Elk Hills Power definition
Examples of Elk Hills Power in a sentence
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Elk Hills Settlement Agreement The Company, California Resources Elk Hills, LLC (“CREH”), Elk Hills Power, LLC (“Elk Hills Power”) and Ares shall enter into a Settlement and Assumption Agreement pursuant to Bankruptcy Rule 9019 on or prior to the Petition Date (the “Elk Hills Settlement Agreement”).
Releases and Exculpation The Plan will include customary mutual releases in favor of the (i) Company, (ii) the Consenting Creditors and (iii) subject to the Elk Hills Settlement Agreement, Ares and Elk Hills Power, and each of their respective current and former directors, officers, shareholders, employees, advisors, legal counsel and agents, in each case in the form set forth on Annex G.
Negative Covenants Usual and customary for debtor-in-possession financings of this type and substantially consistent with the negative covenants under the Senior DIP Credit Agreement, including, without limitation, the Financial Covenants (as defined herein), covenants related to bankruptcy matters and amendments to the Elk Hills Power Agreements (as defined in the RSA), in each case, consistent with, and not more restrictive than, the Senior DIP Credit Agreement.
The Issuer shall not, and shall not permit Elk Hills Power to, create, issue, incur, assume, or suffer to exist any Indebtedness, except Permitted Indebtedness.
The Issuer shall not permit Elk Hills Power to, enter into any business, except for the ownership, operation, maintenance, use, improvement and financing of, and sale of hydrocarbons processed or electricity generated by, the Project and activities reasonably incidental thereto.
All Material Tax returns required to have been filed by or with respect to the Issuer and Elk Hills Power have been filed and all such Tax returns are accurate and complete in all material respects.
Elk Hills Power holds all of the exemptions from regulation that are set forth in 18 C.F.R. Part 292 Subpart F, except for exemption from Sections 205 and 206 of the FPA.
Elk Hills Power has no Subsidiaries and owns no Equity Interests in any other Person.
The Issuer has not engaged in any business, except for owning 100% of the Equity Interest of Elk Hills Power, entry into and performance of the Loan Documents and those businesses that are reasonably related thereto or reasonable extensions thereof.