Community Contributions. Cogentrix CG agrees that it shall cause the General Partner of the Partnership in good faith to work to establish a program whereby the Partnership shall apply funds representing the annual difference between (i) $500,000 and (ii) the (x) real estate taxes, (y) personal property taxes and (z) sales taxes which may be levied upon any construction equipment purchased under the Second Amended and Restated Turnkey Construction Agreement dated as of April 11, 1995 between the Partnership and Westinghouse Electric Corporation, as amended (all as may be due and payable by the Partnership), towards certain expenditures or projects which inure to the good of the local Cottage Grove community. TPC hereby acknowledges and agrees that the establishment of such a program is within the authority of the General Partner of the Partnership, does not require any consent of TPC under the Partnership Agreement and TPC does not have, and hereby waives, the right to make any objections or require consent in the future with respect thereto.
Appears in 3 contracts
Sources: Securities Purchase Agreement (Ls Power Funding Corp), Securities Purchase Agreement (Cogentrix Energy Inc), Limited Partnership Agreement (Ls Power Funding Corp)