FIRST ADDITIONAL CONTRIBUTION Sample Clauses

FIRST ADDITIONAL CONTRIBUTION. At such time as it is determined that additional capital is needed to purchase the assets of or operate the casino operation in Biloxi, Mississippi, known as the "Palace Casino," CRC shall contribute a debenture in the amount of One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) towards the purchase price of the Palace Casino assets (the "Debenture"). The Debenture shall bear interest at the rate of six percent (6%) per annum, shall be payable by CRC at the end of two years from the date of closing of the Palace Casino assets in either cash or CRC common stock at the then prevailing price, and shall be substantially in the form attached hereto as Exhibit "C". CRC shall provide to LLC a certified copy of a corporate resolution authorizing and approving the Debenture. The Capital Account of CRC shall be credited in the amount of Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) in consideration of the giving of said Debenture. Low shall contribute capital to the Company in an amount equal to eighty percent (80%) of the unfinanced purchase price of the casino operation and in addition, shall contribute capital to the Company in an amount not less than Three Million and No/100 Dollars ($3,000,000.00) to be used by the Company as working capital, and CRC shall contribute capital for such purposes in an amount equal to twenty-five percent (25%) of the amount contributed by Low. These contributions made for the purpose of purchasing the Palace Casino assets shall be referred to herein as the First Additional Contribution. In the event the contribution by Low toward the First Additional Contribution exceeds four million four hundred thousand dollars, CRC shall contribute one million one hundred thousand dollars of its obligation toward the First Additional Contribution in cash, and CRC may, at its option, contribute the balance of such obligation in its own cash, or in cash borrowed from Low. In the event CRC chooses to borrow cash from Low to make such contribution, CRC shall give to Low a convertible debenture (the "First Debenture") the principal and interest of which may, at the option of CRC, be repaid at any time on or before one year next following the contribution by Low, with interest to be calculated as follows: If repaid within sixty days from the date Low makes his contribution, interest to be calculated at eight percent (8%); If repaid sixty-one (61) to one hundred twenty (120) days, interest to be calculated at 9% from the...
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Related to FIRST ADDITIONAL CONTRIBUTION

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • No Additional Consideration For the avoidance of doubt, the transfer or assumption of any Assets or Liabilities under this Section 2.7 shall be effected without any additional consideration by either party.

  • Initial Contributions The Members initially shall contribute to the Company capital as described in Schedule 2 attached to this Agreement.

  • Additional Consideration Retrocessionaire agrees to pay under the Inuring Retrocessions all future premiums Retrocedant is obligated to pay pursuant to the terms of the Inuring Retrocessions to the extent that such premiums are allocable to Retrocessionaire in the manner set forth in Exhibit E hereto, and not otherwise paid by Retrocessionaire and to indemnify Retrocedant for all such premiums paid directly by Retrocedant, net of any ceding commissions and similar amounts paid by Third Party Retrocessionaires to Retrocedant.

  • No Additional Compensation Notwithstanding any other provision of this Agreement, the obligation of Agency to return Referred Accounts, provide current status reports of all such accounts or information reasonably required by Client shall be without right to any additional Contingent Fee, administrative fees or other compensation of any kind or type whatsoever after such termination date, including, without limitation, in quantum meruit, for any Services rendered prior to termination (except on recoveries received and remitted to Client pursuant to this Agreement prior to termination) whether or not said Services result in or contribute to recoveries received after termination.

  • Amendments; Waivers; No Additional Consideration No provision of this Agreement may be waived or amended except in a written instrument signed by the Company, Parent and the Shareholders. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

  • No Additional Capital Contributions Except as otherwise provided in this Article V, no Partner shall be required to make additional Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions to the Partnership without the consent of the General Partner.

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04. PART I. [OPTIONS (a) THROUGH (d)].

  • Mutual Contribution The parties to this Agreement and their counsel have mutually contributed to its drafting. Consequently, no provision of this Agreement shall be construed against any party on the ground that a party drafted the provision or caused it to be drafted.

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