Examples of Seadrill Gulf Xxxx in a sentence
Seadrill hereby agrees that, with the exception of the debt related to the West Xxxx Acquisition Receivable, which is being transferred to Capricorn Holdings pursuant to Section 2.5, at or prior to Closing, Seadrill shall arrange for the extinguishment of the obligations of Seadrill Gulf Xxxx and Seadrill Xxxx Hungary, by settlement or any other manner in Seadrill’s sole discretion, in relation to all amounts payable to Seadrill and its subsidiaries by Seadrill Gulf Xxxx and Seadrill Xxxx Hungary.
If an Event of Default has occurred and is continuing, Seadrill Xxxx and Seadrill Gulf Xxxx may not pay dividends (or make any other distributions to its shareholders) or buy-back its own common stock.
Seadrill will also cause Seadrill Gulf Xxxx to timely elect to be classified for U.S. federal income tax purposes as an association taxable as a corporation on a properly-completed Form 8832 filed with the Internal Revenue Service.