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Title: |
Selling Agreement |
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Date: |
2001 |
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Size: |
Preview shows 6KB of 41KB total |
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Price: |
$42 |
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ID: |
#1364921 |
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SELLING AGREEMENT
This Selling Agreement ("Agreement"), is entered into as of September 10th,
1998, by and among Power Source, a California corporation, West Coast Energy,
Inc., a Nevada corporation (collectively referred to hereafter as "Promoter")
and Power Capital Funding Group, Inc., a California corporation, ("Selling
Agent").
RECITALS
A. Promoter is a Nevada corporation which desires to establish, fund and
contract for the funding of one or more Colorado limited liability partnerships
(the "Partnership" or "Partnerships") to be managed initially by third party
identified by Selling Agent. If successfully funded, each Partnership will be
managed by Promoter management subsidiary and will assume control of partnership
management activities. Each Partnership will acquire exclusive rights of income
stream, relating to the sale of electricity by Promoter in certain territories
within the State of California. Additionally, funding of each Partnership will
be intended to provide working capital for each Partnership and to reimburse
offering expenses related to each Partnership.
B. Selling Agent is a California corporation master independent sales
organization which desires to be retained by Promoter to identify other
independent sales organizations ("ISO's") to market and sell limited liability
partnership interests in the Partnerships. Units in each such Partnership are
referred to herein as the "Units".
In consideration of the foregoing and following premises, promises,
representations, warranties, covenants and conditions, and for other good and
valuable consideration, the sufficiency, adequacy and receipt of which is hereby
acknowledged, the parties hereby agree as follows:
AGREEMENT
1. RECITALS. The Recitals are a material part of this Agreement.
2. ENGAGEMENT OF SELLING AGENT. Promoter hereby engages Selling Agent, and
Selling Agent hereby accepts the engagement by Promoter to identify independent
selling organizations ("ISO's") to market and sell the Units pursuant to the
terms and conditions of and subject to the restrictions contained in this
Agreement. Selling Agent shall take whatever actions are reasonably necessary to
assure that Selling Agent's ISO's execute ISO contracts with Selling Agent and
that such ISO's comply with the terms of such ISO contracts. Selling Agent shall
handle all package requests from its ISO's and fulfill all such requests as it
deems appropriate. Selling Agent shall coordinate all customer service
activities between and among prospective and investing partners identified by or
through Selling Agent's ISO's.
3. METHOD OF SALES. Selling Agent shall have the exclusive control over the
methods and means of identifying ISO's to sell the Units and may do so in any
way and through any medium that it desires, provided that Selling Agent complies
with the terms of this Agreement and any particular offering memorandum for
Page 1 of 13
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whatever Partnership(s) Selling Agent's ISO's are selling from time to time and
subject to the following limitations on the methods which ISO's identified and
contracted with by Selling Agent may sell the Units:
3.1. ADVERTISING AND SUPPORT. Selling agent may advertise the sale of
Units within state or federal securities guideline. Selling Agent may
offer or sell the Units by any form of general solicitation or general
advertising, including, but not limited to the following: 1) any
advertisement, article, notice or other communication published in any
newspaper, magazine or similar media or broadcast over television,
radio or through the internet or online service providers; or 2) any
seminar or meeting whose attendees have been invited by any general
solicitation or general advertising. Promoter shall provide Selling
Agent with training support and investor promotional materials,
including, without limitation, brochures and support documents, etc.
Selling Agent is responsible for lead generation, which may be
supplemented by Promoter (television and cable broadcast infomercials
and network marketing programs (Multi-level marketing)) Any and all ISO
inquiries to Promoter shall be referred by Promoter directly to Selling
Agent.
3.2. OFFERS AND SALES OF UNITS. Selling Agent represents and warrants
that at the time of selling the Units to a prospective purchaser
Selling Agent will possess a factual basis of evaluating a prospective
offeree's financial circumstances and sophistication to determine
whether an investment in the Units is appropriate for the prospective
offeree in light of the merits and risks of the investment in the
Units. To that end, Selling Agent shall review any and all subscription
applications submitted to Selling Agent by any Selling Agent ISO's to
determine that such subscription applications have been properly
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