Common use of Organizational Contributions Clause in Contracts

Organizational Contributions. In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20.00 in exchange for a General Partner Interest equal to a 2% Percentage Interest and has been admitted as the General Partner of the Partnership. The Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980.00 in exchange for a Limited Partner Interest equal to a 98% Percentage Interest and has been admitted as a Limited Partner of the Partnership. Subsequent to the formation of the Partnership, the Organizational Limited Partner distributed its Limited Partner Interest to the Initial Limited Partners. As of the Closing Date, and effective with the admission of another Limited Partner to the Partnership, the interests of the General Partner and the Initial Limited Partners shall be redeemed as provided in the Contribution Agreement and the initial Capital Contributions of (i) the Organizational Limited Partner shall be refunded to the Initial Limited Partners and (ii) the General Partner shall be refunded to the General Partner. Ninety-eight percent of any interest or other profit that may have resulted from the investment or other use of such initial Capital Contributions shall be allocated and distributed to the Initial Limited Partners, and the balance thereof shall be allocated and distributed to the General Partner, as provided in the Contribution Agreement.

Appears in 6 contracts

Samples: Agreement (Williams Partners L.P.), Agreement (Williams Partners L.P.), Agreement (Williams Partners L.P.)

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Organizational Contributions. In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20.00 1.00 in exchange for a General Partner Interest equal to a 20.1% Percentage Interest and has been was admitted as the General Partner of the PartnershipPartnership and hereby continues in such capacity. The Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980.00 999.00 in exchange for a Limited Partner Interest equal to a 9899.9% Percentage Interest and has been was admitted as a Limited Partner of the Partnership. Subsequent to the formation of the Partnership, the Organizational Limited Partner distributed its Limited Partner Interest to the Initial Limited PartnersPartnership and hereby continues in such capacity. As of the Closing Date, and effective with the admission of another Limited Partner to the Partnership, the interests interest of the General Organizational Limited Partner and the Initial Limited Partners shall be redeemed as provided in the Contribution Agreement Agreement, the Organizational Limited Partner shall cease to be a limited partner of the Partnership and the initial Capital Contributions of (i) the Organizational Limited Partner shall be refunded to the Initial Limited Partners and (ii) the General Partner shall thereupon be refunded to the General Partnerrefunded. Ninety-eight nine and 9/10ths percent of any interest or other profit that may have resulted from the investment or other use of such initial Capital Contributions shall be allocated and distributed to the Initial Organizational Limited PartnersPartner, and the balance thereof shall be allocated and distributed to the General Partner, as provided in the Contribution Agreement.

Appears in 2 contracts

Samples: LRR Energy, L.P., LRR Energy, L.P.

Organizational Contributions. In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20.00 in exchange for a General Partner Interest equal to a 2% Percentage Interest and has been admitted as the General Partner of the Partnership. The Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980.00 in exchange for a Limited Partner Interest equal to a 98% Percentage Interest and has been admitted as a Limited Partner of the Partnership. Subsequent to the formation of the Partnership, the Organizational Limited Partner distributed its Limited Partner Interest to the Initial Limited Partners. As of the Closing Date, and effective with the admission of another Limited Partner to the Partnership, the interests of the General Partner and the Initial Limited Partners shall be redeemed as provided in the Contribution Agreement and the initial Capital Contributions of (i) the Organizational Limited Partner shall be refunded to the Initial Limited Partners and (ii) the General Partner shall be refunded to the General Partner. Ninety-eight percent of any interest or other profit that may have resulted from the investment or other use of such initial Capital Contributions shall be allocated and distributed to the Initial Limited Partners, and the balance thereof shall be allocated and distributed to the General Partner, as provided in the Contribution Agreement.. ACCESS MIDSTREAM PARTNERS, L.P. COMPOSITE AGREEMENT OF LIMITED PARTNERSHIP

Appears in 1 contract

Samples: Access Midstream Partners Lp

Organizational Contributions. In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20.00 in exchange for a 2% General Partner Interest equal to a 2% Percentage Interest in the Partnership and has been admitted as the General Partner of the Partnership. The , and the Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980.00 in exchange for a 98% Limited Partner Interest equal to a 98% Percentage Interest in the Partnership and has been admitted as a Limited Partner of the Partnership. Subsequent to the formation of the Partnership, the Organizational Limited Partner distributed its Limited Partner Interest to the Initial Limited Partners. As of the Closing Date, Date and effective with the admission of another Limited Partner to the Partnership, the interests interest of the General Partner and the Initial Organizational Limited Partners Partner, or its successor, shall be redeemed as provided in the Contribution Agreement Agreement; and the initial Capital Contributions Contribution of (i) the Organizational Limited Partner Partner, or its successor, shall thereupon be refunded to the Initial Limited Partners and (ii) the General Partner shall be refunded to the General Partnerrefunded. Ninety-eight percent of any interest or other profit that may have resulted from the investment or other use of such initial Capital Contributions Contribution shall be allocated and distributed to the Initial Organizational Limited PartnersPartner, or its successor, and the balance thereof shall be allocated and distributed to the General Partner, as provided in the Contribution Agreement.

Appears in 1 contract

Samples: American Midstream Partners, LP

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Organizational Contributions. In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $20.00 in exchange for a General Partner Interest equal to a 2% Percentage Interest and has been admitted as the General Partner of the Partnership. The Organizational Limited Partner made an initial Capital Contribution to the Partnership in the amount of $980.00 in exchange for a Limited Partner Interest equal to a 98% Percentage Interest and has been admitted as a Limited Partner of the Partnership. Subsequent to the formation of the Partnership, the Organizational Limited Partner distributed its Limited Partner Interest to the Initial Limited Partners. As of the Closing Date, and effective with the admission of another Limited Partner to the Partnership, the interests of the General Partner and the Initial Limited Partners shall be redeemed as provided in the Contribution Agreement and the initial Capital Contributions of (i) the Organizational Limited Partner shall be refunded to the Initial Limited Partners and (ii) the General Partner shall be refunded to the General Partner. Ninety-eight percent of any interest or other profit that may have resulted from the investment or other use of such initial Capital Contributions shall be allocated and distributed to the Initial Limited Partners, and the balance thereof shall be allocated and distributed to the General Partner, as provided in the Contribution Agreement.. CHESAPEAKE MIDSTREAM PARTNERS, L.P. FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

Appears in 1 contract

Samples: Agreement (Chesapeake Midstream Partners, L.P.)

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