Chaparral Sample Clauses

Chaparral. On the occurrence of a Liquidating Event, the Gross Asset Values of all of Chaparral's assets shall be adjusted to equal their respective Xxxx-to Market Values as of the Xxxx-to-Market Measurement Date and any Net Income, Gross Income, Net Losses and other items of income, loss, deduction, gain and credit of Chaparral shall be allocated among the Members as of such Xxxx-to-Market Measurement Date in accordance with Article IV. The Liquidator shall take full account of Chaparral's liabilities and the Chaparral Property and, except as otherwise provided in Section 12.3, shall, within 75 days of the occurrence of a Liquidating Event or, in the event that the certification by the Chaparral Accountants required by Section 8.2(d) has not been delivered by such 75th day as soon as practicable after delivery of such accountant's certification but in any event within 90 days of such Liquidating Event, cause the Chaparral Property or the proceeds from the sale or disposition thereof (as determined pursuant to Section 12.9), to the extent sufficient therefor, to be applied and distributed, to the maximum extent permitted by Applicable Law and notwithstanding anything in this Chaparral LLC Agreement to the contrary, in the following order (without duplication):
Sample 1
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Chaparral. (i) At least one Business Day prior to the Closing Date, Chaparral shall make a contribution to Mesquite of all assets currently held by Chaparral (other than the Existing El Paso Demand Note and the Mesquite LLC Interest), to the extent not already owned by Mesquite. (ii) On or prior to the Closing Date, Chaparral shall demand payment from El Paso on the Existing El Paso Demand Note in an amount equal to $61,600,509.17 in principal amount plus $1,200,716.02 in payment of a portion of the accrued and unpaid interest on the Existing El Paso Demand Note through the Closing Date leaving an unpaid principal balance thereon of $11,149,490.83. (iii) On the Closing Date, Chaparral shall distribute $1,200,716.02 to Limestone, as Class A Member of Chaparral, to be used by Limestone to pay the accrued and unpaid interest on the Limestone Loan. (iv) On the Closing Date, Chaparral shall issue Certificates of Interest representing the Member interests in Chaparral to El Paso Chaparral, El Paso Chaparral Holding II and Limestone pursuant to the Chaparral LLC Agreement. (v) On the Closing Date, Chaparral shall increase Limestone's Class A Member capital account by $1,027,250,000 in connection with the Capital Contribution of Limestone described in Section 2.3(f)(iv). (vi) On the Closing Date, Chaparral shall enter into the Chaparral Documents, the El Paso Debt Security Direction Letter and each other Transaction Document to which it is a party and that has not previously been entered into by it. (vii) On the Closing Date, Chaparral shall contribute to the Overfund Trust the Overfund Amount in further consideration for the sole certificate of beneficial interest in the Overfund Trust. (viii) On the Closing Date, Chaparral shall make a cash contribution to Mesquite of approximately $796,013,202.43 representing the amount of the proceeds of the issuance of the Limestone Securities not used for other purposes by Chaparral. (ix) Upon the issuance by El Paso of an amended and restated El Paso Note pursuant to Section 2.3(a)(vii), Chaparral shall deliver to El Paso, for cancellation, the original Existing El Paso Demand Note providing for a maximum principal amount of $72,750,000.
Sample 1
Chaparral. Chaparral covenants and agrees that prior to the date that is a year and a day after the cancellation of all outstanding Limestone Certificates pursuant to Section 7.04 of the Limestone Trust Agreement, it will not, other than upon the direction of Limestone, institute against, or join any other person in instituting against, Limestone, the Management Company, Mesquite, the Share Trust or the Overfund Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceeding under the laws of the United States or any state of the United States.
Sample 1

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