Capital Note Agreement between Ormat Technologies Inc. and Ormat Industries Ltd.

Contract Categories: Business Finance › Note Agreements
Summary

Ormat Technologies Inc., a Delaware company, agrees to receive a non-interest bearing loan of up to NIS 240,000,000 (not to exceed $50,664,977 USD) from Ormat Industries Ltd., an Israeli company. Ormat Technologies promises to repay the loan upon demand any time after November 30, 2005, but no later than December 30, 2006. The loan is subordinated to all other liabilities of Ormat Technologies, and Ormat Industries cannot accelerate repayment. No interest will be charged on the loan.

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EX-10.1.11 20 file012.htm CAPITAL NOTE 
  EXHIBIT 10.1.11 ORMAT(R) [ORMAT LOGO OMITTED] ORMAT TECHNOLOGIES INC 980 GREG STREET, SPARKS, NEVADA ###-###-####, USA CAPITAL NOTE 1. The undersigned, Ormat Technologies INC, a company organized and existing under the laws of Delaware, USA, acknowledges that it is to receive from Ormat Industries Ltd., a company organized and existing under the laws of Israel, located at Sheydlowski Road, Yavne, Israel, a non-interest bearing loan in the amount of NIS 240,000,000 [Two Hundred and Forty Million] but in any event, an amount not to exceed the amount in NIS equal to $ 50,664,977 US on the date of the transfer of such loan) (the "Loan"). 2. For Value Received and upon demand at any time after November 30th, 2005, Ormat Technologies INC hereby promises to repay the Loan to Ormat Industries Ltd. without any interest. 3. Ormat Industries Ltd. acknowledges that this non-interest bearing Loan is subordinated to all other liabilities of Ormat Technologies Inc. 4. Ormat Industries Ltd. will not accelerate the repayment of this capital note. 5. In any and all events, the Loan shall be repaid not later than December 30th, 2006. IN WITNESS WHEREOF, this Capital Note has been duly signed on behalf of Ormat Technologies INC. this 22nd day of December, 2003 value of January 1st, 2003. Ormat Technologies Inc. By /s/ Connie Stechman ---------------------------- Connie Stechman - ------------------------------- Name Vice President - ------------------------------- Title ORMAT TECHNOLOGIES, INC. 980 Greg Street o Sparks, NV ###-###-#### o Telephone ###-###-#### o Facsimile ###-###-####