Examples of Vantage Midstream Entities in a sentence
The Partnership expects that more than 90% of the combined gross income of the Partnership and the Vantage Midstream Entities in 2016 after the closing of the transaction contemplated by the PSA and in 2017 will be “qualifying income” under Section 7704(d) of the Internal Revenue Code of 1986, as amended.
None of the Vantage Midstream Entities has utilized its facilities to provide service as a common carrier subject to the jurisdiction of FERC under the Interstate Commerce Act as such statute is implemented by FERC pursuant to the Department of Energy Organization Act of 1977.
There are no bankruptcy, reorganization or arrangement proceedings pending against, being contemplated by, or to the knowledge of Rice or the Vantage Midstream Entities, threatened against Rice, Vantage I, Vantage II or any of their respective Subsidiaries.
On the Closing Date, the General Partner will not own, directly or indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity, other than the Partnership, the Partnership Subsidiaries and the Vantage Midstream Entities.
The Partnership does not own or control, directly or indirectly, any corporation, association or other entity other than the Partnership Subsidiaries, and after giving effect to the Conveyance, the Vantage Midstream Entities.
Rice will not acquire (i) any Oil and Gas Properties other than the Vantage Oil and Gas Properties or (ii) any entity holding any Oil and Gas Properties, directly or indirectly, other than Vantage I and Vantage II, the Vantage Midstream Entities and their respective Subsidiaries.
Prior to Closing, Rice will cause each of the Vantage Midstream Entities to take all actions necessary to distribute, assign and convey the assets, liabilities, rights and obligations described on Exhibit C (the “Excluded Assets”) to an Affiliate of Rice (other than the Partnership or any of its Subsidiaries) (the “Pre-Closing Distribution”).
Each of the Vantage Midstream Entities holds or has a valid right to use, all Permits (other than environmental Permits, which are the subject of Section 3.6) that are necessary for the conduct of the Business and the ownership and operation of the Midstream Assets, each in compliance with applicable Laws, except for those Permits the failure of which to have would not have a Rice Material Adverse Effect.
At the Closing, on the terms and subject to the conditions of this Agreement, Rice shall sell, assign, transfer and convey to the Partnership the Conveyed Interests free and clear of all Liens other than Liens under the Organizational Documents of the Vantage Midstream Entities and restrictions on transfer under applicable securities Laws, in exchange for the Consideration, and the Partnership shall accept the sale, assignment, transfer and conveyance of the Conveyed Interests.
The Parties further agree that the Partnership and its partners shall bear the liability for any Taxes imposed on or incurred by or with respect to the Vantage Midstream Entities, the Business or the Midstream Assets for any taxable period beginning after the Closing Date and the portion of any Straddle Period beginning after the Closing Date.