Examples of port assets in a sentence
If the Investors Group exercises its option more than 60 days after the purchase and lease of the Port Assets, Allegro shall sell all of its membership interest in PAAL for an amount equal to One Hundred Seventy-Five Thousand Dollars ($175,000), adjusted as appropriate for any capital contributions.
Dubroc and Collins shall continue to own their respective interests in PAAL and release Allegro from any further obligations regarding the bonuses related specifically to the acquisition and lease of the Port Assets which are described in the employment agreements.
Allegro shall assign its ownership of PAAL to the Investors Group for the purpose of closing the purchase and lease of the Port Assets.
Allegro, Dubroc and Collins entered into employment agreements which allowed for bonuses to be paid to Dubroc and Collins in the event that certain milestones related to the acquisition and lease of the Port Assets were met.
Investor further acknowledges that the managing underwriter of the initial public offering of Port Assets’ securities or a subsequent offering of Port Assets’ securities may require all members to agree not to sell any Controlling Interest or other security interests in Port Assets for a certain period of time.
Bay City hereby grants to Optionee an unconditional right to purchase all membership interests currently owned by Bay City, which membership interests constitute 51% of the outstanding membership interests of Port Assets (the “Option”), on the terms set forth in this Agreement.
This Agreement does not violate, conflict with, result in a breach of the terms, conditions or provisions of, or constitute a default or an event of default under any other agreement of which Bay City or Port Assets is a party.
Allegro will also execute a waiver of any conflict (“Waiver”) which will allow the law firm of Phelps Dunbar LLP to represent PAAL and draft documents required by this Letter of Intent and by the acquisition and lease of the Port Assets.
Texen – Port Assets LLC Except as provided herein, each part will be responsible for its own expenses in connection with all matters relating to the transaction herein proposed.
Investor acknowledges that the Controlling Interest to be received may not be registered by Port Assets subsequent to an initial public offering of Port Assets' securities.