Initial Offering Period Sample Clauses

Initial Offering Period. (a) The period beginning on February 2, 2004, and ending on November 2, 2004, is referred to herein as the “Initial Offering Period”. All Subscription Agreements entered into prior to the end of the Initial Offering Period shall provide for the issuance of Units at the Initial Offering Price; provided that any such Subscription Agreement may, in the discretion of the Managing General Partner, provide for the issuance of Units at a price different from the Initial Offering Price in any Subscription Agreement entered into after the date of this Agreement if, in the reasonable determination of the Managing General Partner in its sole discretion, such different price is appropriate based on any appreciation or depreciation of any Investments from the date of this Agreement to the effective date of such Subscription Agreement; provided further that no Subscription Agreement entered into during the Initial Offering Period shall provide for the issuance of Units at a price per Unit less than the Initial Offering Price without the consent of the Partners holding Units immediately prior to the effective date of such Subscription Agreement by a Super Majority Partner Vote. (b) If, following a closing of the issuance of Units during the Initial Offering Period (any such closing, a “Subsequent Closing”), there remain any Unfunded Commitments, then each Partner that was admitted or increased its Capital Commitment at such Subsequent Closing (a “Subsequent Closing Partner”) may, at the discretion of the Managing General Partner, be required to make a Capital Contribution (and be issued Units in respect thereof) in an amount up to its pro rata share (based on the Capital Commitments of all Partners immediately after such Subsequent Closing) of the Funded Commitments of all Partners holding Units immediately prior to such Subsequent Closing. The Managing General Partner may, in its discretion, use the proceeds of any such Capital Contributions to redeem Units held by one or more Partners (selected at the discretion of the Managing General Partner) holding Units immediately prior to such Subsequent Closing (each, a “Selected Prior Closing Partner”) at the same price per Unit at which such Units were acquired by such Selected Prior Closing Partner, such that, after making such Capital Contributions and redemptions, each Subsequent Closing Partner’s Funded Commitment relative to its Capital Commitment is the same as or less than the Funded Commitment of each Selected Prior C...