MVC Contract definition
MVC Contract means any minimum volume contract or other revenue contract of Operating LLC or any of its Subsidiaries, the duration of which is at least 12 months, that features a fixed fee that automatically steps up on a date certain notwithstanding any change in volumes or other conditions.
MVC Contract means any contract or other agreement that requires the Borrower or any of its Subsidiaries to deliver a minimum volume of hydrocarbons, or to pay for pipeline or other service capacity irrespective of whether the Borrower or its Subsidiaries actually use such capacity, whether pursuant to a sale of such hydrocarbons or the provision of gathering, transportation, processing, or other midstream-related services for such hydrocarbons.
MVC Contract means any minimum volume commitment, acreage dedication or other revenue contract of the Borrower or any of its Restricted Subsidiaries designated by written notice by the Borrower to the Administrative Agent (subject to receipt and approval (such approval not to be unreasonably withheld, conditioned or delayed) by the Administrative Agent of customary information (including pro forma projections) relating to such MVC Contract).
Examples of MVC Contract in a sentence
Promptly and in any event within five Business Days after a Credit Party enters into (i) a new Approved MVC Contract or (ii) an amendment, supplement or other modification to an existing Approved MVC Contract, the Credit Parties shall provide to the Administrative Agent a fully executed and compiled copy of the items set forth in (i) and (ii) above, as applicable.
No Credit Party will amend, supplement or otherwise modify any Approved MVC Contract in any manner which would (a) violate the requirements set forth in the definition of “Approved MVC Contract” or (b) be materially adverse to the Lenders.
More Definitions of MVC Contract
MVC Contract means any transportation services or other revenue contract of the Borrower designated by written notice by the Borrower to the Administrative Agent (subject to receipt and approval (such approval not to be unreasonably withheld, conditioned or delayed) by the Administrative Agent of customary information (including pro forma projections) relating to such MVC Contract, as more fully set forth in the TLA/Revolver Credit Agreement).