Cost Overrun Contributions Sample Clauses

Cost Overrun Contributions. Each of the Members agrees, to the extent required by the construction lender(s) of the Company with respect to the Drillship, it will provide or cause to be provided by its Affiliate a cost overrun guaranty (or other similar type guaranty) in favor of such interim construction lender(s), in a form acceptable to the Members, pursuant to which the respective guarantor for each Member would guarantee that Member's respective Sharing Ratio percentage, so the Company will be able to fund that amount of any cost overruns incurred by Company under the Shipbuilding Contract, in order for the Company to take delivery of the Drillship under the Shipbuilding Contract. Accordingly, the Members also agree, within three business days after demand by any such interim construction lenders, to contribute to the Company in cash, their respective Member's Sharing Ratio of any and all such additional monies necessary in order to enable Company to take delivery of the Drillship under the Shipbuilding Contract (including owner furnished equipment) in compliance with the terms of any such cost overrun guaranties (over and above the amount of the promissory notes made by the Members referred to in the first paragraph of Section 5.1 and the amount of the Purchase Note).
Sample 1
AutoNDA by SimpleDocs
Cost Overrun Contributions. The Members acknowledge that Conoco, in its individual capacity and not as a Member, or an Affiliate of Conoco, will enter into cost overrun guaranties (or other similar type guaranties) in favor of commercial lenders and in a form acceptable to Conoco (or an Affiliate of Conoco), pursuant to which Conoco (or an Affiliate of Conoco) would be obliged to guarantee that the Company will be able to fund the amount of any cost overruns incurred by Company under the Shipbuilding Contract to be entered into between the Company and Builder with respect to the Drillship, in order for the Company to take delivery of the Drillship under such Shipbuilding Contract. Accordingly, the Members also agree, within three business days after demand by Conoco (or an Affiliate of Conoco), or any such commercial lender, to contribute to the Company in cash, their respective Member's Sharing Ratio of any and all such additional monies necessary in order to enable Company to take delivery of the Drillship under such Shipbuilding Contract (including owner furnished equipment) in compliance with the terms of any such cost overrun guaranties (over and above the amount of the promissory notes made by the Members referred to in Section 5.1 and the amount of the Purchase Note). In the event the Shipbuilding Contract is terminated, rescinded or otherwise cancelled for any reason whatsoever and as a result demand for payment is made of Conoco Inc. or its Affiliate under any such cost overrun guaranty, the Members agree to contribute their respective Sharing Ratios of the amount necessary to enable the Company to reimburse Conoco Inc. or its Affiliate for any such payment made by Conoco Inc. or its Affiliate within 45 days after receipt by the Company of written notice of same from Conoco Inc. or its Affiliate.
Sample 1

Related to Cost Overrun 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.

  • 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.

  • Contributions Without creating any rights in favor of any third party, the Member may, from time to time, make contributions of cash or property to the capital of the Company, but shall have no obligation to do so.

  • Equity Contributions Make, or permit any Significant Subsidiary to make, any equity contributions to any Unregulated Subsidiary; provided, however, that this Section 5.03(h) shall not restrict or otherwise apply to (i) any such equity contributions that are required by Applicable Law or court order or (ii) any intercompany advances made to any Unregulated Subsidiary (including, without limitation, pursuant to the Unregulated Money Pool Agreement) that are recharacterized by a court or other Governmental Authority as equity contributions.

  • 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.

  • Other Contributions If elected by the Plan Sponsor in Section 5.01(b) of the Adoption Agreement, the Employer will credit the Participant’s Account with a contribution determined in accordance with the formula or method specified in Section 5.01(b) of the Adoption Agreement. The contribution will be treated as allocated to the Participant’s Account at the time specified in Section 5.01(b)(iii) of the Adoption Agreement.

  • 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.

  • 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.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Payments and Contributions Neither the Company, any subsidiary, nor any of its directors, officers or, to its knowledge, other employees has (i) used any Company funds for any unlawful contribution, endorsement, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment of Company funds to any foreign or domestic government official or employee; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other similar payment to any person with respect to Company matters.

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