Wanxiang EV Co. Ltd Sample Clauses

Wanxiang EV Co. Ltd. In January 2011, the Debtor and Wanxiang EV, which operates the EV division of the Chinese automotive manufacturer Wanxiang Group, entered into a Sino-Foreign Joint Venture Contract (the “Joint Venture Agreement”). Under the Joint Venture Agreement, the parties have formed Zhejiang Wanxiang Ener1 Power Systems Co., Ltd. (the “Wanxiang JV”), a Sino-foreign equity joint venture existing as a limited liability company under the laws of the People’s Republic of China, to design, manufacture, sell, and service lithium-ion battery cells and lithium-ion battery packs, primarily in China, Hong Kong, Taiwan, and Macau. The Joint Venture Agreement provides that Wanxiang EV will contribute $72 million and own 60% of the equity of the joint venture and the Debtor would contribute $48 million and own 40% of the equity of the joint venture. The Joint Venture Agreement permits the initial ownership percentages to be changed based on future equity contributions made by the parties or by any new investor in the joint venture. However, under the Joint Venture Agreement, Wanxiang EV must maintain a minimum 51% equity stake in the joint venture. The Debtor was unable to make its initial contribution of $24 million when it was required to do so in October, 2011. Thereafter, the Debtor entered into negotiations with Wanxiang International Investment Corporation (“Wanxiang International”), an affiliate of Wanxiang EV, and Bzinfin regarding financing for the Debtor’s equity contributions under the Joint Venture Agreement. On December 30, 2011, the Debtor accepted a Loan Commitment from Wanxiang International, an affiliate of Wangxiang EV. Pursuant to the Loan Commitment, Wanxiang International agreed to provide the Debtor with a $40 million term loan in two installments of $20 million each, with the first loan installment to be paid upon receipt of a floating rate secured note (the “Note” and together with the Loan Commitment, the “Wanxiang International Loan Agreement”), and the second loan installment to be paid on a future date as set by the board of directors of the Wangxiang JV. Each loan installment will mature on the fourth anniversary of the date on which Wanxiang International advances the proceeds of each such loan installment, and will bear interest at a floating rate determined on the first business day of each month equal to the prime rate plus 5% per annum; provided that the applicable interest rate will not be less than 9%. The Debtor’s obligations under the Wanxia...
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  • INVESTMENT MANAGEMENT AGREEMENT Separate written agreements entered into (i) by the Manager and the Master Fund and (ii) by the Manager and the Company, pursuant to which the Manager provides investment management services to the Master Fund.

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