Examples of New Operating Agreement in a sentence
After the Rail Merger, the Company is required to operate the KCR railway subject to the Mass Transit Railway Ordinance (as amended by the Rail Merger Ordinance (Ordinance No. 11 of 2007) (the “Rail Merger Ordinance”)) and the New Operating Agreement.
Breach of the Mass Transit Railway Ordinance or the New Operating Agreement with respect to the MTRCL’s post-Rail Merger franchise relating to the KCR railway may potentially result in fines and/ or, in an extreme case, revocation of the MTRCL’s entire franchise.
On the Effective Date, as a condition to receiving any distribution of New Membership Interests, all holders of the New Membership Interests shall be deemed parties to and bound by the New Operating Agreement that will be filed with the Plan Supplement and that shall contain customary terms including transfer restrictions, preemptive rights, right of first offer, tag-along rights, drag-along rights, and certain information rights.
The New Operating Agreement shall be binding on Reorganized Parent and all parties receiving, and all holders of, the New Membership Interests (whether received under the Plan or otherwise) regardless of whether such parties execute the New Operating Agreement.
Since the partial privatisation of the Company in 2000, a breach of the Mass Transit Railway Ordinance and/or the Operating Agreement and New Operating Agreement (as defined on page 92) could potentially result in the revocation of the MTRCL’s franchise to operate the MTR railway.