Initial Distribution. Upon a Change in Control, the Trustee shall make a distribution to the Employee equal to all amounts allocated to the Employee’s Account as of the date of the Change in Control. If the Change in Control occurs before May 1, 2006, the Company shall make an initial distribution direct to the Employee in an amount equal to $400,000 in lieu of the first scheduled Company Contribution payment on May 1, 2006.
Initial Distribution i. Employees, officers and directors designated to receive these Standards will receive their copies immediately after publication.
ii. Future employees, officers and directors designated to receive these Standards will receive their copies at the time they are hired.
Initial Distribution. The Trustee shall make an initial distribution (the “Initial Distribution”) from the Trust Property Then Available For Distribution as follows:
(I) First, an amount equal to 88% of the Initial Funding shall be distributed in the proportions described in Schedule 1 to the Beneficiaries listed therein, for the purposes described in Paragraph XII of the Environmental Claims Settlement Agreement.
(II) Second, an amount equal to 12% of the Initial Funding less the Interest Adjustment (as defined below), if a negative number, shall be distributed in the proportions described in Schedule 1 to the Beneficiaries listed therein, for the purposes described in Paragraph XII of the Environmental Claims Settlement Agreement.
(III) Third, if the Interest Adjustment is negative, an amount equal to the Interest Adjustment shall be distributed to the Tort Claims Trust as part of the Initial Distribution for payment to the Holders of Tort Claims in accordance with the Tort Claims Trust Agreement and the Tort Claims Trust Distribution Procedures.
(IV) The Interest Adjustment shall be (x) the amount of interest that would have accrued at an annual percentage rate of interest of 25% on a principal amount of 12% of the Initial Funding, compounded annually beginning on the Effective Date and ending on the date of the Initial Distribution, less (y) $1,750,000.
Initial Distribution. Notwithstanding the terms of Section 2.a., the initial distribution payable on the CRA Preferred Shares shall be equal to the quarterly distribution then payable on the Common Shares, prorated for the period from the date of issuance of the CRA Preferred Shares through the record date for such distribution.
Initial Distribution. Simultaneous with MGM’s contribution of the Project Assets to the Company, the Company distributed to MGM the amount as set forth on Schedule 6.1, a portion of such distribution was treated as qualifying for the exception to the disguised sales rules of the Code for reimbursements of pre-formation expenditures pursuant to Regulations Section 1.707-4(d).
Initial Distribution. The Company shall make a one time distribution to the Class II Unitholder equal to $44,966,496.12 within three (3) Business Days of the date hereof (the “Initial Distribution”). The Initial Distribution shall be made in cash to an account designated in writing by the Class II Unitholder. Notwithstanding Section 4.1, the approval of the Managing Member is not required for the Initial Distribution.
Initial Distribution. The Current Owners hereby make the Initial Distribution to Centro NP LLC, and Centro NP LLC hereby accepts such distribution in accordance with the terms and subject to the conditions set forth herein.
Initial Distribution. As soon as is practicable after the issuance of the Company Debt, there shall be distributed to ARCO Member cash in the amount of $700,000,000, of which $25,000,000 is to reimburse ARCO Member for certain capital expenditures under Section 1.707-4(d) of the Regulations.
Initial Distribution. (a) Notwithstanding any provision in the limited liability company agreement or agreement of limited partnership, as applicable, of any Current Owner Entity to the contrary, the Current Owners hereby make the Initial Distribution, representing a distribution of all of the Current Owner Entity Interests to Centro NP LLC.
(b) Notwithstanding any provision in the limited liability company agreement or agreement of limited partnership, as applicable, of any Current Owner Entity to the contrary, contemporaneously with the Initial Distribution described in Section 1.1(a) above, Centro NP LLC is hereby admitted to each of the Current Owners Entities as an additional member or limited partner, as applicable, of each of the Current Owner Entities.
(c) The Parties agree that the Initial Distribution and the admission of Centro NP LLC as an additional member or limited partner, as applicable, of each of the Current Owner Entities shall not dissolve the Current Owner Entities.
Initial Distribution. Simultaneous with MGM’s contribution of the Project Assets to the Company, the Company shall distribute to MGM an amount equal to the Initial Capital Contribution of DW pursuant to Section 3.2(a)(i) hereof, subject, however, to the Pre-Closing Adjustment and subject to any contribution to the Pre-Financing Reserve effectuated through the reduction of cash distribution. The Company shall distribute to the applicable Member promptly, but no later than one (1) day following the receipt of the corresponding Capital Contribution or payment, the Post-Closing Adjustment Amount, if any, and the amount of the Contingent Value Adjustment Distribution, if any.
