Additional Required Funds Sample Clauses

Additional Required Funds. (a) Notwithstanding the provisions of Sections 5.3, 5.5 and 5.8, in order to finance the capital requirements of the Partnership and its Subsidiaries and to facilitate the receipt by the Partnership and its Subsidiaries of secured third-party financing, St. Joe ▇▇▇agement and CNL Venture (each, a "Holder") have agreed to make lendings (individually, a "Lending" and collectively, "Lendings") to the Partnership under the Debentures from time to time from a date which is ten (10) days after the date of this Agreement until the Maturity Date (as defined hereinbelow) up to the maximum aggregate principal amount outstanding at any time of $30,000,000 (the "Maximum Commitment"); provided that in no event shall the amount in principal outstanding at any time from Lendings to the Partnership exceed $25,000,000 by St. Joe ▇▇▇agement (the "St. Joe ▇▇▇ding Obligation") and $5,000,000 by CNL Venture (the "CNL Funding Obligation") (the St. Joe ▇▇▇ding Obligation and the CNL Funding Obligation are sometimes referred to hereinbelow individually as a "Funding Obligation" and collectively as the "Funding Obligations"). (b) The Debentures shall be revolving, unsecured, fully subordinated obligations of the Partnership which shall bear interest at the rate per annum of 10%, 8% of which shall be payable on a quarterly basis in arrears and 2% of which shall accrue until the earlier of the maturity of the Debentures or the date prior to the stated maturity thereof on which the principal amounts of such Debentures are due and payable in full or otherwise paid in full (the "Accrued Interest Allocation"). Interest shall be computed on the basis of a year of 12 30-day months. The Accrued Interest Allocation shall be compounded annually. The Debentures shall mature on December 3, 2004 (the "Maturity Date"). The Partnership shall be permitted to receive Lendings under the Debentures upon fifteen (15) days' written notice to the Holders in minimum aggregate amounts of $1,000,000 (or a lesser amount necessary to fully fund a Debenture at the time of such Lending). Each Lending to be made hereunder shall be made by St. Joe ▇▇▇agement and CNL Venture in proportion to their respective Funding Obligations. For example, for a minimum aggregate Lending of $1,000,000, the St. Joe ▇▇▇ding Obligation would be $833,333 and the CNL Funding Obligation would be $166,667. In the event a Holder (the "Defaulting Holder") fails to satisfy its Funding Obligation with respect to a Lending (a "Funding Defa...

Additional Required Funds. If additional capital is required, as determined by the General Partner, each Partner may, but shall not be required to, contribute such capital in proportion to the number of Units owned by each Partner as compared to the total number of Units owned by all of the Partners. If additional Capital Contributions are made by the Partners to the Partnership, additional Units (General Partnership Units or Limited Partnership Units, as the case may be) shall be issued by the General Partner to such Partners. The determination of the amount of Units to be issued shall be determined by the General Partner, taking into account the value of said Capital Contribution and the then net fair market value of the underlying Partnership property immediately before the contribution. If any Partner shall not make such additional contribution, the other Partners shall have the right, but not the duty, to make such contributions, in proportion to the number of Units owned by such Partner or as otherwise agreed, in exchange for additional Units. The Partners agree that the sole remedy for failure to make an additional Capital Contribution under this Section 3.3 shall be the dilution of their ownership interest in the Partnership by the reason of the issuance of additional Units to other Partners who have made such additional Capital Contributions.