The General Partner shall be reimbursed by the Limited Partnership for General and Administrative Costs and Direct Administrative Costs incurred by it on behalf of the Limited Partnership, and such costs shall be allocated among the Partners as set forth in Section 5.2 of this Agreement. The aggregate amount of General and Administrative Costs allocable to the accounts of the Unit Holders for which the General Partner will be reimbursed by the Limited Partnership and the Managing Partner by the Production Partnership will not (i) in the first 12 months following Activation of the Limited Partnership, exceed an amount equal to 2.5% of the Unit Holders' Subscription, and (ii) in any succeeding 12 month period, exceed an amount equal to 1% of the Unit Holders' Subscriptions. All General and Administrative costs allocable to the accounts of the Unit Holders will be paid solely out of Income allocable to the Unit Holders. To the extent that Partnership Income is insufficient to permit reimbursement of such General and Administrative Costs in the period in which they are incurred or accrued or the amounts actually reimbursed by the Partnerships do not exceed the forgoing limitations, such unpaid or unused General and Administrative Costs may be carried forward or backwards and charged against Income or increase the maximum amount of reimbursable General and Administrative Costs for any other period. The General Partner shall be paid any excess of interest income over the costs incurred in connection with the maintenance of the reinvestment account referred to in Section 5.l(B)(i).

Compensation of the General Partner. A. Except as provided in Articles Four and Five, the General Partner shall not, either in its capacity as General Partner or in its individual capacity, receive any salary, fees or profits from the Limited Partnership. B. In consideration of its payment of Organization and Offering Costs, the General Partner shall be paid by the Limited Partnership an amount equal to 3.5% of the Unit Holders' Subscriptions as provided in Section 3.5upon Activation of the Limited Partnership. The General Partner shall be reimbursed by the Limited Partnership for General and Administrative Costs and Direct Administrative Costs incurred by it on behalf of the Limited Partnership, and such costs shall be allocated among the Partners as set forth in Section 5.2 of this Agreement. The aggregate amount of General and Administrative Costs allocable to the accounts of the Unit Holders for which the General Partner will be reimbursed by the Limited Partnership and the Managing Partner by the Production NPI Partnership will not (i) in the first 12 months following Activation of the Limited Partnership, exceed an amount equal to 2.5% of the Unit Holders' Subscription, and (ii) in any succeeding 12 month period, exceed an amount equal to 1% of the Unit Holders' Subscriptions. All General and Administrative costs allocable to the accounts of the Unit Holders will be paid solely out of cash generated from Limited Partnership Income allocable otherwise distributable to the Unit Holders. To the extent that Partnership Income is insufficient to permit reimbursement of generate cash sufficient to pay such General and Administrative Costs in the period in which they are incurred or accrued or if the General Partner, in its sole discretion, elects to defer payment of such General and Administrative Costs (and not charge interest thereon during such deferred period), and in either case the amounts actually reimbursed by the Partnerships Limited Partnership do not exceed the forgoing limitations, such unpaid or unused unreimbursed General and Administrative Costs may be carried forward or backwards and charged against paid out of cash generated from Limited Partnership Income otherwise available in the future for distribution to the Unit Holders or increase the maximum amount of reimbursable General and Administrative Costs for any other period. The General Partner shall be paid any excess of interest income over the costs incurred in connection with the maintenance of the reinvestment account referred to in Section 5.l(B)(i5.1(B)(i).

Compensation of the General Partner. A. Except as provided in Articles Four and Five, the General Partner shall not, either in its capacity as General Partner or in its individual capacity, receive any salary, fees or profits from the Limited Partnership. B. In consideration of its payment of Organization and Offering Costs, the General Partner shall be paid by the Limited Partnership an amount equal to 3.5% of the Unit Holders' Subscriptions as provided in Section 3.5. The General Partner shall be reimbursed by the Limited Partnership for General and Administrative Costs and Direct Administrative Costs incurred by it on behalf of the Limited Partnership, and such costs shall be allocated among the Partners as set forth in Section 5.2 of this Agreement. The aggregate amount of General and Administrative Costs allocable to the accounts of the Unit Holders for which the General Partner will be reimbursed by the Limited Partnership and the Managing Partner by the Production Partnership will not (i) in the first 12 months following Activation of the Limited Partnership, exceed an amount equal to 2.5% of the Unit Holders' Subscription, and (ii) in any succeeding 12 month period, exceed an amount equal to 1% of the Unit Holders' Subscriptions. All General and Administrative costs allocable to the accounts of the Unit Holders will be paid solely out of Income allocable to the Unit Holders. To the extent that Partnership Income is insufficient to permit reimbursement of such General and Administrative Costs in the period in which they are incurred or accrued or the amounts actually reimbursed by the Partnerships do not exceed the forgoing limitations, such unpaid or unused General and Administrative Costs may be carried forward or backwards and charged against Income or increase the maximum amount of reimbursable General and Administrative Costs for any other period. The General Partner shall be paid any excess of interest income over the costs incurred in connection with the maintenance of the reinvestment account referred to in Section 5.l(B)(i5.1(B)(i).

