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 17 TABLE OF CONTENTS (continued)

  • When Can I Make Contributions You may make annual contributions to your Xxxx XXX any time up to and including the due date for filing your tax return for the year, not including extensions. You may continue to make regular contributions to your Xxxx XXX even after you attain RMD age. In addition, rollover contributions and transfers (to the extent permitted as discussed below) may be made at any time, regardless of your age.

  • 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 Issuer ranking equally with Designated Preferred Stock as to such distribution has been paid in full, the holders of other stock of the Issuer shall be entitled to receive all remaining assets of the Issuer (or proceeds thereof) according to their respective rights and preferences.

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Initial Contributions The Members initially shall contribute to the Company capital as described in Schedule 2 attached to this Agreement.

  • 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 In the case of a Traditional IRA Owner who is age 50 or older by the close of the taxable year, the annual cash contribution limit is increased by $1,000 for any taxable year beginning in 2006 and years thereafter.

  • 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.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!