Common use of Initial Unit Issuances Clause in Contracts

Initial Unit Issuances. (a) On the Closing Date and pursuant to the Second Contribution Agreement: (i) The General Partner’s Initial General Partner Interest was converted into 369,834 General Partner Units and the Incentive Distribution Rights; (ii) Navios Maritime Holdings sold to the Partnership all of the shares of capital stock of Gemini Shipping Corporation, Alegria Shipping Corporation, Galaxy Shipping Corporation, Libra Shipping Enterprises Corporation, Prosperity Shipping Corporation, Aldebaran Shipping Corporation and Fantastiks Shipping Corporation in exchange for (A) the issuance to Navios Maritime Holdings of 3,426,843 Subordinated Units and a special interest representing the right to receive $353.3 million from the Partnership on the Closing Date and (B) the issuance to the General Partner of the Incentive Distribution Rights; and (iii) the Organizational Limited Partner’s Initial Limited Partner Interest was redeemed and its initial Capital Contribution was refunded. (b) Upon the issuance of any additional Limited Partner Interests by the Partnership (other than Common Units issued in the Initial Offering, including any Common Units issued pursuant to the Over-Allotment Option), the General Partner may, in exchange for a proportionate number of General Partner Units, make additional Capital Contributions in an amount equal to the product obtained by multiplying (i) the quotient determined by dividing (A) the General Partner’s Percentage Interest immediately prior to such issuance by (B) 100 less the General Partner’s Percentage Interest immediately prior to such issuance by (ii) the amount contributed to the Partnership by the Limited Partners in exchange for such additional Limited Partner Interests. The General Partner shall not be obligated to make additional Capital Contributions to the Partnership.

Initial Unit Issuances. (a) On or prior to the Closing Date and pursuant to the Second Contribution Agreement: , (i) The General Partner’s Initial General Partner Interest was converted into 369,834 General Partner Units and Capital Maritime & Trading Corp. shall sell all of the outstanding shares of eight vessel-owning subsidiaries of Capital Maritime & Trading Corp. to the Partnership, (ii) as consideration therefor, the Partnership shall issue to Capital Maritime & Trading Corp. (A) 10,000,000 Common Units, representing a 55.7% limited partner interest in the Partnership, (B) 7,607,898 Subordinated Units, representing a 42.3% limited partner interest in the Partnership, (C) the Incentive Distribution Rights; , (iiD) Navios Maritime Holdings sold to the Partnership all of the shares of capital stock of Gemini Shipping Corporation, Alegria Shipping Corporation, Galaxy Shipping Corporation, Libra Shipping Enterprises Corporation, Prosperity Shipping Corporation, Aldebaran Shipping Corporation $25 million in cash representing a cash dividend and Fantastiks Shipping Corporation in exchange for (AE) the issuance to Navios Maritime Holdings of 3,426,843 Subordinated Units and a special interest representing the right to receive an additional dividend in the amount of $353.3 million from 30 million, payable in cash or a number of Common Units necessary to satisfy the Partnership on the Closing Date and (B) the issuance to the General Partner of the Incentive Distribution Rights; and Over-Allotment Option or a combination thereof, as described in Section 5.3., (iii) the Organizational Limited PartnerCapital Maritime & Trading Corp.’s Initial Limited Partner Interest was redeemed will be converted into one Subordinated Unit, (iv) the Initial General Partner Interest will be converted into 359,345 General Partner Units and its initial (v) Capital Contribution was refundedMaritime & Trading Corp. will transfer the Incentive Distribution Rights to the General Partner. (b) Upon the issuance of any additional Limited Partner Interests by the Partnership (other than Common Units issued in the Initial Offering, including any Common Units issued pursuant to the Over-Allotment Optionsubparagraph (a) hereof), the General Partner may, in exchange for a proportionate number of General Partner Units, make additional Capital Contributions in an amount equal to the product obtained by multiplying (i) the quotient determined by dividing (A) the General Partner’s Percentage Interest immediately prior to such issuance by (B) 100 less the General Partner’s Percentage Interest immediately prior to such issuance by (ii) the amount contributed to the Partnership by the Limited Partners in exchange for such additional Limited Partner Interests. The General Partner shall not be obligated to make additional Capital Contributions to the Partnership.