MCNIC definition
Examples of MCNIC in a sentence
For the express purpose of funding the Detailed Engineering, MCNIC shall make an initial Capital Contribution to the Company within 30 days of the Company's formation of $300,000.
If MCNIC exercises this option, for purposes of determining 200% Payout with respect to the Back-in Option retained by Crown in this circumstance, "Plant Costs" shall be deemed to include the Plant 3 Properties' Value.
By notice to the other Member, MCNIC shall appoint four Managers and Crown shall appoint one Manager.
If MCNIC exercises this option, for purposes of determining 200% Payout with respect to the Back-in Option retained by Crown in this circumstance, "Plant Costs" shall be deemed to include the Plant 2 Properties' Value.
Within two business days after entering into a binding agreement to sell all or any part of its interest in the Company (other than sales or other dispositions to Affiliates of such Member), the Soliciting Member shall deliver a copy of such binding agreement to the Notified Member and if MCNIC is the Soliciting Member, such binding agreement shall indicate whether the purchaser intends to retain Crown as the Operator.
Such contribution, when made to the Company, shall be deemed a contribution by Crown pursuant to Section 3.3(a)(iii) and the Company and MCNIC shall have all of the rights set forth in Section 3.6 with respect to enforcement of such contribution obligation.
The Company shall be free to assign its rights and interests under this Agreement to any Person without the consent of Operator on the condition that the Guaranty of even date from MCNIC Pipeline & Processing Company to Operator guarantying the Companies' payment obligations under Article VII shall remain in effect or be substituted by a guaranty from an entity with a credit or debt rating of BBB+ or better from Standard and Poor's or an equivalent rating from any recognized rating agency.
The required Capital Contribution from each Member shall be calculated by multiplying the Payment Amount by that Member's percentage Sharing Ratio; provided, that if the adjustment to Crown's Capital Contributions set forth in Section 3.3(b) is applicable at the time of such Capital Contribution, the required Capital Contribution from Crown shall be decreased by the amount of any reduction pursuant to Section 3.3(b), and the required Capital Contribution from MCNIC shall be increased by such amount.
If MCNIC elects to proceed, Crown shall contribute to the Company the items described in Sections 3.3(a)(ii) and (iii) subject to the Back-in Option set forth in Section 7.5(f).
Crown shall have the right, but not the obligation, to elect to obtain an initial ownership interest in each Additional Opportunity of no less than 10% and no greater than 50% (with MCNIC obtaining the remaining interests) and Crown's ownership interest may be different with respect to each Additional Opportunity.