Examples of Entitlement Stage in a sentence
Any non-material modifications to the initial Business Plan for the Entitlement Stage and the Development Stage shall require the Approval of the Executive Committee.
If the Executive Committee calls for any additional Capital Contribution during the Entitlement Stage (i) to further the purposes of the Entitlement Stage Business, (ii) to make Centennial RWA Reimbursements, or (iii) to implement the Entitlement Business Plan (collectively, the “Remaining Entitlement Period Contributions”), then each Funding Member shall be required to contribute such Member’s then Percentage Interest of the applicable Total Call Amount.
If during the Entitlement Stage the Executive Committee has not caused to be paid, or has not made a capital call to procure funds to pay, a binding obligation to pay a consultant hired by the Company, then any two Developers acting jointly may provide written notice to the Executive Committee to make a capital call pursuant to this Section 4.3 for purposes of paying such obligation.
Notwithstanding the foregoing, approval of each initial Business Plan for the Entitlement Stage and the Development Stage and any material modifications thereto proposed by either Member shall require the unanimous Approval of the Executive Committee.
Prior to the end of the Entitlement Stage, each of Tejon and the Developers shall use its diligent and good faith efforts to prepare and agree upon the initial Development Business Plan.
Further, during the Entitlement Stage, a Developer shall be deemed to have elected to withdraw as a member of the Company (a “Deemed Withdrawal”) if such Developer is the only Member that does not approve (or is deemed to have disapproved pursuant to Section 7.1B) the initial Development Business Plan pursuant to Section 2.3D(2).
During the Entitlement Stage and Development Stage, DMB shall make additional Capital Contributions in an aggregate total amount up to One Hundred Million Dollars ($100,000,000) as and when necessary to fund the operations of the Company in accordance with the Entitlement Business Plan and the Development Business Plan or as otherwise Approved by the Executive Committee (“DMB Mandatory Additional Contributions”).
Prior to the Effective Date, each of the Developers funded Capital Contributions during the Entitlement Stage (“Entitlement Stage Contributions”) in the aggregate amount set forth opposite such Developer’s name in the column labeled “Entitlement Stage Contributions” on Exhibit “B” attached hereto, which were credited to each such Developer’s Book Capital Account in the amount and at the time that its Entitlement Stage Contributions were made.
The business of the Company during the Entitlement Stage includes (i) pursuing Entitlements for the Master Project, (ii) updating the Master Conceptual Plan as necessary to reflect current market conditions, (iii) developing and seeking Approval of the initial Development Business Plan, and (iv) carrying on all other activities incidental to, or necessary or convenient in furtherance of, the foregoing, as Approved by the Executive Committee (collectively, the “Entitlement Stage Business”).
During the Remaining Entitlement Period of the Entitlement Stage, the scope of the Entitlement Stage Business shall include the matters contemplated in that certain business plan currently in effect (as amended from time to time in accordance with this Agreement, the “Entitlement Business Plan”) which was Approved prior to the Effective Date in accordance with the First Amended and Restated LLC Agreement.