CONDITIONS PRECEDENT; DUTY TO SUPPORT Sample Clauses

CONDITIONS PRECEDENT; DUTY TO SUPPORT. 4.1 Notwithstanding anything in this Agreement to the contrary, Section 4.2, Section 4.3 and Section 4.4 set forth certain conditions precedent to Bengal’s agreements and obligations under this Agreement. If any of these conditions precedent is not satisfied to the satisfaction of Bengal in its sole discretion, Bengal shall have the right not to execute or to terminate this Agreement without advance notice but specified in writing to Shipper. If this Agreement is terminated pursuant to this Section 4.1, Bengal and Shipper shall be released from any and all obligations under this Agreement, except as otherwise expressly provided for herein. Bengal’s right not to execute or to terminate this Agreement as a result of Section 4.2, Section 4.3 or Section 4.4 expires twelve (12) months from the Effective Date of this Agreement. 4.2 Bengal shall have received all certificates, approvals, authorizations, consents and Authorizations of all Governmental Authorities and third parties for the Bengal 24” Pipeline Expansion, and for the operation thereafter, necessary or in Bengal’s sole opinion desirable, in connection with the Bengal 24” Pipeline Expansion or the operation thereof, in all cases in the form and substance acceptable to Bengal. 4.3 Bengal shall have received the written approval by the members of Bengal of the Bengal 24” Pipeline Expansion including without limitation the approval of all necessary funding therefore, along with approval of the board of managers of Bengal approving the execution of this Agreement and the transactions contemplated hereby, which approvals Bengal will obtain no later than April 30, 2008, and thereafter promptly notify Shipper of the results thereof. 4.4 Shipper hereby agrees (a) to take all such actions and do all such things as Bengal shall reasonably request and at Bengal’s cost in connection with its applications for, and the processing of, necessary certificates, approvals and authorizations of FERC and other Governmental Authorities in connection with the Bengal 24” Pipeline Expansion, (b) at all times to support the Expansion Tariff, Garyville Local Tariff, and Norco Local Tariff, and the Expansion Rates, Garyville Local Rate, and Norco Local Rate, including future adjustments to the Expansion Rates permitted in accordance with the terms of this Agreement, as negotiated rates, and (c) not to, directly or indirectly, take any action that is designed to or may delay review or approval of the applications to FERC or any ot...
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CONDITIONS PRECEDENT; DUTY TO SUPPORT. Notwithstanding anything in this Agreement to the contrary, Sections 8.1 through 8.3 set forth conditions precedent to CCPS’s agreements and obligations under this Agreement. If any of these conditions precedent are not satisfied to the satisfaction of CCPS in its sole discretion, CCPS shall have the right to terminate this Agreement by written notice to Shipper. If this Agreement is terminated pursuant to this Section 8, CCPS and Shipper shall be released from any and all obligations under this Agreement.
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Related to CONDITIONS PRECEDENT; DUTY TO SUPPORT

  • Conditions Precedent The effectiveness of this Third Amendment is subject to the following: 7.1 The Administrative Agent shall have received counterparts (in such number as may be requested by the Administrative Agent) of this Third Amendment from the Borrower, each Guarantor and each Lender (including each New Lender). 7.2 The Administrative Agent shall have received an Administrative Questionnaire from each New Lender. 7.3 The Administrative Agent shall have received from the relevant Loan Parties duly executed and notarized mortgages and/or mortgage supplements or amendments in form and substance reasonably satisfactory to the Administrative Agent so that, after giving effect to the recording of such mortgages, mortgage supplements and/or amendments, the Administrative Agent shall be reasonably satisfied that it has first priority, perfected Liens (subject only to Excepted Liens identified in clauses (a) to (d) and (f) of the definition thereof, but subject to the provisos at the end of such definition) on at least 85% of the total value (as determined by the Administrative Agent based on the present value of the Proved Reserves attributable thereto using a 9% discount rate) of the Oil and Gas Properties evaluated in the Reserve Report most recently delivered pursuant to Section 8.12(a), including any amendments necessary to reflect the Aggregate Maximum Credit Amount (as amended by this Third Amendment). 7.4 The Administrative Agent shall have received from the Borrower title information setting forth the status of title to at least 85% of the total value (as determined by the Administrative Agent based on the present value of the Proved Reserves attributable thereto using a 9% discount rate) of the Oil and Gas Properties evaluated in the Reserve Report most recently delivered pursuant to Section 8.12(a). 7.5 No Default or Borrowing Base Deficiency shall have occurred and be continuing as of the date hereof after giving effect to the terms of this Third Amendment. 7.6 The Administrative Agent shall have received all fees and other amounts due and payable to the Administrative Agent or any Lenders in connection with this Third Amendment. 7.7 The Administrative Agent shall have received duly executed Notes payable to each Lender requesting a Note in a principal amount equal to its Maximum Credit Amount (as amended by this Third Amendment) dated as of the date hereof. 7.8 The Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may reasonably require. The Administrative Agent is hereby authorized and directed to declare this Third Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 7 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.

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