Capital Contributions Partners Clause Samples
The 'Capital Contributions; Partners' clause defines the obligations of each partner to provide initial and, if required, additional financial contributions to the partnership. It typically outlines the amount, timing, and form of these contributions, and may specify procedures for handling shortfalls or defaults by partners. This clause ensures that the partnership is adequately funded and clarifies each partner’s financial commitment, thereby preventing disputes and ensuring the business has the necessary resources to operate.
Capital Contributions Partners. In connection with the formation of the Partnership under the Delaware Act, (i) GP LLC made an initial capital contribution to the Partnership in the amount of $10,000.00 in exchange for a 50% general partner interest in the Partnership and was admitted as the general partner of the Partnership, and (ii) Hess made an initial capital contribution to the Partnership in the amount of $10,000.00 in exchange for a 50% limited partner interest in the Partnership and was admitted as a limited partner of the Partnership.
Capital Contributions Partners. 4.1 PRE-DEVELOPMENT CONTRIBUTIONS. During the period commencing on the date hereof and ending ************ thereafter (the "Pre-Development Period"), the Partners hereby commit to make Capital Contributions to fund the Partnership's payment of third party costs and expenses set forth in the Pre-Development Budget; provided, however, that overhead and other costs expressly designated in the Pre-Development Budget as the separate costs of a Partner shall be borne solely by such Partner and shall not be treated as a Capital Contribution hereunder.
Capital Contributions Partners. (a) In connection with the formation of the Partnership under the Delaware Act, (i) GP LLC made an initial capital contribution to the Partnership in the amount of $10,000.00 in exchange for a 50% general partner interest in the Partnership and was admitted as the general partner of the Partnership, and (ii) Hess made an initial capital contribution to the Partnership in the amount of $10,000.00 in exchange for a 50% limited partner interest in the Partnership and was admitted as a limited partner of the Partnership.
(b) Pursuant to that certain Takota Pre-Closing Restructuring Agreement, dated as of June 22, 2015, (i)(A) Hess transferred and assigned all of its partnership interests in the Partnership (which partnership interests constituted all of the limited partner interests in the Partnership) (the “Transferred LP Interests”), to Hess Investments North Dakota LLC, a Delaware limited liability company (“HINDL”), (B) HINDL was admitted as a substitute limited partner of the Partnership, (C) immediately following such admission, Hess ceased to be a limited partner of the Partnership, and (D) the Partnership was continued without dissolution, (ii)(A) HINDL transferred and assigned the Transferred LP Interests to Hess TGP Finance Company LLC, a Delaware limited liability company (“TGP Finance”), (B) TGP Finance was admitted as a substitute limited partner of the Partnership, (C) immediately following such admission HINDL ceased to be a limited partner of the Partnership, and (D) the Partnership was continued without dissolution, and (iii)(A) TGP Finance transferred and assigned the Transferred LP Interests to Hess Infrastructure Partners LP, a Delaware limited partnership (“HIP”), (B) HIP was admitted as a substitute limited partner of the Partnership, (C) immediately following such admission, TGP Finance ceased to be a limited partner of the partnership, and (D) the Partnership was continued without dissolution. On July 9, 2015, HIP contributed an amount equal to $300,000.00 to the Partnership, and GP LLC contributed an amount equal to $400,000.00 to the Partnership.
(c) Pursuant to that certain Assignment Agreement, dated as of April 7, 2017, HIP transferred and assigned the Transferred LP Interests to GP LP, GP LP was admitted as a substitute limited partner of the Partnership, immediately following such admission HIP ceased to be a limited partner of the Partnership and the Partnership was continued without dissolution. Immediately prior to the executi...
Capital Contributions Partners. Each Partner has contributed or shall be deemed to have contributed to the Partnership the cash or other property (if any) as set forth in the books and records of the Partnership. No Partner will be required to make any additional capital contribution to the Partnership pursuant to this Agreement.
Capital Contributions Partners