CBDU definition
Examples of CBDU in a sentence
CBDU will provide such services “at cost” (i.e., without any markup or profit margin) and the cost of such services will be borne entirely by the Company and reflected in the applicable Annual Budget.
For the avoidance of doubt, following such sell-off period, CBDU will use its commercially reasonable efforts to liquidate and dissolve the Company as soon as reasonably practicable.
As of the Effective Date, the Company will not have any employees, and neither Khaled, nor any Affiliate of DJK, CBDU or IB, will be deemed an employee of the Company.
The Members acknowledge that CBDU is a subsidiary of Endexx Corporation, a publicly-traded company.
If the Board decides that the Company will have employees in the future, the Board will discuss and decide whether such employees will be employed directly by the Company or employed by CBDU (or one of its Affiliate) or IB, and then provided to the Company (and if so provided, the terms thereof).
Commencing on the date of this Agreement, the Board shall initially be composed of the Initial CBDU Directors and the Initial DJK Directors.
Thereafter, additional amounts may be requested in cash from CBDU and IB on an as-needed basis (each, a “Drawdown”) as reasonably determined by the Board and in accordance with the approved Annual Budget (and which shall include amounts necessary to fund all “Guaranteed Payments,” as defined in the Endorsement Agreement).
Notwithstanding anything to the contrary contained in this Agreement, each Annual Budget shall include the payment of the “Guaranteed Payments” due under the Endorsement Agreement for the year subject to such Annual Budget, and CBDU shall make sufficient Capital Contributions in order to provide the Company with sufficient funds to pay such Guaranteed Payments.
CBDU may (in its sole discretion) contribute amounts in excess of the approved Annual Budget in the event that such additional amounts are determined and requested by the Board.
CBDU hereby grants DJK the right to review and/or audit all such costs subject to reimbursement by the Company to CBDU under this Section 3.4.1. Any such review or audit shall be at DJK’s sole cost and expense, provided, that in the event that such review or audit determines that a discrepancy of at least 10% exists between the amounts charged to the Company by CBDU compared to CBDU’s actual costs, then CBDU will bear the entire cost of such review or audit.