CONTRIBUTIONS; DISTRIBUTIONS; FAILURE TO MAKE CONTRIBUTIONS TIMELY; SECURITY INTEREST Sample Clauses

CONTRIBUTIONS; DISTRIBUTIONS; FAILURE TO MAKE CONTRIBUTIONS TIMELY; SECURITY INTEREST. 5.1 Initial Contributions and Loans. Conoco agrees it will make an initial equity contribution to the Company of $20,000,000.--, and Reading & Bates agrees it will make an initial equity contribution to thx Xxxpany of $30,000,000.--. The initial equity contributions represent the Sharing Ratios of Conoco and Reading & Bates, and payment shall be made to the Company by such Mxxxxxs on the earlier of (i) on February 28, 1999, (ii) with the prior written approval of the Member's Committee, on demand, in whole or in part, or (iii) as provided in the promissory notes referred to in the next succeeding sentence. In order to secure its obligation to make such initial equity contribution, each Member agrees upon execution of the Drilling Contracts it will deliver to the Company a demand promissory note in favor of the Company for the amount of its initial equity contribution, as set out in the first sentence of this Section 5.1, each such demand promissory note to allow the Company to make demands contemporaneously to each of the Members for pro-rata payments of such notes on the Payment Date. Such promissory notes shall be in the form attached as Exhibit "E" to this Agreement and shall be payable as provided therein. It is understood and agreed by the Members that any and all payments of such initial equity contribution by a Member shall contemporaneously reduce the principal of that Member's promissory note referred to in this Section 5.1 by the same amounts, and likewise any and all payments made by a Member with respect to any demands made with respect to such Member's promissory note shall contemporaneously be credited against such Member's obligation to make its initial equity contribution under this Section 5.1. In addition, Conoco agrees to loan the Company up to the sum of $28,900,350.--, and Reading & Bates agrees to loan the Company up to the sum of $43,350,000.--, in order to enable the Company to reimburse Deepwater Drilling L.L.C. for $14,240,180.-- previously paid to the Builder with respect to the first installment payment due under the Shipbuilding Contract, and to enable to Company to pay the second installment payment due under the Shipbuilding Contract amounting to $57,800,720.--, such loans to be secured by promissory notes executed and delivered by the Company substantially in the form attached as Exhibit "F" to this Agreement. Further, the Members agree to loan to the Company their respective Sharing Ratios of up to an additional $30,000,000...
Sample 1
AutoNDA by SimpleDocs
CONTRIBUTIONS; DISTRIBUTIONS; FAILURE TO MAKE CONTRIBUTIONS TIMELY; SECURITY INTEREST 
Sample 1

Related to CONTRIBUTIONS; DISTRIBUTIONS; FAILURE TO MAKE CONTRIBUTIONS TIMELY; SECURITY INTEREST

  • Capital Contributions Distributions 10 SECTION 5.1

  • Residual Distributions If the Liquidation Preference has been paid in full to all holders of Designated Preferred Stock and the corresponding amounts payable with respect of any other stock of the Corporation ranking equally with Designated Preferred Stock as to such distribution has been paid in full, the holders of other stock of the Corporation shall be entitled to receive all remaining assets of the Corporation (or proceeds thereof) according to their respective rights and preferences.

  • Allocations Distributions Each item of income, gain, loss, deduction and credit of the Company shall be allocated 100% to the Member. Each distribution of cash or other property by the Company shall be made 100% to the Member. Distributions shall be made to the Member at the times and in the amounts determined by the Member.

  • Interest Distributions On each Distribution Date, the Trustee shall withdraw from the Distribution Account the Interest Remittance Amount and apply it in the following order of priority (based upon the Mortgage Loan information provided to it in the Remittance Report, upon which the Trustee may conclusively rely), and the calculations required to be made by the Trustee, to the extent available:

  • 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.

  • Interest on and Return of Capital Contributions No Member shall be entitled to interest on its Capital Contribution or to return of its Capital Contribution, except as otherwise specifically provided for herein.

  • 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.

  • 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.

  • Limitations on Return of Capital Contributions Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner’s Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership’s assets.

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