Examples of Development General Partner in a sentence
Except as otherwise provided herein, decisions to be made by the General Partners shall be made by the joint agreement of the Administrative General Partner and the Development General Partner.
If a Default shall not have been cured within the cure period (if any) applicable thereto, then for a period of 45 days the Administrative General Partner shall have the option to purchase the Interests of the Development General Partner in the Fund at a price determined and payable in accordance with Section 6.5 hereunder, and if such Interests are purchased, it shall constitute a voluntary withdrawal of the Development General Partner.
Anything herein to the contrary notwithstanding, if the Development General Partner or its Affiliates shall be in Default (as defined) under an agreement with the Fund at any time during the term hereof, then all decisions to be made by the General Partners shall be made solely by the Administrative General Partner, provided that such Default shall not have been caused solely or primarily by any act or omission of the Administrative General Partner.
No income tax returns will be filed until the Development General Partner has had the opportunity to review such returns.
The funds advanced by the Development General Partner under the Cash Flow Deficit Guaranty Agreement shall not constitute a Capital Contribution of the Development General Partner or be credited to the Capital Account of the Development General Partner.
Net Cash Flow, if any, for each year shall be distributed and applied by the Fund in the following order of priority: (i) First, 99% to the Investors, .5% to the Development General Partner, and .5% to the Administrative General Partner, until each Investor has received an amount equal to his unpaid Preferred Return.
RELATIONSHIP BETWEEN THE TRUST, THE EQUITON AGENT, AND OTHER RELATED PARTIES The Equiton Agent, Equiton Partners, the General Partner, the Commercial General Partner, the Financial General Partner and the Development General Partner are all Affiliates of each other, as they are each controlled by Jason Roque and each entity is a Related Party to the Trust.
For each taxable year, Profit and Loss (other than Profit or Loss from a Sale) of the Partnership shall be allocated 98% to the Unitholders, 1% to the Administrative General Partner and 1% to the Development General Partner.
Net Cash Flow, if any, for each year shall be distributed and applied by the Partnership in the following order of priority: (i) First, 98% to the Unitholders, 1% to the Development General Partner, and 1% to the Administrative General Partner, until each Unitholder has received an amount equal to 10% of his Adjusted Capital Balance.
If an event of default described above shall not have been cured within the cure period applicable thereto, then (i) for a period of 45 days the Administrative General Partner shall have the option to purchase the Partnership Interests of the Development General Partner and Benchmark Communities, Inc.