OGIL definition
Examples of OGIL in a sentence
As a separate and independent obligation, the Guarantor agrees that any amount which may not be recoverable on the footing of a guarantee by reason of any legal limitation, disability or incapability on or of OGIL or any other fact or circumstance shall nevertheless be recoverable from the Guarantor as though the same had been incurred by the Guarantor and the Guarantor was the sole and principal debtor in respect thereof and shall be immediately paid by the Guarantor on demand.
Any indebtedness of OGIL whether as principal or as surety and whether solely or jointly with any other person or persons now or in future held by the Guarantor shall be subordinated to the indebtedness or liabilities of OGIL to PPL under the Documents.
Such indebtedness of OGIL to the Guarantor, if PPL so requires, shall be paid over to PPL on account of the indebtedness or liabilities of OGIL to PPL but without reducing or affecting in any manner the Guarantor's liability under this Guarantee until all monies and liabilities hereby guaranteed have been fully paid to PPL.
OGIL, intending to be bound hereby, has duly executed this Agreement as of October 4, 2012.
Contemporaneously with the formation of the Company, OGIL shall be admitted as the sole member of the Company, owning all 1,000 Common Shares of the Company.
As used in this Agreement, the term “Member” means OGIL, in its capacity as a member of the Company, and any person or entity hereafter admitted to the Company as a member, but such term does not include any person or entity who has ceased to be a member of the Company.