Common use of Partnership Capital Clause in Contracts

Partnership Capital. The assets listed under the names of each of the parties in the Third Schedule shall be transferred by the parties to the Partnership at the Agreed Value on the commencement hereof and shall form the initial capital contribution of each of the Partners to the Partnership 10.1.1 Irrespective of the amount of the Agreed Value of assets transferred to The Partnership the Parties agree that it is their intention, where permissible under Tax Law, to elect that the assets shall be deemed to have been transferred at the Tax Written Down Value thereof in the Accounts of the Transferor and the Parties agree to complete and execute all or any further documents and do all things necessary and provide all required information, to inform the relevant Inspector of Taxes of their joint election, or that may be otherwise necessary to ensure that no balancing charges shall be levied on the Transferor as a result of the transfer of the assets pursuant to This Agreement. 10.1.2 In any case where the agreed value of livestock transferred to the Partnership exceeds the value of that livestock in the accounts of the transferring Partner on the Commencement Date then to the extent permissible by the relevant guidelines published by the Revenue Commissioners, and unless otherwise agreed, the value of that livestock in the accounts of the Partnership shall be adjusted in accordance with the basis specified by the Revenue Commissioners in those guidelines.