Compensation of the General Partner. A. Except as provided in Articles Four and Five, the General Partner shall not, either in its capacity as General Partner or in its individual capacity, receive any salary, fees or profits from the Limited Partnership. B. In consideration of its payment of Organization and Offering Costs, the General Partner shall be paid by the Limited Partnership an amount equal to 3.5% of the Unit Holders' Subscriptions as provided in Section 3.5. The General Partner shall be reimbursed by the Limited Partnership for General and Administrative Costs and Direct Administrative Costs incurred by it on behalf of the Limited Partnership, and such costs shall be allocated among the Partners as set forth in Section 5.2 of this Agreement. The aggregate amount of General and Administrative Costs allocable to the accounts of the Unit Holders for which the General Partner will be reimbursed by the Limited Partnership and the Managing Partner by the Production Partnership will not (i) in the first 12 months following Activation of the Limited Partnership, exceed an amount equal to 2.5% of the Unit Holders' Subscription, and (ii) in any succeeding 12 month period, exceed an amount equal to 1% of the Unit Holders' Subscriptions. All General and Administrative costs allocable to the accounts of the Unit Holders will be paid solely out of Income income allocable to the Unit Holders. To the extent that Partnership Income is insufficient to permit reimbursement of such General and Administrative Costs in the period in which they are incurred or accrued or the amounts actually reimbursed by the Partnerships do not exceed the forgoing limitations, such unpaid or unused General and Administrative Costs may be carried forward or backwards and charged against Income or increase the maximum amount of reimbursable General and Administrative Costs for any other period. The General Partner shall be paid any excess of interest income over the costs incurred in connection with the maintenance of the reinvestment account referred to in Section 5.l(B)(i).

Compensation of the General Partner. A. Except as provided in Articles Four and Five, the General Partner shall not, either in its capacity as General Partner or in its individual capacity, receive any salary, fees or profits from the Limited Partnership. B. In consideration of its payment of Organization and Offering Costs, the General Partner shall be paid by the Limited Partnership an amount equal to 3.5% of the Unit Holders' Subscriptions as provided in Section 3.5upon Activation of the Limited Partnership. The General Partner shall be reimbursed by the Limited Partnership for General and Administrative Costs and Direct Administrative Costs incurred by it on behalf of the Limited Partnership, and such costs shall be allocated among the Partners as set forth in Section 5.2 of this Agreement. The aggregate amount of General and Administrative Costs allocable to the accounts of the Unit Holders for which the General Partner will be reimbursed by the Limited Partnership and the Managing Partner by the Production NPI Partnership will not (i) in the first 12 months following Activation of the Limited Partnership, exceed an amount equal to 2.5% of the Unit Holders' Subscription, and (ii) in any succeeding 12 month period, exceed an amount equal to 1% of the Unit Holders' Subscriptions. All General and Administrative costs allocable to the accounts of the Unit Holders will be paid solely out of cash generated from Limited Partnership Income allocable otherwise distributable to the Unit Holdersholders. To the extent that Partnership Income is insufficient to permit reimbursement of generate cash sufficient to pay such General and Administrative Costs in the period in which they are incurred or accrued or if the General Partner, in its sole discretion, elects to defer payment of such General and Administrative Costs (and not charge interest thereon during such deferred period), and in either case the amounts actually reimbursed by the Partnerships Limited Partnership do not exceed the forgoing limitations, such unpaid or unused unreimbursed General and amid Administrative Costs may be carried forward or backwards and charged against paid out of cash generated from Limited Partnership Income otherwise available in the future for distribution to the Unit Holders or increase the maximum amount of reimbursable General and Administrative Costs for any other period. The General Partner shall be paid any excess of interest income over the costs incurred in connection with the maintenance of the reinvestment account referred to in Section 5.l(B)(i).