Contributions and Conveyances Sample Clauses
Contributions and Conveyances. The parties acknowledge and agree that the following actions hereby occur in the following order effective immediately prior to the Spin-Off Distribution:
Contributions and Conveyances. The Parties acknowledge and agree that the following actions hereby occur in the following order effective on the date of this Agreement:
(a) Contribution by ▇▇▇▇▇ of the Vessel-Owning Subsidiary Shares and the Working Capital Amount to OceanPal as a capital contribution, and OceanPal hereby acknowledges receipt of the Vessel-Owning Subsidiary Shares and Capital Account Amount;
(b) Delivery by OceanPal of the OceanPal Shares to ▇▇▇▇▇ in exchange for Diana’s capital contribution of the Vessel-Owning Subsidiary Shares and Working Capital Amount, and ▇▇▇▇▇ hereby acknowledges receipt of the Vessel-Owning Subsidiary Shares; and
(c) The Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.
Contributions and Conveyances. The Parties acknowledge and agree that the following actions hereby occur in the following order effective immediately prior to the Spin-off Distribution:
(a) Contribution by D▇▇▇▇ of the Vessel -Owning Subsidiary Shares and the Working Capital Amount to OceanPal as a capital contribution, and OceanPal shall acknowledge receipt of the Vessel -Owning Subsidiary Shares and Working Capital Amount;
(b) Issuance and delivery by OceanPal of the Distribution Shares and OceanPal Shares to D▇▇▇▇ in exchange for D▇▇▇▇’s capital contribution of the Vessel -Owning Subsidiary Shares and Working Capital Amount, and D▇▇▇▇ shall acknowledge receipt of the Distribution Shares; and
(c) The Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.