Common use of Drawdown Procedures Clause in Contracts

Drawdown Procedures. (a) Each Limited Partner shall make Capital Contributions in such amounts and at such times as the General Partner shall specify in Capital Calls delivered from time to time to such Limited Partner. (b) Subject to one or more Limited Partners electing Capital Termination, Capital Calls will be made by the General Partner pro rata in accordance with each Limited Partner’s Available Capital Commitment; provided, however, that the Capital Calls of Limited Partners making Capital Commitments as of the second Closing Date shall include such additional amounts so that, immediately following the relevant Drawdown Date, all Limited Partners shall have each made Capital Contributions pro rata in accordance with their respective Capital Commitments. (c) Each Capital Call shall specify the Drawdown Date on which the related Capital Contribution is due, which will be at least ten (10) Business Days following the delivery of the Capital Call. Normally, a Capital Call will require that Capital Contributions be made in immediately available funds as of the first Business Day of a calendar month. (d) In no event shall a Limited Partner be required to make a Capital Contribution in response to a Capital Call in an amount in excess of such Limited Partner’s Available Capital Commitment at the time such Capital Call is received. (e) Each Capital Contribution made by a Partner shall be added to the current Net Asset Value of such Partner’s Interest.