IST Business definition

IST Business means the business of developing, designing, engineering, marketing, supplying, installing and servicing the MT and GRT industrial steam turbines product lines for ranges of output power below 130 megawatt for industrial power generation and below 170 megawatt for Combined Cycle Power Plants (CCPP) in the Oil and Gas and Industrial market segments defined by the GE/BHGE Channel Agreement dated July 3, 2017 (the “Channel Agreement”) to the extent of such business that was acquired by GE from Alstom and allocated to BHGE in connection with the separation transaction that accompanied the parties’ entry into the Channel Agreement (it being understood that assets, contracts and liabilities acquired, entered into or incurred in the ordinary course of such business since such date shall be included).
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IST Business means the business of developing, designing, engineering, marketing, supplying, installing and servicing the MT, GRT/HRT, GST and naval industrial steam turbines product lines for industrial and other power generation, including for combined cycle power plants, solely to the extent such business was acquired by GE from Alstom SA and allocated to BHGE Parent in connection with the Prior Transaction (it being understood that, subject to Section 2.01, assets, Contracts and liabilities acquired, entered into or incurred in the ordinary course of such business since such date shall be included). For purposes of this definition, (i) “MT” shall mean mid-sized steam turbine, (ii) “GRT/HRT” shall mean geared reaction steam turbine, (iii) “GST” shall mean geothermal steam turbine.
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Examples of IST Business in a sentence

  • To the Knowledge of BHGE LLC, there are no material outstanding, unsatisfied obligations to comply with any recommendation or declaration of any court or other tribunal in respect of any of the current or former employees of the IST Business.

  • The Buyer acknowledges and agrees that the Buyer and its Representatives have inspected and examined the IST Business to the extent they have determined adequate, and the Buyer is not relying on any representations or warranties of any nature made by or on behalf of or imputed to BHGE LLC or any of its Affiliates, except as expressly set forth in ‎ARTICLE III.

  • No material charge of discrimination in employment or employment practices for any reason, including age, gender, disability, race, religion or other legally protected category, has been asserted during the BHGE Ownership Period and is now pending by current or former employees of the IST Business.

  • Submit in writing to the County’s IST Business Office, within 30 days of the invoice date, any billing disputes or questions related to work being done for a MIDAS Customer versus the MIDAS network.

  • Section 3.05 of the Seller Disclosure Schedule sets forth the unaudited combined balance sheet (the “Balance Sheet”) of the IST Business as of December 31, 2018.

  • Council The Transfer Agreement shall be structured in the form of a put option by BHGE for the transfer of the IST Business and the concurrent closing of the related transactions, including the payment by BHGE of the Cash Purchase Price (the “Put Option”).

  • Each Party agrees that it shall preserve and keep, or cause to be preserved and kept, all original books and records in respect of the IST Business (including documents and other information regarding the Licensed IST IP (as defined in the Intellectual Property Cross License Amendment)) in the possession of such Party or its Affiliates for the longer of (a) any applicable statute of limitations and (b) a period of six years from the Closing Date.

  • During the past three years, BHGE LLC and its Affiliates have conducted the IST Business in compliance in all material respects with all applicable Anti-Corruption Laws and have instituted and maintain policies and procedures designed to promote and achieve compliance with all such Laws.

  • In addition, during such six-year or longer period, each Party shall provide, or cause to be provided to, the other Party, reasonable access to such original books and records of the IST Business preserved by such Party in accordance with this Section 6.03 as the other Party shall reasonably request.

  • The IST Business has been during the past three years, and is now, in compliance in all material respects with all applicable export control Laws and economic sanctions Laws.