Initial Contributions by USE Sample Clauses

Initial Contributions by USE. USE's contribution to the Company will be cash in the amount of $2,575,000 in immediate availability in U.S. currency for which it shall receive 50% of the profits interest and voting rights in the Company. Up to $1,000,000 of that amount will be used to buy out gross royalties, net revenue royalties owned by BSH, GDA and Ormat, Inc. in the SB-1 and SB-1A projects and to finance improvements in the SB-1 and SB-1A power plants. Any moneys not used for those purposes will remain in the Company but in any event shall not increase USE's profits or voting interest in the Company beyond 50%. USE may purchase the Westinghouse balance of the Westinghouse loan $6,456,012.11 (as of October 1, 1995) on the SB-1 and SB-1A power plants for $4,600,000.00. If USE does purchase the Westinghouse position, USE may contribute that debt position to SBE as a part of its capital contribution to SBE. If that is done SBE may cancel the debt and all related encumbrances on the SB-1 and SB-1A projects. If the Westinghouse debt is so contributed and canceled, SBE shall immediately assign to USE all of its right, title and interest in and to the funds held in the SB-1 and SB-1A loan reserves (as of October 1, 1995 a total of $1,096,642.72). The contribution by USE of the Westinghouse loan position or the subsequent cancellation of that position shall not affect USE's ownership in the Company but will affect USE's distributions as provided in Article III hereof.
Sample 1
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Initial Contributions by USE. USE's contribution to the Company ---------------------------- will be cash in the amount of $1,575,000 (of which $50,000 has previously been contributed). In addition, USE, in its discretion, may contribute up to $1,000,000 to be used to buy out gross royalties and certain net revenue royalties in the SB-1 and SB-1A projects and to finance improvements in the SB- 1 and SB-1A power plants. Any part of such $1,000,000 which is not used for those purposes may be withdrawn by USE without affecting USE's percentage ownership of the Company. USE may purchase the balance of that certain Westinghouse loan (the "Westinghouse Loan"), evidenced by those certain Term Loan Agreements by and among (i) Westinghouse Electric Corporation, successor by merger to Westinghouse Credit Corporation ("Westinghouse"), and Far West Electric Energy Fund, L.P. ("FWEEF"), dated as of December 28, 1989 and
Sample 1

Related to Initial Contributions by USE

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

  • Initial Contribution The member agrees to make an initial contribution to the Company of $____________.

  • 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.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Capital Contributions Distributions 17 TABLE OF CONTENTS (continued)

  • Initial Contribution of Trust Property; Organizational Expenses The Property Trustee acknowledges receipt in trust from the Depositor in connection with the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Trust as they arise or shall, upon request of any Trustee, promptly reimburse such Trustee for any such expenses paid by such Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses.

  • Initial Capital Contributions The Partners have made, on or prior to the date hereof, Capital Contributions and have acquired the number of Class A Units as specified in the books and records of the Partnership.

  • 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.

  • Initial Capital Contribution and Ownership The Trust Beneficial Owner has paid or has caused to be paid to, or to an account at the direction of, the Trustee, on the date hereof, the sum of $15 (or, in the case of Notes issued with original issue discount, such amount multiplied by the issue price of the Notes). The Trustee hereby acknowledges receipt in trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which shall be used along with the proceeds from the sale of the series of Notes to purchase the Funding Agreement. Upon the creation of the Trust and the registration of the Trust Beneficial Interest in the Securities Register (as defined in the Trust Agreement) by the Registrar in the name of the Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole beneficial owner of the Trust.

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