OBA in Effect Sample Clauses

OBA in Effect. When SCM has an OBA in place with the applicable downstream pipeline and Customer is kept whole on its nominations with the downstream pipeline, Customer shall reimburse SCM for any costs incurred by SCM under such OBA associated with Residue Gas imbalances resulting from Customer’s failure to adjust its nomination as required under this Agreement. Customer shall use commercially reasonable efforts to adjust its nomination in order to minimize any imbalance Customer may incur with SCM and/or which SCM may incur for the account of Customer with the downstream pipeline. Additionally, (i) SCM and the downstream pipeline shall administer any imbalances and cash-outs pursuant to the terms of the OBA, (ii) SCM shall provide Customer a copy of the cash-out mechanism under the OBA, which shall be the same cash-out mechanism as imposed by the downstream pipeline at the applicable delivery point, and (iii) SCM shall invoice Customer and provide supporting documentation for Customer’s share of any charges incurred under such OBA. (b) No OBA in Effect. In the event SCM and a downstream pipeline do not have an OBA in place, Customer and such downstream pipeline shall administer any imbalances and cash-out obligations that accrue to Customer on the downstream pipeline, and SCM and such downstream pipeline shall administer any imbalances and cash-out obligations that accrue to SCM on the downstream pipeline. Each Party, to the extent its actions or inactions cause the other Party to accrue an imbalance on a downstream pipeline, shall reimburse the other Party for any costs incurred by the other Party as a result of such imbalance. (c) Residue Gas Imbalance Cash-Out. Any Residue Gas imbalance remaining at the end of a Month shall be reflected on the Monthly statement provided by SCM to Customer and shall be eliminated by cashing out the entire amount of the Residue Gas imbalance at the Residue Gas Cash-Out Price, in accordance with the following: (i) over- deliveries of Residue Gas by SCM to Customer (or for Customer’s account) at a designated Residue Gas Delivery Point will be purchased by Customer from SCM at the relevant Residue Gas Cash-Out Price, and (ii) under-deliveries of Residue Gas by SCM to Customer (or for Customer’s account) at a designated Residue Gas Delivery Point will be purchased by SCM from Customer at the relevant Residue Gas Cash-Out Price. SCM shall account for, and settle, Residue Gas imbalances for a Month on the same payment date that other paymen...
Sample 1
AutoNDA by SimpleDocs

Related to OBA in Effect

  • Agreement in Effect Except as hereby amended, the Partnership Agreement shall remain in full force and effect.

  • Change in Effective Control A Change in Effective Control occurs if, over a twelve (12) month period: (i) a person or group acquires stock representing thirty percent (30%) of the voting power of the corporation; or (ii) a majority of the members of the board of directors of the ultimate parent corporation is replaced by directors not endorsed by the persons who were members of the board before the new directors’ appointment, as defined in Treasury Regulations §1.409A-3(i)(5)(vi).

  • When Effective This Agreement shall become effective only upon the execution and delivery of one or more counterparts of this Agreement by each of the Parent, Merger Sub, the Company and the Shareholders.

  • Change in Effective Control of the Company A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change of Control; or

  • Certain Effects of the Merger At and as of the Effective Time, (a) Newco will be merged with and into the Company in accordance with the provisions of the Indiana Business Corporation Law, (b) Newco will cease to exist as a separate legal entity, (c) the articles of incorporation of the Company will be amended to change its authorized capital stock to 100 shares, par value $0.01 per share, of Common Stock, (d) the Company will be the Surviving Corporation and, as such, will, all with the effect provided by the Indiana Business Corporation Law, (i) possess all the properties and rights, and be subject to all the restrictions and duties, of the Company and Newco and (ii) be governed by the laws of the State of Indiana, (e) the Charter Documents of the Company then in effect (after giving effect to the amendment of the Company's articles of incorporation specified in clause (c) of this sentence) will become and thereafter remain (until changed in accordance with (i) applicable law (in the case of the articles of incorporation) or (ii) their terms (in the case of the bylaws)) the Charter Documents of the Surviving Corporation, (f) the initial board of directors of the Surviving Corporation will be the Chief Executive Officer of RW and the other persons named in Schedule 2.03, and those persons will hold the office of director of the Surviving Corporation subject to the provisions of the applicable laws of the State of Indiana and the Charter Documents of the Surviving Corporation, and (g) the initial officers of the Surviving Corporation will be as set forth in Schedule 2.03, and each of those persons will serve in each office specified for that person in Schedule 2.03, subject to the provisions of the Charter Documents of the Surviving Corporation, until that person's successor is duly elected to, and, if necessary, qualified for, that office.

  • Certain Effects of Termination In the event that this Agreement is terminated pursuant to Section 7.01:

  • Change in Ownership of a Substantial Portion of the Company’s Assets A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (c), the following will not constitute a change in the ownership of a substantial portion of the Company’s assets: (i) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (ii) a transfer of assets by the Company to: (A) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (B) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (C) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the Company, or (D) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (c)(ii)(C). For purposes of this subsection (c), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. For purposes of this definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Section 409A. Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (x) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (y) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.

  • Flip-in Event (a) Subject to Subsection 3.1(b) and Section 5.1, if prior to the Expiration Time a Flip-in Event occurs, each Right shall constitute, effective at the close of business on the tenth Trading Day after the Stock Acquisition Date, the right to purchase from the Corporation, upon exercise thereof in accordance with the terms hereof, that number of Common Shares having an aggregate Market Price on the date of consummation or occurrence of such Flip-in Event equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such right to be appropriately adjusted in a manner analogous to the applicable adjustment provided for in Section 2.3 in the event that after such consummation or occurrence, an event of a type analogous to any of the events described in Section 2.3 shall have occurred).

  • Change in Ownership of the Company A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change of Control; or

  • Change in Ownership Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!