GNGC definition
Examples of GNGC in a sentence
Such credit support shall be in a form and in amounts acceptable to the Executive Committee and to the GNGC Affiliate providing the credit support, and may include, without limitation, comfort letters, a guaranty of the Company’s performance or a letter of credit.
With the prior approval of the Executive Committee, a Member (including its Affiliates) shall be entitled to hire employees of the Company to fill vacancies with such Member; provided however, that no such approval shall be necessary to allow GNGC or an Affiliate thereof to hire any personnel acting as a Service Personnel under the terms of the Services Agreement.
Piedmont and GNGC agree that any purchase made pursuant to this Section 12.3 shall be made pursuant to the Conveyance and Assignment Agreement and LLC Interest Power in the form attached hereto as Exhibit I and the purchase price for the Annual Purchased Interest shall be paid in cash simultaneously with the execution and delivery of such agreements.
With the prior approval of the Executive Committee, a Member (including its Affiliates) shall be entitled to hire employees of the Company or its Subsidiaries to fill vacancies with such Member; provided however, that no such approval shall be necessary to allow GNGC or an Affiliate thereof to hire any personnel acting as a service personnel under the terms of the Services Agreement.
Piedmont has granted GNGC certain options to purchase its Company Interest in SouthStar and GNGC has exercised an option to purchase [all or a portion] of Piedmont’s Company Interest (the “Percentage Interest”) as provided herein.
Subject to the execution and effectiveness of the Indemnification Agreement among the Members, dated and executed the date hereof and in the form attached hereto as Exhibit G, GNGC, acting alone or through its Affiliates, agrees to exercise commercially reasonable efforts to provide credit support on acceptable terms, and in an amount not to exceed a ceiling established by the Executive Committee, to the extent required to support the Company’s and its Subsidiaries’ commercial operations.
In connection with a Tax Advantaged Distribution, the Members shall consider distributing the Company’s assets to the Members on such basis as is appropriate, including on a state-by-state basis, relative to the principal service territory of the Members’ Affiliates (e.g. North Carolina with respect to Piedmont and Georgia and Illinois with respect to GNGC).
Piedmont and GNGC acknowledge that each of their parent companies may file a Current Report on Form 8-K and/or make other necessary disclosures to the U.S. Securities and Exchange Commission regarding the Transaction and that such filings and/or disclosures require no prior approval from the other party.
Subject to the execution and effectiveness of the Indemnification Agreement among the Members, dated and executed the date hereof and in the form attached hereto as Exhibit G, GNGC, acting alone or through its Affiliates, agrees to exercise commercially reasonable efforts to provide credit support on acceptable terms, and in an amount not to exceed a ceiling established by the Executive Committee, to the extent required to support the Company's commercial operations.
GNGC and PEC each hereby agree to act in good faith and use all commercially reasonable efforts to consummate the purchase contemplated in Section 1 hereof, including the execution of the Assignment Agreement, the 3rd Amendment or such other documents and the taking of such actions necessary and reasonable to obtain any such consents.