Creation and Maintenance Clause Samples
The "Creation and Maintenance" clause defines the responsibilities for establishing and upkeeping certain assets, systems, or records as required by the agreement. Typically, this clause specifies which party is responsible for creating necessary documents, infrastructure, or deliverables, and outlines ongoing obligations to maintain them in good working order or compliance with standards. By clearly assigning these duties, the clause ensures that essential resources are properly established and remain functional throughout the contract term, thereby preventing disputes over neglect or unclear responsibilities.
Creation and Maintenance. There shall be established on the books of the Partnership a capital account for each Partner (such Partner’s “Capital Account”) that shall be:
(a) Increased by (1) any Contributions made to the Partnership by such Partner pursuant to this Agreement, (2) any part of a Default Charge added to the Capital Account of such Partner pursuant to Section 6.4.2, and (3) any amounts in the nature of income or gain added to the Capital Account of such Partner pursuant to Sections 8.2, 8.3, 8.4 or 8.5; and
(b) Decreased by (1) any distributions made to such Partner, (2) any Default Charge subtracted from the Capital Account of such Partner pursuant to Section 6.4.2; and (3) any amounts in the nature of loss or expense subtracted from the Capital Account of such Partner pursuant to Sections 8.2, 8.3, 8.4 or 8.5.
Creation and Maintenance. Each Party shall create and maintain Records for the activities for which they are responsible under this Quality Agreement in compliance with the Quality Management System requirements.
Creation and Maintenance. There shall be established on the books of the Company for each Member a capital account (the “Capital Account”) that shall be:
(a) Increased by (1) any capital contributions made to the Company by such Member pursuant to this Agreement, and (2) any amounts of Net Gain or items in the nature of income or gain from time to time allocated to such Member pursuant to this Article 8 or Appendix II (other than Section 4 of Appendix II);
(b) Decreased by (1) any distributions made to such Member, and (2) any amounts of Net Loss or items in the nature of loss or expense from time to time allocated to such Member pursuant to this Article 8 or Appendix II (other than Section 4 of Appendix II); and
(c) Otherwise adjusted in accordance with the provisions of this Agreement including, but not limited to, 6.3.3 (relating to the imposition of a Default Charge).
Creation and Maintenance. There shall be established on the books of the Partnership a capital account for each Partner (such Partner’s “Capital Account”) that shall be:
(a) Increased by (1) any capital contributions made to the Partnership by such Partner pursuant to this Agreement and (2) any amounts in the nature of income or gain added to the Capital Account of such Partner pursuant to this Article 8 or Appendix II;
(b) Decreased by (1) any distributions made to such Partner and (2) any amounts in the nature of loss, deduction or expense subtracted from the Capital Account of such Partner pursuant to this Article 8 or Appendix II; and
(c) Otherwise adjusted in accordance with the provisions of this Agreement including, but not limited to, 6.2.3 (relating to the imposition of a Default Charge).
Creation and Maintenance. Supplier shall create and maintain records for the activities for which it is responsible under this Quality Agreement in compliance with its Quality Management System requirements.
Creation and Maintenance. Cross-References. ..
Creation and Maintenance. A separate book capital account shall be maintained for each Member of each Series (each a “Capital Account”) in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv), in respect of the Interest held by such Member in such Series. The Capital Account of each Member shall be:
(a) Increased by (i) the amount of such Member’s Capital Contribution, (ii) such Member’s distributive share of Net Income (or items of book income or book gain) allocated pursuant to Section 8.2, (iii) any item in the nature of book income or book gain which is specially allocated pursuant to Section 8.4, and (iv) the amount of any Company liabilities assumed by such Company or which are secured by any property distributed to such Member;
(b) Decreased by (i) the amount of cash and the Gross Asset Value of any property distributed to such Member, (ii) such Member’s distributive share of Net Loss (or items of book expense or book loss) allocated pursuant to Section 8.2, (iii) any item in the nature of book expense or book loss which is specially allocated pursuant to Section 8.4, and (iv) the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company; and
(c) Otherwise adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv) and with the provisions of this Agreement.
Creation and Maintenance. There shall be established on the books of the Company a capital account for each Member (such Member’s “Capital Account”) that shall be:
(a) Increased by (1) any capital contributions made to the Company by such Member pursuant to this Agreement and (2) any amounts in the nature of income or gain added to the Capital Account of such Member pursuant to this Article 8;
(b) Decreased by (1) any distributions made to such Member and (2) any amounts in the nature of loss or expense subtracted from the Capital Account of such Member pursuant to this Article 8; and
(c) Otherwise adjusted in accordance with the provisions of this Agreement including, but not limited to, 6.2.3 as determined by the Management Committee (relating to the imposition of a Default Charge).
Creation and Maintenance