Corn Delivery Agreement definition

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Corn Delivery Agreement has the meaning specified in Section 2.15(a).

Corn Delivery Agreement means the agreement between each Member and the Company requiring each Member to deliver to the Company on an annual basis one bushel of corn per Capital Unit owned by the Member. 1.15 “Dakota Ethanol” means Dakota Ethanol, LLC, a South Dakota limited liability company, formed for the purpose of constructing, owning and operating an ethanol production facility near Wentworth, South Dakota. 1.16 “Dispose,” “Disposing,” or “Disposition” means the sale, assignment, transfer, gift, exchange, or other disposition of one or more Capital Units, whether voluntary or involuntary, but not the mortgage, pledge, or grant of a security interest therein. 1.17 “Manager” means any natural Person who is a member of the Board of Managers of the Company, whether initially named in the Articles or later elected as provided in this Operating Agreement. 1.18 “Member” means any Person who holds one or more Capital Units and has executed this Operating Agreement, whether initially admitted as of the date of this Operating Agreement or later admitted to the Company as a Member as provided in this Operating Agreement. Unless the context otherwise requires, the term “Member” shall include any Member’s representative in event of the death, incapacity, or liquidation of the Member. Except as specifically stated otherwise, “Members” refers to all Class A Members. 1.19 “Net Cash From Operations” means the gross cash proceeds from the Company’s investments, operations, sales, and other dispositions of assets, including but not limited to investment assets (but not including sales and other dispositions of all or substantially all of the assets of the Company), less the portion thereof used to pay, or set aside for, the established reserves for all the Company’s expenses, debt payments, capital improvements, replacements and contingencies, all as determined by the Board of Managers. Net Cash from Operations shall not be reduced by depreciation, amortization, cost recovery deductions, or similar allowances, but shall be increased by any reduction of reserves previously established, but not expended, as authorized by the Board of Managers.

Examples of Corn Delivery Agreement in a sentence

A Manager’s interest in a Corn Delivery Agreement shall not be deemed to be a material financial interest.
If the Person acquiring the Capital Units in the Disposition is not a Member, then such Person must also comply with Section 3.3 of this Operating Agreement, including, without limitation, the execution of a Corn Delivery Agreement.
Upon redemption, any Corn Delivery Agreement or promissory note of such Member relating to such Capital Units shall become null and void.
Each Class A Member shall be required to execute a Corn Delivery Agreement in a form approved by the Board of Managers.
In the event any shareholder of the Cooperative fails to execute a counterpart signature page of the Operating Agreement, or fails to consent to the assignment to the Company of the shareholder’s Corn Delivery Agreement, the Company shall have the right to redeem such Person’s Class A Capital Units as provided in Section 4.3, in addition to any remedies otherwise provided by law.
If the Person is to be a Class A Member, the Person must also submit an executed Corn Delivery Agreement.
If the Capital Units subject to the Disposition are Class A Capital Units then the Person acquiring the Class A Capital Units in the Disposition must also execute and submit to the Company a Corn Delivery Agreement in accordance with this Operating Agreement.
To be admitted as a Class A Member, whether purchasing Class A Capital Units in the Offering or through a Disposition from a Member, a Person must sign a Corn Delivery Agreement in a form approved by the Board of Managers from time to time, in addition to fulfilling all other membership criteria set forth in Section 3.3.
Upon redemption, any Corn Delivery Agreement of such Member relating to such Capital Units shall become null and void.
To be admitted as a Class A Member, whether acquiring Class A Capital Units in the Reorganization or through a Disposition from a Member, a Person must either consent to the assignment of the Person’s Corn Delivery Agreement from the Cooperative to the Company or sign a new Corn Delivery Agreement in a form approved by the Board of Managers from time to time, in addition to fulfilling all other membership criteria set forth in Section 3.3.