Initial Partnership Interests Clause Samples
Initial Partnership Interests. The Partnership interests (the “Interests”) as of the date of this Agreement shall be as set forth in Exhibit A hereto. Exhibit A hereto may be adjusted from time to time pursuant to the terms of this Agreement to reflect (a) the admission of additional Limited Partners, (b) any sale, transfer, assignment or other disposition of all or any part of any Interests of any Partner or (c) any additional Capital Contributions (as hereinafter defined) of any of the Partners. An Interest means, with respect to any Partner at any time, such Partner’s entire beneficial ownership interest in the Partnership at such time, including such Partner’s Capital Account, voting rights, and right to share in profits, losses, cash distributions and all other benefits of the Partnership as specified in this Agreement, together with such Partner’s obligations to comply with all of the terms of this Agreement.
Initial Partnership Interests. Subject to and in accordance with the terms and conditions of this Agreement, at Closing (as hereinafter defined) the General Partner shall transfer to a newly-formed single member limited liability company (in which the single member shall be Assignee) ("GP Assignee") 99% of its interest in the Partnership's profits and 89% of its interest in the Partnership's capital and each Limited Partner shall transfer to Assignee 99% of his interest in the Partnership's profits and 89% of his interest in the Partnership's capital (collectively, the "INITIAL PARTNERSHIP INTERESTS"), and Assignee shall accept the transfer of the Initial Partnership Interests.
Initial Partnership Interests. At Initial Closing, the Subscribers shall subscribe for and receive the number of Units listed opposite each of their names listed below for an aggregate Subscription Price as therein noted: Units Subscription Price Partnership Interest ----- ------------------ --------------------
(a) STC 96000 $ 960 96%
(b) PTMS 3999 $39.99 3.99%
(c) STCHI 1 $ 0.01 0.01%