Initial Balance. The initial balance of the Revolving Note will be the balance of the existing line of credit less the excess transferred to the Amended and Restated Note.
Initial Balance. Each Partner will have a capital --------------- account (a "Capital Account") which shall initially be equal to (a) the initial Carrying Value (as hereinafter defined) of the assets contributed to the Partnership by such Partner pursuant to the Contribution Agreement, plus (b) the amount of any cash so contributed by such Partner, less (c) the amount of any liability of such Partner assumed by the Partnership pursuant to the Contribution Agreement.
Initial Balance. Each Venturer will have a capital account (a --------------- "Capital Account") which shall initially be equal to (a) the initial Carrying Value (as hereinafter defined) of the assets contributed to the Venture by such Venturer, plus (b) the amount of any cash so contributed by such Venturer.
Initial Balance. Both EDNLP and BMS have previously invested in Catalyst, comprised of Precious Metals, which have been or continue to be used in the production process of the Nitric Acid Facility, represented by an initial balance which represents each party’s total unrecovered investment in the Catalyst to date. The BMS initial Catalyst balance contains: (i) the amount of Catalyst purchased as part of the Initial Capital Investment; (ii) plus the quantity of Precious Metals paid for by BMS to replenish or repair Catalyst subsequent to the start up of the Nitric Acid Facility up to the Commencement Date of this Agreement; (iii) less any sludge or other Precious Metals recoveries from the process credited to BMS subsequent to the start up of the Nitric Acid Facility up to the Commencement Date of this Agreement; (iv) less any metals sold by EDNLP on behalf of BMS prior to the Commencement Date. The EDNLP initial Catalyst balance contains: (i) that amount of Catalyst paid for by EDNLP, for which EDNLP has not been reimbursed, subsequent to the start up of the Nitric Acid Facility up to the Commencement Date of this Agreement; (ii) less any sludge or other Precious Metals recoveries from the process credited to EDNLP subsequent to the start up of the Nitric Acid Facility up to the Commencement Date of this Agreement; (iv) less any metals allocated to EDNLP and sold by EDNLP prior to the Commencement Date. Initial balances shall be adjusted for any Catalyst credits or debits resulting from the reconciliation of the refining and Recovery of the Catalyst in use as of the Commencement Date.
