Unit Issuance. Effective upon payment to SELLER of the Initial Payment, execution of the Promissory Note and execution of the Agreement, SELLER shall convey to PURCHASERS the Financial Rights to the Purchased Units subject to Federal Energy Regulatory Commission (“FERC”) approval at which time the SELLER will convey the Governance Rights to the PURCHASERS. Said issuance shall be promptly reflected in the required records of the Company upon FERC approval.
Appears in 2 contracts
Sources: Membership Unit Purchase Agreement (Twin Cities Power Holdings, LLC), Membership Unit Purchase Agreement (Twin Cities Power Holdings, LLC)