Initial and Additional Contributions Sample Clauses
The 'Initial and Additional Contributions' clause defines the obligations of parties to provide capital or resources to a venture, both at the outset and potentially at later stages. It typically specifies the amount, timing, and form of the initial contributions required from each party, and outlines the process or conditions under which further contributions may be requested or required. This clause ensures that the venture is adequately funded and clarifies each party's financial responsibilities, thereby preventing disputes over funding shortfalls and promoting transparency in capital commitments.
Initial and Additional Contributions. No Partner shall be required to make any initial or additional contributions to the capital of the Partnership unless agreed to in writing by both Partners. Any agreement between the Partners for additional capital contributions to the Partnership shall create rights and obligations only between the Partnership and the Partners, and shall not create any rights in any third party.
Initial and Additional Contributions. As of the date hereof, the Member has made an initial capital contribution of US $1,000 to the Company. The Member shall not be obligated to make any additional capital contributions; provided that the Member may elect to make an additional capital contribution from time to time in its sole discretion.
Initial and Additional Contributions. As of the date hereof, the Member has made a capital contribution to the Company. The Member shall not be required to make any additional capital contributions. If the Member determines that an additional capital contribution is necessary, the Member shall fix the amount of such capital contribution.
Initial and Additional Contributions. The Members will have the following Contribution obligations to the Company:
(a) In connection with Gramor’s execution and delivery of this Agreement, Gramor is assigning its right to purchase the real estate pursuant to the Purchase Agreement. Gramor has conducted the due diligence on the real estate to be acquired for the Project and represents and warrants that the statements set forth on Schedule 5.1(a) are true and correct as of the date of this Agreement and will be true and correct as of the closing date for the acquisition of the real property pursuant to the terms of the Purchase Agreement.
(b) In connection with ROIC’s execution and delivery of this Agreement, ROIC shall contribute to the Company the amount set forth on Exhibit A as the amount of ROIC’s beginning Contribution and initial Capital Account, which is an amount equal to 95% of the out-of-pocket costs and expenses incurred by Gramor for purposes of the Company and the Project prior to the date of this Agreement, it being agreed that upon such Contribution the Company shall distribute such amount to Gramor in reimbursement for 95% of such costs and expenses. Schedule 5.1(b) sets forth the detail of the out-of –pocket costs and expenses incurred and paid by Gramor for the purposes of the Company. ROIC shall not become a Member or have any interest under this Agreement unless and until ROIC makes such Contribution. Following such Contribution by ROIC and distribution to Gramor, the Members shall have the initial Capital Accounts set forth on Exhibit A reflecting the 5% of such costs and expenses funded by Gramor (which shall be deemed to be a beginning Contribution by Gramor) and the 95% of such costs and expenses funded by ROIC. The Preferential Return on Capital shall be calculated on Gramor’s Contribution from the date of this Agreement rather than the date of the expenditure of such funds for pre-development costs and expenses.
(c) Upon any call of the Manager from time to time under this Section 5.1(b), the Members will make cash Contributions to the Company in the proportions of 95% from ROIC and 5% from Gramor of the amount specified by the Manager; provided that the aggregate amount called for and contributed by the Members under this Section 5.1(b) shall not exceed $5,000,000 minus the amount of the beginning Contributions made as provided in Section 5.1(a). All Contributions by the Members under Section 5.1(a) and this Section 5.1(b) shall constitute “Initial Contributions.” In ...