Common use of Contributions of the Partners Clause in Contracts

Contributions of the Partners. i. The General Partner shall maintain its Capital Account with the Partnership at all times at a level equal to at least 10% of the aggregate of all Partners’ Capital Accounts (the “Minimum GP Holding Level”). Prior to or contemporaneous with accepting any Capital Contributions from prospective or existing Limited Partners as of any Closing Day, the General Partner shall make additional Capital Contributions in such amounts so that its Capital Account satisfies the Minimum GP Holding Level, as adjusted based on the expected aggregate of all Partners’ Capital Accounts after giving effect to such prospective or existing Partners’ Capital Contributions. The General Partner shall provide the Company with information concerning the balance of the General Partner’s Capital Account upon reasonable request. ii. Subject to the requirements of Section 3.1.1, the General Partner shall have the right, but not the obligation (except as set forth in Section 3.5.6), in its discretion, to admit additional Limited Partners that are Excluded Investors to the Partnership or accept additional Capital Contributions from the Partners as of any Closing Day. iii. Contributions to the Partnership’s capital (“Capital Contributions”) made by Limited Partners shall take the form of cash. The General Partner may, in its discretion, however, permit Limited Partners to contribute marketable Securities to the Partnership, subject to terms and conditions determined by the General Partner in its discretion. In the event that an existing Partner makes an additional Capital Contribution and/or the General Partner offers new Interests and/or create new classes, sub-classes, series, tranches or lots pursuant to Section 2.7, the General Partner may create additional Capital Accounts to properly account for such additional Capital Contributions, any new Interests offered, classes, sub-classes, series, tranches or lots created and/or for purposes of determining the terms applicable to the Interests, including terms relating to withdrawals set forth in this Agreement.

Appears in 1 contract

Samples: Exempted Limited Partnership Agreement (Third Point Reinsurance Ltd.)

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Contributions of the Partners. i. 3.1.1 The General Partner shall maintain its Capital Account with the Partnership at all times at a level equal to at least 10% of the aggregate of all Partners’ Capital Accounts (the “Minimum GP Holding Level”). Prior to or contemporaneous with accepting any Capital Contributions from prospective or existing Limited Partners as of any Closing Day, the General Partner shall make additional Capital Contributions in such amounts so that its Capital Account satisfies the Minimum GP Holding Level, as adjusted based on the expected aggregate ACTIVE 277660570v.12 of all Partners’ Capital Accounts after giving effect to such prospective or existing Partners’ Capital Contributions. The General Partner shall provide the Company with information concerning the balance of the General Partner’s Capital Account upon reasonable request. ii. 3.1.2 Subject to the requirements of Section 3.1.1, the General Partner shall have the right, but not the obligation (except as set forth in Section 3.5.63.5.7), in its discretion, to admit additional Limited Partners that are Excluded Investors to the Partnership or accept additional Capital Contributions from the Partners as of any Closing Day. iii. 3.1.3 Contributions to the Partnership’s capital (“Capital Contributions”) made by Limited Partners shall take the form of cash. The General Partner may, in its discretion, however, permit Limited Partners to contribute marketable Securities to the Partnership, subject to terms and conditions determined by the General Partner in its discretion. In the event that an existing Partner makes an additional Capital Contribution and/or the General Partner offers new Interests and/or create new classes, sub-classes, series, tranches or lots pursuant to Section 2.7, the General Partner may create additional Capital Accounts to properly account for such additional Capital Contributions, any new Interests offered, classes, sub-classes, series, tranches or lots created and/or for purposes of determining the terms applicable to the Interests, including terms relating to withdrawals set forth in this Agreement.

