Examples of Midship in a sentence
Midship shall have received all consents and authorizations necessary under that certain Credit Agreement, as amended, dated February 28, 2019 (the “ Midship Credit Agreement”) by and among Midship, Société Générale (as Administrative Agent), and the lenders party thereto (the “Credit Agreement Authorization”) for Midship’s execution, delivery, and performance of this Agreement, the Escrow Agreement (as defined below) and the New Gulfport TSA.
Litigation with Midship regarding its draw down of the Letter of Credit would likely be costly and time-consuming, involving taking and defending multiple depositions, preparing and filing motions, and preparing for trial.
Each of the Parties shall have executed and delivered to the other parties a counterpart of this Agreement, which delivery shall be deemed to be for the benefit of each Midship Released Party and Debtor Released Party.
The settlement agreement also provides the Debtors with a revised midstream services agreement with Midship that the Debtors estimate will provide savings to the Debtors of approximately $122.8 million over the life of the contract, and will also result in the return, by the Settlement Effective Date, of over $70 million in credit assurance that had been held by Midship.
The Debtors and Midship are each hereby authorized to enter into the Escrow Agreement (as defined in the Settlement Agreement) and to take all actions necessary to implement the terms thereof, including, without limitation, depositing the monthly Top-Up Amounts and disbursing the Early Withdrawal Amount (each as defined in the Settlement Agreement) from the Escrow Account (as defined in the Settlement Agreement) in accordance with the terms of the Settlement Agreement.
On November 20,2020, Midship filed the Defendant Midship Pipeline Company, LLC’s Opposition to Plaintiff’s Emergency Motion (I) For Preliminary Injunction, (II) Seeking Turnover of Property of the Estate Pursuant to Section 542 of the Bankruptcy Code, and (III) Requesting Enforcement of the Automatic Stay Pursuant to Section 362 of the Bankruptcy Code [Docket No. 12].
Midship shall be deemed to credit to the Pre-Payment Amount in an amount equal to the “2021 True-Up Credit” generated by inputting the Consent Date and Settlement Effective Date into the financial model titled “GPOR True-Up Model (Rule 408) v.12.10.2020 (Final).xlsx” attached to the e-mail sent by Cameron Lyons of Latham & Watkins LLP to Chris Koenig of Kirkland & Ellis LLP on December 10, 2020 at 12:28 Eastern Time.33.
The Debtors shall not seek to recover the Pre-Payment Amount from Midship by any means, including by turnover under section 542 of the Bankruptcy Code, through any claims or causes of action for avoidance arising under sections 544, 545, 547, 548, 549, and/or 550 of the Bankruptcy Code or any other similar state or federal law, or otherwise.
As of the Consent Date and in consideration of the transactions set forth in this Agreement, any requirement that Gulfport post the Surety Bond to Midship is resolved pursuant to this Agreement and Gulfport shall not be required to post a Surety Bond to Midship.
As used herein, the term “Released Claims” means the Midship Released Claims and the Debtor Released Claims.