Common use of Realignment of Industrial Group Intercompany Accounts Clause in Contracts

Realignment of Industrial Group Intercompany Accounts. Each member of the Industrial Group having a net intercompany receivable from a member of the Energy Group or the Shipbuilding Group (excluding trade accounts receivable) will transfer such net intercompany receivable to Industrial Company in exchange for an intercompany advance receivable from Industrial Company in an amount equal to the amount of the net intercompany receivable transferred. Industrial Company will assume the net intercompany payable of each member of the Industrial Group having a net intercompany payable to a member of the Energy Group or the Shipbuilding Group (excluding trade accounts payable) in exchange for the issuance by each such Industrial Group member of an intercompany advance payable to Industrial Company in an amount equal to the amount of the net intercompany payable assumed. Industrial Company will consent to the assumption of other net intercompany payables by Shipbuilding Company or Tenneco as provided in this Section A.

Realignment of Industrial Group Intercompany Accounts. Each member of the Industrial Group having a net intercompany receivable from a member of the Energy Group or the Shipbuilding Group (excluding trade accounts receivable) will transfer such net intercompany receivable to Industrial Company in exchange for an intercompany advance receivable from Industrial Company in an amount equal to the amount of the net intercompany receivable transferred. Industrial Company will assume the net intercompany payable of each member of the Industrial Group having a the net intercompany payable to a member of the Energy Group or the Shipbuilding Group (excluding trade accounts payable) in exchange for the issuance by each such Industrial Group member of an intercompany advance payable to Industrial Company in an amount equal to the amount of the net intercompany payable assumed. Industrial Company will consent to the assumption of other net intercompany payables by Shipbuilding Company or Tenneco as provided in this Section section A.