A hereof. The Members hereby agree that, upon the admission of Inland as a Member of the Company, Cordish's Capital Account shall be increased to equal the amount set forth next to its name on SCHEDULE A, which reflects the agreed-upon Gross Asset Value of the Existing Property as of the date hereof, reduced by (i) the amount of the Existing Debt as of the date hereof, (ii) the amount required to be contributed to the Owner Entity and then distributed to the Withdrawing Member under Section 4.1.A hereof, (iii) the aggregate amount deposited in escrow pursuant to Section 1 of the Escrow Agreement and Section 1 of the Liquidity Escrow Agreement, and (iv) amounts not yet contributed to the Company by Inland as of the date hereof pursuant to Section 1.4.1 of the Contribution Agreement. Cordish's Capital Account (and Adjusted Capital Balance) shall be increased from time to time, without duplication, as and when funds are (a) released and deposited into the Operations Reserve pursuant to Sections 2.1 and 2.2 of the Escrow Agreement and Section 2 of the Liquidity Escrow Agreement, and (b) deposited into the Operations Reserve pursuant to the terms of the Article I of the Contribution Agreement and Section 3.3.A of this Agreement.
Appears in 1 contract
Sources: Contribution Agreement (Inland Western Retail Real Estate Trust Inc)
A hereof. The Members hereby agree that, upon the admission of Inland as a Member of the Company, Cordish's Capital Account shall be increased to equal the amount set forth next to its name on SCHEDULE A, which reflects the agreed-upon Gross Asset Value of the Existing Property as of the date hereof, reduced by (i) the amount of the Existing Debt as of the date hereof, (ii) the amount required to be contributed to the Owner Entity and then distributed to the Withdrawing Member under Section 4.1.A hereof, (iii) the aggregate amount deposited in escrow pursuant to Section 1 of the Escrow Agreement and Section 1 of the Liquidity Escrow Agreement, and (iv) amounts not yet contributed to the Company by Inland as of the date hereof pursuant to Section 1.4.1 of the Contribution Agreement. Cordish's Capital Account (and Adjusted Capital Balance) shall be increased from time to time, without duplication, as and when funds are (a) released and deposited into the Operations Reserve pursuant to Sections 2.1 and 2.2 of the Escrow Agreement and Section 2 of the Liquidity Escrow Agreement, and (b) deposited into the Operations Reserve pursuant to the terms of the Article I (specifically including Section 1.4.3) of the Contribution Agreement and Section 3.3.A of this Agreement.
Appears in 1 contract
Sources: Contribution Agreement (Inland Western Retail Real Estate Trust Inc)
A hereof. The Members hereby agree that, upon the admission of Inland as a Member of the Company, Cordish's Capital Account shall be increased to equal the amount set forth next to its name on SCHEDULE A, which reflects the agreed-upon Gross Asset Value of the Existing Property as of the date hereof, reduced by (i) the amount of the Existing Debt as of the date hereof, (ii) the amount required to be contributed to the Owner Entity and then distributed to the Withdrawing Member under Section 4.1.A hereof, (iii) the aggregate amount deposited in escrow pursuant to Section 1 of the Escrow Agreement and Section 1 of the Liquidity Escrow Agreement, and (iv) amounts not yet contributed to the Company by Inland as of the date hereof pursuant to Section 1.4.1 of the Contribution Agreement. Cordish's Capital Account (and Adjusted Capital Balance) shall be increased from time to time, without duplication, as and when funds are (a) released and deposited into the Operations Reserve pursuant to Sections 2.1 and 2.2 of the Escrow Agreement and Section 2 of the Liquidity Escrow Agreement, and (b) deposited into the Operations Reserve pursuant to the terms of the Article I of the Contribution Agreement and Section 3.3.A of this Agreement.
Appears in 1 contract
Sources: Contribution Agreement (Inland Western Retail Real Estate Trust Inc)