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to 4,000 shares of the Preferred Stock to be
purchased and paid for in ten equal quarterly
installments of $4,000,000 each commencing
March 1, 1983.
(c) At the Closing LRFP shall deliver
the certificates evidencing LRC's shares of
the Common Stock against payment to LRFP of
cash in the amount of $56,700,00 so that at
the conclusion of the Closing LRC shall own
of record and beneficially ninety-five
percent of the Common Stock and [Griffin]
shall own of record and beneficially five
percent of the Common Stock.
* * * * * * *
4. LRFP shall be responsible for constructing and
operating the Project. Unless otherwise agreed in
writing by KKO, the scope of LRFP's commercial
activities shall be the production and marketing
directly or indirectly of any and all products and by-
products relating to or arising out of the forest
products industry including the transportation thereof
in any manner.
5. All of the funds necessary to construct and
operate the Project shall be provided to LRFP by LRC
and nothing herein or in law shall be deemed to require
Griffin to provide a pro rata portion of such funds
whether as loans or advances or equity to LRFP. * * *
* * * * * * *
6. It is the intention of GNN and LRC to
construct the Project in accordance with the Report but
nothing herein shall be construed to require LRC or GNN
to complete the Project in accordance with the Report
or otherwise, to operate the pulp mill when constructed
and completed and/or the sawmill owned by LRFP or use
its efforts to operate the same or, if either or both
be in operation, to keep LRFP well or otherwise
supplied with funds of any kind, and LRC and GNN may
terminate the Project or cease construction of the pulp
mill or shutdown the pulp mill and/or the sawmill at
any time or times without obligation or liability to
any party hereto, all such decisions to be in the
absolute discretion of LRC and GNN. * * *
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