Appears in 1 contract

Samples: Exempted Limited Partnership Agreement (SiriusPoint LTD)

Contributions of the Partners. i. 3.1.1 The General Partner shall maintain its Capital Account with the Partnership at all times at a level equal to at least ten percent (10% %) of the aggregate of all Partners’ Capital Accounts (the “Minimum GP Holding Level”). Prior to or contemporaneous with accepting any Capital Contributions from prospective or existing Limited Partners as of any Closing Day, the General Partner shall make additional Capital Contributions in such amounts so that its Capital Account satisfies the Minimum GP Holding Level, as adjusted based on the expected aggregate of all Partners’ Capital Accounts after giving effect to such prospective or existing Partners’ Capital Contributions. The General Partner shall provide the Company TP Re with information concerning the balance of the General Partner’s Capital Account upon reasonable request. ii3.1.2 On the Initial Closing Day, TP Re shall make an initial Capital Contribution to the Partnership consisting of its Investable Assets and shall be admitted as a Limited Partner. Subject to the requirements of Section 3.1.1, the General Partner shall have the right, but not the obligation (except as set forth in Section 3.5.63.5(h)), in its sole discretion, to admit additional Limited Partners that are Excluded Investors to the Partnership or accept additional Capital Contributions from the Partners as of any Closing Day. iii. Contributions 3.1.3 Other than the contributions of Investable Assets by TP Re on the Initial Closing Day, contributions to the Partnership’s capital (“Capital Contributions”) made by Limited Partners shall take the form of cash. The General Partner may, in its sole discretion, however, permit Limited Partners to contribute marketable Securities to the Partnership, subject to terms and conditions determined by the General Partner in its sole discretion. In the event that an existing Partner makes an additional Capital Contribution and/or the General Partner offers new Interests and/or create new classes, sub-classes, series, tranches or lots pursuant to Section 2.7, the General Partner may create additional Capital Accounts to properly account for such additional Capital Contributions, any new Interests offered, classes, sub-classes, series, tranches or lots created and/or for purposes of determining the terms applicable to the Interests, including terms relating to withdrawals set forth in this Agreement.

Appears in 1 contract

Samples: Exempted Limited Partnership Agreement (Third Point Reinsurance Ltd.)

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Contributions of the Partners. i. 3.1.1 The General Partner shall maintain its Capital Account with the Partnership at all times at a level equal to at least 10% of the aggregate of all Partners’ Capital Accounts (the “Minimum GP Holding Level”). Prior to or contemporaneous with accepting any Capital Contributions from prospective or existing Limited Partners as of any Closing Day, the General Partner shall make additional Capital Contributions in such amounts so that its Capital Account satisfies the Minimum GP Holding Level, as adjusted based on the expected aggregate of all Partners’ Capital Accounts after giving effect to such prospective or existing Partners’ Capital Contributions. The General Partner shall provide the Company TP Re with information concerning the balance of the General Partner’s Capital Account upon reasonable request. ii3.1.2 On the Initial Closing Day, TP Re made an initial Capital Contribution to the Partnership consisting of its Investable Assets and was admitted as a Limited Partner. Subject to the requirements of Section 3.1.1, the General Partner shall have the right, but not the obligation (except as set forth in Section 3.5.63.5.8), in its discretion, to admit additional Limited Partners that are Excluded Investors to the Partnership or accept additional Capital Contributions from the Partners as of any Closing Day. iii. Contributions 3.1.3 Other than the contributions of Investable Assets by TP Re on the Initial Closing Day, contributions to the Partnership’s capital (“Capital Contributions”) made by Limited Partners shall take the form of cash. The General Partner may, in its discretion, however, permit Limited Partners to contribute marketable Securities to the Partnership, subject to terms and conditions determined by the General Partner in its discretion. In the event that an existing Partner makes an additional Capital Contribution and/or the General Partner offers new Interests and/or create new classes, sub-classes, series, tranches or lots pursuant to Section 2.7, the General Partner may create additional Capital Accounts to properly account for such additional Capital Contributions, any new Interests offered, classes, sub-classes, series, tranches or lots created and/or for purposes of determining the terms applicable to the Interests, including terms relating to withdrawals set forth in this Agreement.

Appears in 1 contract

Samples: Exempted Limited Partnership Agreement (Third Point Reinsurance Ltd.)

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