Business Unit Entity definition
Examples of Business Unit Entity in a sentence
Without limitation of the foregoing, the Company shall, and shall cause each Business Unit Entity to, (i) exercise reasonable care and act with good faith and integrity in managing and operating the Business Units and the Assets comprising the Business Units and (ii) deal with the Holders and the Representatives fairly and in good faith.
To the extent that any Business Unit requires funds for such purposes, the Company may, at its option, (a) cause the applicable Business Unit Entity to borrow such funds for the account of such Business Unit from a financial institution on commercially reasonable terms or (b) make a Company Loan to such Business Unit Entity for the account of such Business Unit.
Subject to the provisions of Section 7.05(b), the Company shall pay and discharge, and shall cause each Business Unit Entity to pay and discharge, all taxes, assessments and governmental charges or levies imposed upon the Assets comprising any Business Unit and all lawful Claims, other than such failures to pay and discharge taxes, assessments, charges, levies and Claims which, alone or together with all such other such failures, could not reasonably be expected to have a Material Adverse Effect.
The proceeds of each Revolving Credit Loan shall be used by the Business Unit Entity borrowing such funds solely (i) for working capital purposes of the relevant Business Unit for whose account such Revolving Credit Loan was made and (ii) in connection with the operation of the relevant Business Unit for whose account such Revolving Credit Loan was made and the Assets comprising such Business Unit.
The Company shall, and shall cause each Business Unit Entity to, maintain separate records on a cash basis and accurately record therein any and all Receipts, Expenditures, Reserves and Tax Adjustments.
Subject to the provisions of Section 7.05(b), the Company shall obtain and maintain, and shall cause each Business Unit Entity to obtain and maintain, as and when required by applicable Law, all Governmental Approvals necessary for its ownership and use of the Assets comprising any Business Unit, other than such failures to obtain or maintain Governmental Approvals which, alone or together with all other such failures, could not reasonably be expected to have a Material Adverse Effect.
Each Revolving Credit Loan made by the Company to a Business Unit Entity shall be made solely for the account of a single Business Unit.
The Assets of each Business Unit Entity shall be developed and operated separate and apart from other Assets now owned or hereafter acquired by the Company or any of its Subsidiaries or Affiliates and shall be accounted for and administered hereunder as a single functional unit.
Subject to the provisions of Section 7.05(b), the Company shall comply, and shall cause each Business Unit Entity to comply, with all applicable Laws (including Environmental Laws) and Governmental Approvals applicable to any of the Assets comprising any Business Unit, non-compliance with which, alone or together with all other such non-compliances, could reasonably be expected to have a Material Adverse Effect.
Subject to the provisions of Section 7.05(b), the Company shall maintain, and shall cause each Business Unit Entity to maintain, insurance with financially sound, responsible and reputable insurance companies or associations with respect to the Assets comprising any Business Unit against such risks and in such amounts (and with co-insurance and deductibles) as is customarily obtained by the Company in connection with its own Assets and operations.