Common use of Optional Capital Contributions Clause in Contracts

Optional Capital Contributions. If additional funds are required by the Partnership after the Transaction Effective Date for any Partnership purpose, the General Partner may elect to call for optional Capital Contributions to be funded by Oly Hightop Holding, L.P., a Delaware limited partnership, or its designee (in each case, an "Optional Capital Contribution"). Notwithstanding anything to the contrary in this Agreement, the funding of any Optional Capital Contribution shall not cause an adjustment of the Gross Asset Values of the Partnership assets until after the first to occur of (i) the date that is three years after the Transaction Effective Date or (ii) the aggregate amount of Optional Capital Contributions made pursuant to this Section 3.6 exceeds $355,000,000 (the first to occur of the events in clauses (i) and (ii) referred to as an "Adjustment Event"). Oly Hightop Holding, L.P. or its designee will have 15 Business Days after written notice from the General Partner to elect to fund an Optional Capital Contribution. In exchange for any Optional Capital Contributions, the General Partner may issue Common Limited Partner Interests or any other class or series of Partnership Interests pursuant to Section 7.2.

Appears in 1 contract

Sources: Limited Partnership Agreement (Walden Residential Properties Inc)

Optional Capital Contributions. If additional funds are required by the Partnership after the Transaction Effective Date for any Partnership purpose, the General Partner may elect to call for optional Capital Contributions to be funded by Oly Hightop Holding, L.P., a Delaware limited partnership, or its designee (in each case, an "Optional Capital Contribution"). Notwithstanding anything to the contrary in this Agreement, the funding of any Optional Capital Contribution shall not cause an adjustment of the Gross Asset Values of the Partnership assets until after the first to occur of (i) the date that is three years after the Transaction Effective Date Time or (ii) the aggregate amount of Optional Capital Contributions made pursuant to this Section 3.6 exceeds $355,000,000 225,000,000 (the first to occur of the events in clauses (i) and (ii) referred to as an "Adjustment Event"). Oly Hightop Holding, L.P. or its designee will have 15 Business Days after written notice from the General Partner to elect to fund an Optional Capital Contribution. In exchange for any Optional Capital Contributions, the General Partner may issue Common Limited Partner Interests or any other class or series of Partnership Interests pursuant to Section 7.2.

Appears in 1 contract

Sources: Limited Partnership Agreement (Walden Residential Properties Inc)