Capital Contributions and Financing. 4.1. A capital account shall be established and maintained by the Venture for each Venturer. The initial entries in said capital account, based on the initial cash Capital Contributions of the Venturers to the Venture and the agreed fair market value of certain contract rights and other property contributed to the Venture by Cogen (all such initial cash Capital Contibutions, except for $25,581.19 of the sum included below for PSVO, having been made prior to or as of June 30, 1986) are as follows: Venturer Capital Contribution -------- -------------------- Cogen $1,000,000.00 ECFC $ 877,905.99 CEA $ 614,534.19 PSVO $ 175,581.19 TCC $ 87,790.59 TOTAL $2,755,811.96 Except as hereinafter set forth in this,Section 4.1, such initial Capital Contributions have been made to the Venture, and except for the contribution by Cogen, have been made in cash. The Venture has paid to Cogen the sum of $975,000 to reimburse Cogen for legal, engineering, environmental, general and administrative costs incurred prior to December 31, 1985 in connection with the Project. Such reimbursement to Cogen will not be deemed a return of capital to Cogen. It is acknowledged that PSVO, as of the effective date hereof, has not contributed $25,581.19 of the sum listed above as its initial capital contribution. PSVO agrees to contribute such sum promptly upon execution of the agreements with the PSVO Affiliates as contemplated under Section 12.10(f) hereof (and, as of such date to contribute all other amounts which PSVO would have been required to contribute prior to such date had PSVO actually participated as a venturer prior to such date).
Capital Contributions and Financing. 10 3.2. Units Upon Execution of Agreement .................................................10 3.3. Loans by a Partner ................................................................10 3.4. Withdrawal of Capital .............................................................10 3.5. Redemption ........................................................................10 3.6. Loans from the Partnership ........................................................11 3.7. Additional Capital Contributions and Admission of New Partners ....................11 ARTICLE 4. ACCOUNTING ....................................................................12
Capital Contributions and Financing. 3.1. Intentionally left blank.
Capital Contributions and Financing. (a) Any Venture formed will require capital contributions and financing for the development, acquisition and construction of its Amphitheatre(s), including costs to purchase, lease or use property, prepare plans and specifications for the Amphitheatre(s), and construct the Amphitheatre(s) ("Required Financing"). Prior to the commencement of this Agreement, PACE and MCA have individually undertaken certain tasks and expended funds for the generation of various work product, goodwill plans, specifications and ideas (collectively "Work Product") relating to the development of Amphitheatres in the Optional Cities (such Work Product existing on the date hereof is referred to as "Existing Work Product"). If a Venture is formed with respect to one or more of the Optional Cities, each party shall contribute its Existing Work Product with respect to such Optional City to such Venture. All Work Product developed during the term of this Agreement ("Joint Work Product") shall be jointly owned by PACE and MCA, and if a Venture is formed, shall be contributed to the Venture and shall have an agreed value to be determined jointly by PACE and MCA, one-half of which will be allocated to each of PACE's and MCA's (or their respective affiliates') capital account. If, prior to the expiration of this Agreement, a Venture is not formed to develop an Amphitheatre in a particular Optional City, then all Work Product relating to such Optional City will be owned jointly by the parties and either party may utilize it for any purpose; provided, that, if following the termination of this Agreement, either party individually acquires an Amphitheatre in an Optional City, it will pay the other party one-half of the Shared Costs incurred under this Agreement. Reference is hereby made to that certain Term Loan Agreement of even date (the "Loan Agreement"), between MCA and PACE Amphitheatres, Inc. ("Borrower"). If (i) at the time of Formation (as defined below) of the Venture formed to construct, purchase, own and/or operate the first Amphitheatre contemplated hereunder Borrower has paid or contemporaneously pays at least 50% of the aggregate principal amounts loaned as of such date under the Loan Agreement (including all accrued interest as of such date), then upon Formation of said Venture, PACE's Existing Work Product with respect to said first Amphitheatre shall be contributed to the capital of said Venture and shall be deemed to have an agreed value of $590,000; (ii) the condition in (...
Capital Contributions and Financing
