NCOC definition
Examples of NCOC in a sentence
In addition, Section 4.15(f) of the Disclosure Schedule sets forth the methodology determined by the board of directors of NCOC for computing the amount to be paid for Phantom Shares, pursuant to the terms of the Phantom Share Plan.
The board of directors --------------------------------- of NCOC has determined that Section 4.15(f) of the Disclosure Schedule sets forth the correct methodology for computing the amount to be paid for Phantom Shares pursuant to the terms of the Phantom Share Plan.
In order to fund such payments, the Company and/or one or more of the Non-Energy Company Subsidiaries shall lend or contribute the required funds to North Central prior to the time that North Central is required to make such payments or North Central will borrow such funds pursuant to the NCOC revolving credit facility.
Manchester, NCAC and NCOC jointly and severally undertake and covenant with the Lender that (i) the Leverage Ratio shall not exceed 5:1 on any date of determination; (ii) the Tangible Net Worth shall not be less than $18,000,000 on any date of determination, (iii) the Interest Coverage Ratio shall not exceed 1.5:1 on any date of determination and (iv) the consolidated net income of NCAC and NCOC determined in accordance with GAAP for every period of one calendar month shall exceed $1.00 (one dollar).
The EGCOC has the Transferred Assets insured against loss or damage under policy #P04109076-2 Northbridge General Insurance in accordance by the terms and conditions shown on the Declaration of Coverage and Renewal form effective March 23, 2023, a copy of which has been provided to NCOC.
Notwithstanding any provision of this Section 6.3 or any other provision of this Agreement, nothing in this Agreement shall be construed as to require Seller, Servicer or NCOC to provide any indemnification hereunder or under any other Loan Document for any costs, expenses, losses, claims, damages or liabilities arising out of, or incurred in connection with, credit losses with respect to the Receivables.
None of Seller, Servicer or NCOC is subject to any judgment, order, writ, injunction or decree of any court or governmental agency.
The term “Guaranty” shall mean the Guaranty dated the date hereof executed by Manchester, NCAC and NCOC in favor of Lender.
The proceeds of the Loans shall be used for the NCOC Acquisition and for general corporate purposes of the Borrower.
The term “Post Closing Agreement” shall mean the Post Closing Agreement dated the date hereof among Manchester, NCAC, NCOC, the Borrower and Lender.