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HomeMy WebLinkAbout1859 . . • • ~ . ~ • ~ ~ t ~The Priority Cash Flow payments to the Limited Partners shall in each and every instance provided ~ for in this agreement, be reduced by a sum equal to 9$ of any capital distribution and/or repayment of capital received by the Limited Partners with appropriate adjustment for the fiscal year within which such capital distribution and/or repayment of capital is made. - ~ (3) Capital Distributions. ~ Capital distributions shall be allo- cated as follows: First, to repay the General Partner for ~ all outstandinq and unpaid loans by it to the Partnership together with interest thereon. Second, to the Lunited ~ Partners until their entire separate Capital Accounts have been' repaid. For the purposes ~hereof~ the Capital Account of EDWARD A. KI~i1~lEL shall be deeried to be increased by the sum of $50,000.00 over the amount which appears as his capital ~ contribution in Article "6(A)" hereof with the sam_ force and effect as though he had actually contributed an addi- ' tional $50,000.00 Third, the next $100~,-000.00 to .the - ' General Partner. The renainder to be divided 50$ ta the General Partner and 50$ to the Limited Partners. The afore- i I said capital distributions shall be made within 30 days after _ ~ j the re~eipt thereof. . ~ ~ E 7. Allo~ation of I~~:^s e~.:.ong In~'~vid~~~.l P~rtn~=s. Y7herever reference is made in this agree.~ent to the allocation of any item of (i) profit or loss, (ii) cash flow, (iii) capital distributions, (iv) return of capital contributions, or (v) any other distributions to the Limited - Partners as a class, it shall be allocated among the members ~ ~ of the class pro rata in accordance with their then respec- ~ ~ tive capital account. For the purposes hereof the Capital ~ Account of EDI•7ARD KI?~~IEL shall be deemed to be increased ~ . ~ ~ , ~ 11. goox244 PAGE1860 _ - - ~ - . _ . _ , - : _ . . ~ . . _ . ~ . , - ~ . . ~ _ - - - ~ _ _ .