SUBSEQUENT ADDITIONAL FIRST YEAR CONTRIBUTIONS Sample Clauses

SUBSEQUENT ADDITIONAL FIRST YEAR CONTRIBUTIONS. If, during the first year next following the First Additional Contribution, the Company determines from time to time that additional capital must be contributed by the Members, such amount or amounts so determined shall be contributed as follows. In each such instance, Low shall contribute his/her membership percentage of the Second Additional Contribution. CRC shall contribute the percentage of capital equal to its membership percentage, either in its own cash, or cash borrowed from Low. In the event CRC chooses to borrow cash from Low to make such contribution or contributions toward the Subsequent Additional First Year Contribution, in each such instance CRC shall give to Low a convertible debenture (the "First Year Debenture" or "First Year Debentures") the principal and interest of which may, at the option of CRC, be repaid at any time on or before one year next following the issuance of each such debenture. Interest on each such debenture shall be calculated as follows: If repaid within sixty days from the date Low makes his contribution toward the Second Additional Contribution, interest to be calculated at eight percent (8%); If repaid sixty-one (61) to one hundred twenty (120) days, interest to be calculated at 9% from the date Low makes his contribution; If repaid one hundred twenty one (121) to one hundred eighty (180) days, interest to be calculated at 10% from the date Low makes his contribution; If repaid one hundred eighty one (181) to two hundred forty (240) days, interest to be calculated at 11% from the date Low makes his contribution; If repaid two hundred forty one (241) to three hundred (300) days, interest to be calculated at 12% from the date Low makes his contribution; If repaid three hundred one (301) to three hundred sixty (360) days, interest to be calculated at 13% from the date Low makes his contribution; Each First Year Debenture shall further provide that, at any time after one year following issuance, there is an outstanding balance due thereunder, Low may, at his option, convert such balance due, or any portion thereof, to common stock in CRC. At any time after one year following issuance, CRC may at its sole option, give notice to Low of its intent to prepay any First Year Debenture. Upon the receipt of such notice, Low may, at his option, accept the prepayment or convert such balance due, or any portion thereof, to common stock in CRC. The price of such stock, to be paid by offset of the amount due pursuant to each First ...
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to SUBSEQUENT ADDITIONAL FIRST YEAR CONTRIBUTIONS

  • Initial Contributions In connection with the formation of the Partnership under the Delaware Act, the General Partner made an initial Capital Contribution to the Partnership in the amount of $10.10 for an interest in the Partnership and was admitted as the general partner of the Partnership, and the Initial Limited Partner made an initial Capital Contribution to the Partnership in the amount of $989.90 for an interest in the Partnership and was admitted as a limited partner of the Partnership.

  • Initial Contribution The capital contributions to be made by the Member and with which the Company shall begin business are as follows: Member Name Contribution Membership Interest Century Land Holdings, LLC $ 1,000.00 100 %

  • Catch-Up Contributions Unless otherwise elected in Section 2.4 of this amendment, all employees who are eligible to make elective deferrals under this plan and who have attained age 50 before the close of the plan year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the plan implementing the required limitations of Sections 402(g) and 415 of the Code. The plan shall not be treated as failing to satisfy the provisions of the plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such catch-up contributions.

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

  • ALLOCATION OF CONTRIBUTIONS If the application is in good order, the initial Contribution will be applied within two Business Days of receipt at the Retirement Resource Operations Center. During the right to cancel period, all Contributions will be allocated in one or more of the Sub-Account(s) as specified in the application. During the right to cancel period, the Owner may change the allocations to the Sub-Accounts. Subsequent Contributions will be allocated to the Annuity Account in the proportion Requested by the Owner. If there are no accompanying instructions, then allocations will be made in accordance with standing instructions. Allocations will be effective upon the Transaction Date.

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • Subsequent Capital Contributions Without creating any rights in favor of any third party, each Member shall contribute to the Company, in cash, on or before the date specified as hereinafter described, that Member's Sharing Ratio of all monies that in the unanimous judgment of the Management Committee are necessary to enable the Company to acquire the Project from the Seller and to cause the assets of the Company to be properly operated and maintained and to discharge its costs, expenses, obligations, and liabilities, including without limitation its Sharing Ratio of the purchase price set forth in the Asset Sale Agreement, and its Sharing Ratio of Working Capital Requirements in order to bring current Company bank accounts to an amount equal to the Working Capital Requirements, as more particularly described in Section 5.01 below. The Management Committee shall notify each other Member of the need for Capital Contributions pursuant to this Section 4.02 when appropriate, which notice must include a statement in reasonable detail of the proposed uses of the Capital Contributions and a date (which date may be no earlier than the fifth Business Day following each Member's receipt of its notice) before which the Capital Contributions must be made. Notices for Capital Contributions must be made to all Members in accordance with their Sharing Ratios.

  • Contribution Allocation The Advisory Committee will allocate deferral contributions, matching contributions, qualified nonelective contributions and nonelective contributions in accordance with Section 14.06 and the elections under this Adoption Agreement Section 3.04.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • Return of Contributions The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets.

Time is Money Join Law Insider Premium to draft better contracts faster.