Required Capital Contributions Sample Clauses
Required Capital Contributions. No Member shall have any obligation to make any Capital Contributions to the Company other than as expressly set forth herein. In particular, no Member shall have any obligation to restore (to the Company or to or for the benefit of any creditor of the Company) any deficit balance in its Capital Account at any time, whether on liquidation or otherwise, and such deficit balance shall not be considered a debt owed by such Member to the Company or to any other Person for any purpose whatsoever.
Required Capital Contributions. (a) If any payment, including any amount of principal, interest or similar item, or any amount attributable to indemnification obligations of the Company under the Outside Financing Documents, is due to be paid to the lenders who have provided the Outside Financing and the Company does not have sufficient funds to make such payment (apart from any Net Interest Savings), then on or before the date such funds are required to be paid, the Members shall fund to the Company, pro rata in accordance with their Debt Percentages, an amount of Capital Contributions that is sufficient to pay the amounts required to be paid (without drawing upon such Net Interest Savings, which shall not be applied by the Company to satisfy such Company payment and shall retain their status as such for all purposes of this Agreement, including for purposes of applying Section 4.1 hereof). Consistent with the preceding sentence, and pursuant to Section 18-303(b) of the Act, BH Finance hereby agrees to be liable for 90 percent of the Company's obligations under the Outside Financing and WMAC hereby agrees to be liable for 10 percent of the Company's obligations under the Outside Financing.
(b) If the Company incurs costs or expenses, other than those set forth in Section 2.3(a) above, and does not have sufficient funds to pay such expenses (apart from any Net Interest Savings), upon demand by the Company or by either Member, the Members shall promptly make Capital Contributions sufficient to pay such costs and expenses (without drawing upon such Net Interest Savings, which shall not be applied by the Company to satisfy such Company payment and shall retain their status as such for all purposes of this Agreement, including for purposes of applying Section 4.1 hereof) in accordance with their Debt Percentages; provided, however, that Section 12.2 shall control Capital Contributions required to fund costs and expenses that constitute Covered Losses.
(c) Berkshire agrees to contribute (or cause to be contributed) to BH Finance, and Leucadia agrees to contribute (or cause to be contributed) to WMAC, an amount sufficient in each case for such Member to fund its Required Capital Contributions as and when required under this Section 2.3.
(d) If BH Finance or WMAC (the "defaulting Member") fails to fund its Required Capital Contributions as and when required, whether pursuant to this Section 2.3, Section 12.2, or otherwise, the non-defaulting Member shall have a direct claim against the defaulti...
Required Capital Contributions. Each Limited Part- -------------------------------------------- ner shall make an "Initial Capital Contribution" to the Partner- ship in an amount not less than $1,000 in cash or assets (subject to the discretion of the General Partner to accept lesser amounts and to determine whether to accept any assets and, on a reason- able basis, the value of any such assets). The General Partner shall be required to make additional Capital Contributions to the Partnership from time to time to the extent necessary to maintain the balance of its Capital Account at an amount which results in the Partnership being treated as a partnership for Federal income tax purposes.
Required Capital Contributions. (a) The parties hereto acknowledge that, pursuant to and in accordance with the First A&R Agreement, following the First Amendment Date through and including the day prior to the Effective Date, each Member has contributed to the Company certain Capital Contributions related to the development and construction of the System.
(b) From and after the Effective Date, each Member hereby agrees to contribute to the Company (within fifteen (15) days of any capital call issued by the Delegate with respect thereto in accordance with Section 10.5) such Member’s Percentage Interest share of (i) all additional amounts necessary to fund the completion of the System, provided that (A) the aggregate of such amounts, together with any Capital Contributions previously made by the Members and described in Section 6.1(a), shall not exceed an amount equal to $1,330,000,000 plus capitalized interest under GAAP related to the development and construction of the System, minus an amount equal to the aggregate amount of the Members’ Capital Accounts as of the First Amendment Date, and (B) each such capital call shall be limited to the good faith estimate of funds necessary to be expended by the Company during the month following the date such capital call is made, and (ii) such other amounts as may be approved by the Delegate, subject to Section 3.4(e), in order to fund the initial working capital requirements of the Company during the six (6) month-period after the In-Service Date (each, a “Required Contribution”). The capital calls issued by the Delegate pursuant to clause (ii) shall be made on the first (1st) day of every month beginning the calendar month following the In-Service Date.
(c) Within thirty (30) days after notice from the Company specifying the Insurance Payment Amount that has been determined by a Qualified Adjuster to be applicable to any Insurance Payment Event that has occurred, and the Company has supplied a reasonably satisfactory proof of loss, each Member shall make a Capital Contribution in cash in an amount equal to its respective Percentage Interest of the Insurance Payment Amount specified in such notice. The Member’s direct obligation will be reduced by any proceeds received by the Company from the Member’s captive insurance company, any Affiliate captive insurance company or under insurance coverage obtained by such Member on behalf of the Company pursuant to Section 3.13 associated with such Insurance Payment Event.
