Initial Properties Clause Samples

Initial Properties. Within 10 days after a Major Capital Event as to an Initial Property by the Company (or one of its Subsidiaries), and the determination of the amount of Net Extraordinary Cash Flow from such Initial Property which is distributable to each Member with respect to such Property, the Manager shall cause each Member’s cumulative internal rate of return (“IRR”) as to Initial Properties to be calculated taking into account the amount and timing of all Capital Contributions with respect to the Initial Properties, and all distributions made hereunder with respect to the Initial Properties prior to such Major Capital Event in accordance with EXHIBIT 7-A attached. Inland shall be entitled to an incentive distribution (the “Initial Property Incentive Distribution“) set forth below depending upon the IRR of the Members and as reflected in Section 7.4(c)(i)(C) and (D): Members’ Internal Rate of Return (“IRR”) applicable to Properties Purchased Using Capital Contributions made pursuant to Initial Capital Commitments (The calculation of the IRR shall take into account the amount and timing of all Capital Contributions of and distributions to Members with respect to Initial Properties and shall be determined in accordance with the rules contained in EXHIBIT 7-A.) Initial Property Incentive Distribution to Inland By way of example, suppose (i) the net proceeds from the sale of a Property that was purchased using Capital Contributions made pursuant to Initial Capital Commitments and owned by the Company are $200, (ii) there are no Company Loans and no Default Contributions have been made, (iii) the Members’ Unreturned Capital from Initial Capital Commitments is $70 which will be distributed pursuant to Section 7.4(c)(i)(A), and (iv) after an additional $30 is distributed to the Members under Section 7.4(c)(i)(B), each Member will have achieved a cumulative IRR as to all Initial Properties of greater than 11%, but less than 13%. Then, the next $100 would be distributed as follows: $5 would be distributed to Inland as an Initial Property Incentive Distribution, and the remaining $95 would be distributed $76 to SAU and $19 to Inland in accordance with their respective Percentage Interests. (See EXHIBIT 7-B). For purposes of determining whether the IRR has been met hereunder, no Member shall be deemed to have received the amount of the Initial Property Incentive Distributions paid to Inland hereunder. No amount paid by the Company to Inland as Initial Property Incentive Distribu...

Initial Properties. Property Owner Property Owner Schedule 6.2

Initial Properties. Buyer acknowledges that, prior to the First Closing Date, it has (a) been furnished by Seller with access to such files, data, and information relating to the title to the Initial Leases, and the physical, operating, and environmental condition of the Initial Leases and the ▇▇▇▇▇, in each case as Buyer has requested, (b) been afforded the opportunity to ask questions regarding such matters of Seller’s employees or contract personnel having knowledge thereof, and (c) otherwise conducted its own title examinations and searches with respect to the Initial Leases, and made its own independent inspections, analyses, investigations, and studies (consistent with the terms of Section 4.5) with respect to the Initial Leases and the ▇▇▇▇▇, as Buyer in each case deemed necessary. Solely in reliance upon such independent title examinations and searches and such independent inspections, analyses, investigations, and studies, Buyer has determined that the Initial Leases listed on Exhibit A-1 and Exhibit A-2 constitute Title-Approved Leases and hereby accepts the physical, operating, and environmental condition of the Initial Leases and the ▇▇▇▇▇ “AS IS”, “WHERE IS”, and “WITH ALL FAULTS”. Title Defects and Environmental Defects with respect to the Initial Properties discovered by Buyer prior to the First Closing Date have either been asserted by Buyer and resolved by Seller to Buyer’s reasonable satisfaction or waived by Buyer. If an oil and gas lease proposed by Seller for inclusion among the Initial Leases was not so included because of the existence of an uncured Title Defect or an unremedied Environmental Defect affecting such oil and gas lease as of the First Closing Date, such oil and gas lease shall be excluded from the Initial Leases included in the First Closing. Thereafter, Seller shall be free to propose such an excluded oil and gas lease for inclusion among the Supplemental Leases to be included in the Supplemental Closing in accordance with Section 2.2.

Initial Properties. 70 Part I - Initial Properties.................................. 70 Part II - Connaught Apartments............................... 71 7.

Initial Properties. As of the Amendment No. 1 Effective dDate of Closing, the Initial Properties qualify as Eligible Properties and the information provided on Schedule 5.24 is true and correct.

Initial Properties. Property Owner Property Owner Property Owner Property Owner Schedule I Commitments Schedule 5.1 Legacy Houston Properties

Initial Properties. As of the date of Closing, the Initial Properties qualify as Eligible Properties and the information provided on Schedule 5.24 is true and correct.

Initial Properties. Except for DFW South or Meadowlands, the ------------------ Borrower will use its best efforts to cause the Initial Properties to qualify as Eligible Properties within thirty (30) days of the Effective Date, except for the Maison De Ville, New Orleans, Louisiana for which the Borrower will use reasonable efforts to qualify as an Eligible Property. If an Initial Property does not qualify as an Eligible Property within thirty (30) days of the Effective Date or later no longer qualifies as an Eligible Property, the Borrower will cause any such Initial Property to qualify as a Permitted Non- Eligible Property as provided in the definition of Permitted Non-Eligible Property.

Initial Properties. Existing Property Portfolio