Initial Distribution Clause Samples
The Initial Distribution clause defines how and when the first allocation or delivery of goods, shares, or other assets will occur under an agreement. Typically, it outlines the quantity, timing, and method of this initial transfer, specifying the parties involved and any conditions that must be met beforehand. This clause ensures that all parties have a clear understanding of the commencement of their obligations or entitlements, thereby reducing the risk of disputes or misunderstandings at the outset of the contractual relationship.
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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. Within thirty days of the Effective Date, upon the request of Rice Energy, the Company shall distribute (the “Initial Distribution”) [20,000,000] (or such lesser amount as requested by Rice Energy in its sole discretion) shares of common stock of PublicCo to Rice Energy.
Initial Distribution. The first distribution of funds to the School shall be on or about July 20, contingent on receipt from the School of a list of enrolled students, to include a student's name, parent/guardian name, address, telephone number and age.
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. Notwithstanding the terms of Section 2.a., the initial distribution payable on the Series A Convertible CRA 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 Series A Convertible CRA 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. If the aggregate amount remaining in the Escrow Fund, including any interest accrued or income otherwise earned thereon, as of the Expiration Date (the “Aggregate Escrow Balance”) exceeds the aggregate dollar amount, as of the Expiration Date, of the Contested Amounts associated with all Indemnification Claims that have not been finally resolved and paid prior to the Expiration Date in accordance with this ARTICLE 8 (each, an “Unresolved Escrow Claim,” and the aggregate dollar amount of such Contested Amounts as of the Expiration Date being referred to as the “Aggregate Pending Claim Amount”), then the Escrow Agent shall release from the Escrow Fund to Seller shares of Parent Common Stock (valued at the Parent Share Price) held in the Escrow Fund with an aggregate value equal to the amount by which the Aggregate Escrow Balance as of the Expiration Date exceeds the Aggregate Pending Claim Amount.
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.