Preliminary Matters and Participants’ Initial Contributions Sample Clauses

Preliminary Matters and Participants’ Initial Contributions. (a) MTM, as its Initial Contribution, hereby contributes the Assets described in Exhibit A to the purposes of this Agreement. The amount of $13,000,000 shall be credited to MTM’s Equity Account on the Effective Date with respect to MTM’s Initial Contribution. (i) Subject to EKT’s right to (A) terminate this Agreement as set forth in Subsection 5.2(a), or (B) reduce its Initial Contribution as set forth in Subsection 5.2(c), EKT, as its Initial Contribution, shall have the sole obligation to provide funds for all Operations engaged in to implement the Development Plan, up to a total of $13,000,000 (the “Funding Requirement”), on or before 5:00 p.m. Mountain time on January 1, 2007 (the period between the Effective Date and January 1, 2007 at 5:00 p.m. Mountain time being referred to hereinafter as the “Earn-In Period”). Upon completion of the entire Funding Requirement, the entire amount of that Funding Requirement shall be credited to EKT’s Equity Account, and EKT shall be deemed to have made its Initial Contribution. (i) With respect to the Funding Requirement, but subject to Section 5.2, on or before August 1, 2006, EKT shall either (A) wire transfer $200,000 into a bank account maintained by MTM solely for the purpose of funding Operations (pursuant to wire transfer instructions from MTM) or (B) fund and make available an irrevocable Letter of Credit with a nationally-recognized bank or other financial institution in the amount of $200,000, such funds to be used or drawn upon only by MTM or its Affiliates for purposes of funding Operations as contemplated by the Development Plan. On or before August 10, 2006, EKT shall either (X) wire transfer $800,000 into a bank account maintained by MTM solely for the purpose of funding Operations (pursuant to wire transfer instructions from MTM) or (Y) fund and make available an irrevocable letter of credit with a nationally-recognized bank or other financial institution in the amount of $800,000, such funds to be used or drawn upon only by MTM or its Affiliates for purposes of funding Operations as contemplated by the Development Plan. Thereafter, on or prior to the 1st day of each of the next four calendar months during the Earn-In Period, beginning on the 1st day of September, 2006, EKT shall either (A) wire transfer $2,500,000 into the same MTM account or (B) fund and make available an irrevocable Letter of Credit with a nationally-recognized bank or other financial institution in the amount of $2,500,000, such ...
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Related to Preliminary Matters and Participants’ Initial Contributions

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

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

  • 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.

  • 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.

  • Initial Contribution of Trust Property; Organizational Expenses The Property Trustee acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.

  • 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.

  • Rollover Contributions A rollover is a tax-free distribution of cash or other assets from one retirement program to another. There are two kinds of rollover contributions to an IRA. Xx one, you contribute amounts distributed to you from one IRA xx another IRA. Xxth the other, you contribute amounts distributed to you from your employer's qualified plan or 403(b) plan to an IRA. X rollover is an allowable IRA xxxtribution which is not subject to the limits on regular contributions discussed in Part D above. However, you may not deduct a rollover contribution to your IRA xx your tax return. If you receive a distribution from the qualified plan of your employer or former employer, the distribution must be an "eligible rollover distribution" in order for you to be able to roll all or part of the distribution over to your IRA. Xxe portion you contribute to your IRA xxxl not be taxable to you until you withdraw it from the IRA. Xxur employer or former employer will give you the opportunity to roll over the distribution directly from the plan to the IRA. Xx you elect, instead, to receive the distribution, you must deposit it into the IRA xxxhin 60 days after you receive it. An "eligible rollover distribution" is any distribution from a qualified plan that would be taxable other than (1) a distribution that is one of a series of periodic payments for an employee's life or over a period of 10 years or more, (2) a required distribution after you attain age 70 1/2 and (3) certain corrective distributions. If the entire amount in your IRA xxx been contributed in a tax-free rollover from your employer's or former employer's qualified plan or 403(b) plan, you may later roll over the IRA xx a new employer's plan if such plan permits rollovers. Your IRA xxxld then serve as a conduit for those assets. However, you may later roll those IRA xxxds into a new employer's plan only if you make no further contributions to that IRA, xx commingle the IRA xxxlover funds with existing IRA xxxets.

  • Initial Capital Contribution of Trust Estate As of the date of the Original Trust Agreement, the Seller sold, assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Seller, as of such date, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Collection Account.

  • 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.

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