Common use of Contributions Prior to the Closing Date Clause in Contracts

Contributions Prior to the Closing Date. In connection with the formation of the Partnership under the Xxxxxxxx Islands Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20, for a 2% General Partner Interest in the Partnership (the “Initial General Partner Interest”) and has been admitted as the General Partner of the Partnership, and the Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980 for a 98% limited partner interest in the Partnership (the “Initial Limited Partner Interest”) and has been admitted as a Limited Partner of the Partnership. As of the Closing Date, the Initial Limited Partner Interest shall be redeemed and the initial Capital Contribution of the Organizational Limited Partner shall be refunded. Ninety-eight percent of any interest or profit that may have resulted from the investment of such initial Capital Contribution shall be allocated and distributed to the Organizational Limited Partner, and the balance shall be allocated and distributed to the General Partner.

Contributions Prior to the Closing Date. (a) In connection with the formation of the Partnership under the Xxxxxxxx Islands Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20, for a 2% General Partner Interest in the Partnership (the “Initial General Partner Interest”) and has been admitted as the General Partner of the Partnership, and the Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980 for a 98% limited partner interest in the Partnership (the “Initial Limited Partner Interest”) and has been admitted as a Limited Partner of the Partnership. As of the Closing Date, the Initial Limited Partner Interest shall be redeemed and the initial Capital Contribution of the Organizational Limited Partner shall be refunded. Ninety-eight percent of any interest or profit that may have resulted from the investment of such initial Capital Contribution shall be allocated and distributed to the Organizational Limited Partner, and the balance shall be allocated and distributed to the General Partner. (b) On November 16, 2007, and pursuant to the First Contribution Agreement, Navios Maritime Holdings contributed all of the outstanding shares of capital stock of Felicity Shipping Corporation to the Partnership in exchange for 4,195,000 Subordinated Units.