Common use of Predevelopment Budget Clause in Contracts

Predevelopment Budget. Morgans and ▇▇▇▇ agree that, notwithstanding anything to the contrary contained in the Operating Agreement, each Member shall fund fifty percent (50%) of the Predevelopment Costs (which fifty percent (50%) amount shall not exceed $418,713.84 for each Member) set forth in the revised 9/19/08 Predevelopment Budget covering the period from October 1, 2008 through December 31, 2009, which Predevelopment Budget is hereby approved by the Parties and supersedes any prior Predevelopment Budget. The amounts set forth in such revised Predevelopment Budget shall be funded pursuant to Capital Calls issued in accordance with the terms of the Operating Agreement; provided, however, the Members agree that any amounts required to be funded by either Member pursuant to any pending or future Capital Call Notice shall be netted against any funds required to be paid to any such Member (or its affiliates) by the other Member or the Company in respect of the cost items described in such Capital Call Notice, such that the Members shall only be required to fund a Capital Call if and to the extent that the amount to be reimbursed to such Member for cost items described in such Capital Call Notice is less than fifty percent (50%) of the amounts requested in the Capital Call Notice.