Other Capital Commitments Clause Samples
The 'Other Capital Commitments' clause defines the obligations of a party to disclose or account for any additional financial commitments or investments they have made outside the current agreement. In practice, this clause requires parties to inform each other about existing or anticipated capital obligations, such as loans, guarantees, or investments, that could impact their ability to fulfill the terms of the contract. By ensuring transparency regarding outside financial commitments, this clause helps prevent conflicts of interest and reduces the risk of unexpected financial strain affecting the agreement.
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Other Capital Commitments. Except as previously disclosed by the Company to the Investor in writing prior to its execution and delivery of this Agreement (including as set forth in Section 3(c) above), as of the date hereof, the Company does not have and is not bound by any outstanding subscriptions, options, warrants, calls, commitments or agreements of any character calling for the purchase or issue of, or securities or rights convertible into or exchangeable for, any shares of Common Stock, preferred stock, subordinated debt, trust preferred securities, or any other equity or debt securities of the Company or any securities representing the right to purchase or otherwise receive any shares of capital stock or debt securities of the Company.
Other Capital Commitments. If the Company requires capital (other than New Capital) that the Board has specifically approved to be contributed by the Capital Members pursuant to an applicable Approved Operating Plan or Approved Development Budget (other than the Approved Development Budget for the Expansion Project, which is addressed in Section 3.4(a) above) (the “Necessary Capital”), DLJMB shall request, on behalf of the Company, that the Capital Members make additional Capital Contributions by providing written notice thereof (a “Capital Call Notice”) not less than ten (10) Business Days prior to the date on which the additional Capital Contributions are to be made. Each Capital Call Notice shall specify the purpose for which the Capital Contributions are required to be made. Upon receipt of any such Capital Call Notice, the Necessary Capital shall be funded by the Capital Members in accordance with their Percentage Interests. Notwithstanding the foregoing, the Capital Members acknowledge and agree that when approving any Approved Development Project, the Board will also approve a financing plan for such Approved Development Project. Such financing plan shall specify the Capital Members’ obligations, if any, for additional Capital Contributions in connection with such Approved Development Project. No Capital Member shall be obligated under this Section 3.4(b) to make a Capital Contribution in respect of Necessary Capital unless such Capital Contribution is expressly contemplated by the applicable Approved Development Budget (in the case of an Approved Development Project) or Approved Operating Plan. If the Company requires capital (other than New Capital) to be contributed by the Capital Members to fund an unexpected shortfall in capital that was either (i) to be provided by a capital source other than the Capital Members pursuant to such Approved Operating Plan or Approved Development Budget or (ii) not contemplated by the Approved Operating Plan, but reasonably necessary to continue the day to day operations of the Hotel/Casino as then currently conducted (in either case, the “Operating Capital”), DLJMB may in its reasonable discretion request, on behalf of the Company, that the Capital Members make additional Capital Contributions by providing a Capital Call Notice not less than ten (10) Business Days prior to the date on which the additional Capital Contributions are to be made. Upon receipt of any such Capital Call Notice, the Operating Capital shall be funded by the Capital...