Debt Repayment. From and after consummation of the IPO, to the extent that proceeds from the IPO (or any other funds contributed to the Company or any of its Subsidiaries) are used to repay debt owed by the Company or any of its Subsidiaries (for so long as the Company or such Subsidiary is treated as a partnership for federal income tax purposes), such funds shall be contributed to the Company and its Subsidiaries by the limited liability company interest holders or other equity interest holders in the Company or such Subsidiaries in proportion to the allocation of debt to such holders provided in Section 8.2(b)(iii) of the LLC Agreement.
Appears in 3 contracts
Sources: Parent Company Agreement (Duke Energy Field Services Corp), Parent Company Agreement (Duke Energy Field Services Corp), Parent Company Agreement (Phillips Petroleum Co)