Common use of Partnership Capital Clause in Contracts

Partnership Capital. A. Each Partner's and Investor's Capital Contribution shall be paid in cash on or prior to the date of such Partner's admission to the Partnership or the date of the recognition of the Investor on the books and records of the Partnership. B. Except to the extent of any interest income earned on an Investors Capital Contribution while it is held in escrow, and later distributed to such Investor pursuant to Section 4.5A, no Partner or Investor shall be paid interest on any Capital Contribution. C. Except as otherwise provided in this Agreement, no Partner or Investor shall have the right to withdraw, or receive any return of, his Capital Contribution prior to December 31, 2040. D. Under circumstances requiring a return of any Capital Contribution, no Partner shall have the right to demand or receive property other than cash. E. The Partnership shall initially set aside Working Capital Reserves for contingencies related to ownership of the Properties in an amount equal to at least 3% of the Gross Proceeds of the Offering. If in any fiscal quarter, the General Partner determines that the Working Capital Reserves of the Partnership are in excess of the amount deemed sufficient in connection with the ownership of the Properties and that such Working Capital Reserves may be reduced, the amount of such reduction may be distributed to the Partners and Investors as a portion of the Partnership's Net Cash Flow. Upon the Sale or disposition of a Property, any Working Capital Reserves maintained for such Property may be distributed, in the General Partner's discretion, to Partners and Investors or applied as Working Capital Reserves for other Properties.

Partnership Capital. A. Each Partner's and Investor's Capital Contribution shall be paid in cash on or prior to the date of such Partner's admission to the Partnership or the date of the recognition of the Investor on the books and records of the Partnership. B. Except to the extent of any interest income earned on an Investors Investor's Capital Contribution while it is held in escrow, and later distributed to such Investor pursuant to Section 4.5A, no Partner or Investor shall be paid interest on any Capital Contribution. C. Except as otherwise provided in this Agreement, no Partner or Investor shall have the right to withdraw, or receive any return of, his Capital Contribution prior to December 31, 20402038. D. Under circumstances requiring a return of any Capital Contribution, no Partner shall have the right to demand or receive property other than cash. E. The Partnership shall initially set aside Working Capital Reserves for contingencies related to ownership of the Properties in an amount equal to at least 3% of the Gross Proceeds of the Offering. If in any fiscal quarter, the General Partner determines that the Working Capital Reserves of the Partnership are in excess of the amount deemed sufficient in connection with the ownership of the Properties and that such Working Capital Reserves may be reduced, the amount of such reduction may be distributed to the Partners and Investors as a portion of the Partnership's Net Cash Flow. Upon the Sale or disposition of a Property, any Working Capital Reserves maintained for such Property may be distributed, in the General Partner's discretion, to Partners and Investors or applied as Working Capital Reserves for other Properties.