(d) The Delegate will issue any a...
Required Capital Contributions. (a) Subject to the limitations contained in Section 6.04(b) and the other requirements of this Agreement, during the Commitment Period, each Member shall contribute to the capital of the Company an amount up to, but not to exceed, its aggregate Commitment. The Company will issue one (1) Unit for each $1,000 of capital contributed to the Company by such Members (or a partial Unit for capital totaling less than $1,000). No Member shall have any obligation to make any contributions to the Company after the expiration of the Commitment Period, except as otherwise provided in this Agreement. Each Member shall be required to contribute its Commitment Percentage of the aggregate amount of all contributions of capital to the Company which may be called for from time to time by the Manager prior to the Commitment Termination Date; provided that no Member shall ever be obligated to make contributions of capital to the Company in excess of its Commitment. The Manager will give each Member not less than fiveten (510) Business Days prior written notice of any required contributions of capital to the Company, including such Member's Commitment Percentage thereof, which notice shall contain a brief description of the intended uses of such contributions of capital. The Manager shall not call for capital contributions from the Members more frequently than once per calendar quarter. The Members agree that Capital Contributions can be used for any lawful Company purpose consistent with the provisions of this Agreement. No Capital Contributions returned to Members (other than Capital Contributions returned pursuant to Section 3.04) shall be subject to recall and re-contribution, except as otherwise provided in Section 4.01(b) or Section 5.01(c). All Capital Contributions shall be made to the Company by wire transfer in same day funds on or before the date specified in the written notice from the Manager of a required contribution of capital.
(b) If a Member fails to pay any installment of its Commitment when due, a written notice of default shall be given to such Member in accordance with Section 4.06 by the Manager. If the installment is not received by the Company prior to the expiration of the cure period set forth in Section 4.06, in the Manager’s sole and absolute discretion, such amount shall constitute a demand loan to such Member payable to the Company (“Default Loan”) that shall bear interest at the Default Rate, compounded monthly, from and after the original due da...
Required Capital Contributions. (a) Upon the execution of this Agreement, OASIS shall contribute to the Company all of the outstanding capital stock of ORS, pursuant to the terms of the Contribution Agreement.
(b) Upon the execution of this Agreement, EOI shall contribute to the Company shares of EGLOBE Common Stock, and the EGLOBE Warrants, pursuant to the terms of the Contribution Agreement.
Required Capital Contributions. In addition to its initial, nonrefundable capital contribution, Bullion would be required to contribute an additional 1.75 million USD to be used by the JV in the exploration of the Bom Xxxxx and Bom Jardim Properties (the “Capital Funds”). At a minimum, Bullion would be required to contribute $80,000 each month (for 22 months) until the entire Capital Funds will have been contributed, but it could contribute more - should circumstances warrant. The $75,000 already given to Dourave Canada and Dourave Brazil through that certain Promissory Note and Advance, executed on or about March 25, 2009, would be treated as an advance of the first $250,000 capital contribution and the Promissory Note and Advance would be cancelled. No contribution would be made for the month following the month in which the initial capital contribution is made (month 1 = $175,000, skip next month, then $80,000 for the next 22 months).
Required Capital Contributions. 5.2.1 (a) The Members hereby agree and obligate themselves to fund the Phase I Capital Budget. On the first day of each month during each Fiscal Year covered by the Phase I Capital Budget, each Member shall make a Capital Contribution equal to (x) its Sharing Ratio times (y) the total amount that is anticipated to be expended through the end of that month, provided that such amount is not more than 110% of the amount that was expected to be expended under the Phase I Capital Budget through such date, after giving credit for any prior Capital Contributions made under this Section 5.2.1(a). All amounts received by the Company during a quarter pursuant to this Section 5.2.1(a), whether received prior to, on or after the first day of that quarter, shall be credited to the respective Member’s Capital Account as of the first day of that quarter.
Required Capital Contributions. [Confidential material has been omitted pursuant to a request for confidential treatment filed with the Commission under Rule 24b-2(b) and has been filed separately with the Commission.]
Required Capital Contributions. Each Member shall contribute within 60 days following the date of this Operating Agreement such amount as is set forth in Schedule A hereto as such Member's share of the Initial Capital Contribution and will receive a credit to such Member's Capital Account in the amount set fort in Schedule A. At the Second Closing (as defined in that certain Subscription Agreement by and between the Members, dated as of June 8, 1998 (the "Subscription Agreement")), each Member shall contribute such assets as is set forth in Schedule A hereto as such Member's Second Capital Contribution and will receive a credit to such Member's Capital Account in the amount of the value as set forth in Schedule A.