Common use of Admission After Initial Closing Date Clause in Contracts

Admission After Initial Closing Date. Any Limited Partner that is admitted to the Partnership after the Initial Drawdown Date (or increases its Subscription after the Initial Drawdown Date) shall in respect of its Limited Partner interest acquired (or increase in its Subscription) make a Contribution on the date of admission as a Limited Partner (or increase in its Subscription) equal to the amount of Contributions such Limited Partner would have contributed prior to the date of such admission as a Limited Partner (or increase in its Subscription) had such Limited Partner been admitted (or, as the case may be, increased) its Commitment on or prior to the Initial Drawdown Date (less any Contributions actually made prior to such date by any Limited Partner increasing its Subscription), plus an amount calculated as interest (compounded semi-annually on a 360-day basis) at the base rate of 10% per annum plus a premium of 2% per annum (all or part of which may be waived by General Partner in its sole discretion) from the dates such Capital Contributions would have been made; provided, however, that to the extent that any distributions with respect to Investments were made to Partners prior to the date that such Limited Partner was admitted to the Partnership (or increased its Subscription), the General Partner shall, in good faith, adjust the amounts required to be contributed by such Limited Partner pursuant hereto, to take into account any such prior distributions. After payment of such amounts, the Limited Partner shall be deemed to have made its Contributions as of the applicable Drawdown Date(s) for purposes of calculating such Limited Partner’s Unpaid Preferred Return.

Admission After Initial Closing Date. Any Limited Partner that is admitted to the Partnership after the Initial Drawdown Date (or increases its Subscription after the Initial Drawdown Date) shall in respect of its Limited Partner interest acquired (or increase in its Subscription) make a Contribution on the date of admission as a Limited Partner (or increase in its Subscription) equal to the amount of Contributions such Limited Partner would have contributed prior to the date of such admission as a Limited Partner (or increase in its Subscription) had such Limited Partner been admitted (or, as the case may be, increased) its Commitment on or prior to the Initial Drawdown Date (less any Contributions actually made prior to such date by any Limited Partner increasing its Subscription), plus an amount calculated as interest (compounded semi-annually on a 360-day basis) at the base rate of 109% per annum plus a premium of 2% per annum (all or part of which may be waived by General Partner in its sole discretion) from the dates such Capital Contributions would have been made; provided, however, that to the extent that any distributions with respect to Investments were made to Partners prior to the date that such Limited Partner was admitted to the Partnership (or increased its Subscription), the General Partner shall, shall be in good faith, faith adjust the amounts required to be contributed by such Limited Partner pursuant hereto, to take into account any such prior distributions. After payment of such amounts, the Limited Partner shall be deemed to have made its Contributions as of the applicable Drawdown Date(s) for purposes of calculating such Limited Partner’s Unpaid Preferred Return.