Operating Company. Each Credit Party is “an entity that is primarily engaged, directly or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital” within the meaning of the U.S. Department of Labor plan asset regulations, 29 C.F. R. §2510.3 101. None of the Credit Parties is a “passive business” as defined in the SBA Regulations.
Operating Company. The Founders and the Company jointly represent that the Company is an operating company under Applicable Law. Further, the Company and the Founders jointly and severally undertake to ensure that the Company continues to be an operating company, in keeping with the continued cooperation of the Board, so long as the Investors hold any Shares in the Company.
Operating Company. At the time the Company issues any Shares, the Company shall be an "operating company" as defined in United States Department of Labor Regulation section 2510.3-101(c) issued under the United States Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Company shall at all times thereafter conduct its activities so that it will continue to qualify as such an "operating company." As a result, pursuant to United States Department of Labor Regulation section 2510.3-101(a)(2)(i), at no time shall the assets of the Company constitute the assets of any Investor or Member of the Company for purposes of Title I of ERISA or section 4975 of the United States Internal Revenue Code of 1986 (the "Code").
Operating Company. The Company is "an entity that is primarily engaged, directly or through a majority owned subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital" within the meaning of the U.S. Department of Labor plan asset regulations, 29 C.F.R. § 2510.3-101.
Operating Company. İlkin kəşfiyyat dövründə və Əsas kəşfiyyat dövründə və ilk İşlənmə proqramı XXXXX tərəfindən təsdiq edilənə qədər BP və ya BP-nin Ortaq şirkəti Əməliyyat şirkəti qismində fəaliyyət göstərəcək və Qüvvəyəminmə tarixindən sonra bu Sazişin müddəalarına uyğun olaraq əməliyyatlara başlamağa hazır olacaqdır. BP or an Affiliate of BP shall act as the Operating Company during the Initial Exploration Period and the Main Exploration Period and before SOCAR’s approval of the first Development Programme, and shall be ready to commence operations in accordance with the terms of this Agreement after the Effective Date. İlk İşlənmə proqramı təsdiq edildikdən sonra, xxxxx Əsas kəşfiyyat dövrünün başa çatmasından tez olmayaraq, BP və ONŞ (və ya onların istənilən Ortaq şirkətləri) onlara bərabər paylarda məxsus olacaq qeyri-kommersiya birgə Əməliyyat şirkəti yaradırlar. Upon approval of the first Development Programme, but not before the completion of the Main Exploration Period, BP and SOA shall establish a non profit joint Operating Company equally owned by BP and SOA (or any of their Affiliates). Əməliyyat şirkətinin Podratçı tərəflərdən ezam olunan, Azərbaycan vətəndaşlarından və xarici əməkdaşlardan ibarət xxxx, Əməliyyat şirkətinin rəhbərliyi altında vahid struktur kimi çalışan işçi heyəti olacaqdır. The Operating Company shall employ personnel seconded from the Contractor Parties, expatriate personnel and Azerbaijani citizens who shall work as an integrated team under the management of the Operating Company. Əməliyyat şirkəti Azərbaycan Respublikasından kənarda təsis edilə və ya yaradıla bilər, xxxxx Azərbaycan Respublikasında iş aparmaq üçün Azərbaycan qanunvericiliyinə uyğun olaraq qeydə alınmalıdır. The Operating Company may be incorporated or created outside of the Republic of Azerbaijan but shall be registered to do business in the Republic of Azerbaijan in accordance with Azerbaijan law. Podratçı ARDNŞ-nin qabaqcadan verdiyi razılığı ilə və Qüvvəyəminmə tarixindən dərhal sonra Podratçı tərəflərin bağlayacağı birgə əməliyyat sazişində (“Birgə əməliyyat sazişi”) nəzərdə tutulan qaydada və hallarda, yazılı şəkildə digər Əməliyyat şirkəti təyin etməklə Əməliyyat şirkətini (o cümlədən birgə Əməliyyat şirkətini) vaxtaşırı dəyişdirmək xxxxxxxx xxxxxxxx, xx xxxxxx xx, xxxx edən Əməliyyat şirkəti Podratçı tərəflərdən birinin Ortaq şirkəti olsun. Hər hansı belə əvəzetmə üçün çəkilən məsrəflərin Əvəzi ödənilmir. Podratçı tərəflər əvvəlki Əməliyyat şirkətinin vəzifələrinin ...
Operating Company. Immediately following each Closing, the ----------------- Corporation will be primarily engaged in the production or sale of a product or service other than the investment of capital within the meaning of Department of Labor Regulation Sections 2510.3-101(c), (d) or (e).
Operating Company. The Company is an “operating company” within the meaning of Section 22062(b)(2) of the California Financial Code in that (A) it primarily engages, wholly or substantially, directly or indirectly through a majority owned subsidiary or subsidiaries, in the production or sale, or the research or development, of a product or service other than the investment of capital, (B) it is not an individual or sole proprietorship, (C) it is not an entity with no specific business plan or purpose and its business plan is not to engage in a merger or acquisition with an unidentified company or companies or other entity or person, and (D) it intends to use the proceeds from the sale of the Notes and Warrants extended to it solely for the operation of the Company’s business and uses other than personal, family, or household purposes. The Company’s board of directors, in the exercise of its fiduciary duties, has approved the sale of the Notes based upon a reasonable belief that the loans represented by the Notes are appropriate for the Company after reasonable inquiry concerning the Company’s financing objectives and financial situation.
Operating Company. FIVE POINT OPERATING COMPANY, LP, a Delaware limited partnership By: /s/ Xxxxxx Xxxxxxx Name: Xxxxxx Xxxxxxx Title: Chief Executive Officer
Operating Company. A) Upon formation of the Operating Company, as aforesaid, the Parties shall meet to allocate duties and responsibilities between the Operating Company and the Operator. To the extent that the Operator's duties and responsibilities under this Agreement are assumed by the Operating Company, the Operator shall be released from any further responsibility and liability therefor.
Operating Company. As of the date hereof, the authorized capital stock of Operating Company consists solely of 1,000 shares of common stock, of which 1,000 are issued and outstanding. The Company is the sole stockholder of Operating Company. Since its incorporation, Operating Company was not engaged in any activities other than in connection with or as contemplated by this Agreement, the Asset Drop Down, the Merger and the Recapitalization or in connection with arranging any financing required to consummate the transaction contemplated hereby.
