Oil Trust definition
Examples of Oil Trust in a sentence
The Parties, together with Pacific Coast Energy Company LP, a Delaware limited partnership, entered into that certain Amended and Restated Trust Agreement of Pacific Coast Oil Trust dated as of May 8, 2012 (the “Trust Agreement”) in connection with the offer and sale by PCEC of 18,500,000 trust units representing beneficial interests in the Trust.
Borrower shall at all times comply in all material respect with its obligations under each of the MV Oil Trust Documents.
MV Oil Trust, a Delaware statutory trust created under the Delaware Statutory Trust Act, shall have the right to enforce Section 1.3 of this Agreement as a third party beneficiary hereof.
For purposes of this Agreement, MV Oil Trust shall not be treated as a Subsidiary of any Loan Party.
Adjustments shall be made for all complaints and exceptions that are agreed to by the parties; provided that if the parties do not agree, such disputed matters shall be subject to the arbitration provisions set forth in Article XI of the Amended and Restated Trust Agreement of MV Oil Trust dated of even date herewith by and among Grantor, Wilmington Trust Company, a banking corporation organized under the laws of the State of Delaware, and Grantee.
The insurance obtained under the preceding sentence shall be in amounts, and on such terms and conditions, as are customary and commercially reasonable for the provision of services (by similar entities) similar to those provided by BBEP, BGP, BOLP, BBF and BMC to PCEC (as sponsor of the Pacific Coast Oil Trust).
Each Borrowing Base shall be determined based upon 40% of the amount that is otherwise determined as provided herein to be the loan collateral value attributable to the Borrowing Base Properties without the burden of the Net Profits Interest granted to the Oil Trust.
PCEC shall obtain (no later than the date of Closing) and maintain, at its own cost and expense, directors and officers liability insurance for the benefit of the directors and officers of BGP, BBEP, BOLP, BBF and BMC, respectively, with respect to claims arising from, or relating to, BBEP’s, BGP’s, BOLP’s, BBF’s or BMC’s (and their respective directors and officers) management of PCEC (as sponsor of the Pacific Coast Oil Trust).
The Borrower and its Subsidiaries will at all times comply in all material respects with their respective obligations under each of the Oil Trust Documents.
The Trust shall continue to be known as the MV Oil Trust, and the Trustee may transact the Trust's affairs in that name.