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unsecured advances of funds by the general partner at the
rate of 15 percent per annum. The 83 partnership agreement
also permits the partnership to advance to the general
partner any funds that were not distributed to the limited
partners, and the agreement provides that the general
partner would pay interest to EA 83-XII on such advances at
the rate of 12 percent per annum.
The 83 partnership agreement provides that cash from
operations is to be distributed in the following order of
priority: (i) To EPIC to repay any unsecured advances made
by EPIC to the partnership together with interest; (ii) to
the partners in the ratio that the cumulative cash capital
contributions of each partner bear to the cumulative cash
capital contributions of the partners until such amounts
equal the partners' cumulative cash capital contributions;
(iii) 25 percent to EPIC and 75 percent to the limited
partners holding the class A and class B units.
The 83 partnership agreement further provides that
cash from sales and from financings is to be distributed
in the following order of priority: (i) To repay partner-
ship debt secured by the property sold or refinanced and
to pay the expenses of selling each property; (ii) to repay
any unsecured advances made by EPIC to the partnership
together with interest; (iii) to pay EPIC a disposition
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Last modified: May 25, 2011