INITIAL SHAREHOLDER LOANS AND ADDITIONAL CAPITAL CONTRIBUTIONS Sample Clauses

INITIAL SHAREHOLDER LOANS AND ADDITIONAL CAPITAL CONTRIBUTIONS. The Initial Shareholders acknowledge that, to conduct its business authorized herein, the Company will require funds to cover expenses of management, day to day operations, ordinary business expenses, losses and/or pay Company obligations as set forth in Pauli's Franchise Corporation Financial Projections to be completed and agreed to by a majority of the Board of Directors. To the extent that the Company determines that payments in addition to scheduled Capital Contributions are required, and if such additional amounts cannot be obtained by the Company from one or more lenders (other than the Initial Shareholders) under terms and conditions acceptable to a Majority-In-Interest of the Initial Shareholders, then the Initial Shareholders, by a majority vote, shall decide whether or not such additional amounts shall be provided to the Company by the Initial Shareholders and, if so, whether such additional amounts shall be provided by way of loans to the Company by the Initial Shareholders or by way of Additional Capital Contributions from the Initial Shareholders. Loans to the Company by Initial Shareholders shall be made in cash and shall be evidenced by promissory notes in a form satisfactory to the Chief Financial Officer. Such loans shall earn interest at the Prime Rate and be repayable on such terms as shall be approved by the Chief Financial Officer with consent from the majority of the Board of Directors of the Company. Initial Shareholder loans shall be fully repaid (principal and interest) prior to any dividends pursuant to Article IV hereof. Notwithstanding anything to the contrary set forth herein, no Initial Shareholder shall be required to take any action or perform any act, including, without limitation, the payment of money, on behalf of or for the benefit of any third party creditor.
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Related to INITIAL SHAREHOLDER LOANS AND ADDITIONAL CAPITAL CONTRIBUTIONS

  • Additional Capital Contributions No Member shall be required to make additional capital contributions. A Member may make additional capital contributions to the Company.

  • Initial Capital Contributions The Partners have made, on or prior to the date hereof, Capital Contributions and have acquired the number of Class A Units as specified in the books and records of the Partnership.

  • Initial Capital Contribution The initial Capital Contribution of the Original Member as of the date of this Agreement will be $ .

  • Additional Capital Contributions and Issuances of Additional Partnership Interests Except as provided in this Section 4.2 or in Section 4.3, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.2.

  • 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.

  • Members Capital Contributions a) Single-Member Capital Contributions (Applies ONLY if Single-Member): The Member may make such capital contributions (each a “Capital Contribution”) in such amounts and at such times as the Member shall determine. The Member shall not be obligated to make any Capital Contributions. The Member may take distributions of the capital from time to time in accordance with the limitations imposed by the Statutes. b) Multi-Member (Applies ONLY if Multi-Member): The Members have contributed the following capital amounts to the Company as set forth below and are not obligated to make any additional capital contributions:

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Member Capital Contributions (Check One)

  • Initial Capital Contribution and Ownership The Trust Beneficial Owner has paid or has caused to be paid to, or to an account at the direction of, the Trustee, on the date hereof, the sum of $15 (or, in the case of Notes issued with original issue discount, such amount multiplied by the issue price of the Notes). The Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of the series of Notes to purchase the Funding Agreement. Upon the creation of the Trust and the registration of the Trust Beneficial Interest in the Securities Register (as defined in the Trust Agreement) by the Registrar in the name of the Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole beneficial owner of the Trust.

  • Capital Contributions and Issuance of Partnership Interests Section 5.1

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