PennTex Development definition
Examples of PennTex Development in a sentence
PennTex Development and PennTex Midstream GP, LLC, a Delaware limited liability company (the “General Partner”), have formed the Partnership pursuant to the Delaware Revised Uniform Limited Partnership Act (as in effect, from time to time, the “Delaware LP Act”), for the purpose of engaging in any business activity that is approved by the General Partner and that lawfully may be conducted by a limited partnership organized pursuant to the Delaware LP Act.
The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower and Lenders constituting the Required Lenders, counterparts of the attached consent and acknowledgment duly executed by each Guarantor, and a fully executed copy of a corresponding amendment to the PennTex Development Credit Facility, each in form and substance satisfactory to the Administrative Agent.
The Partnership hereby redeems the Initial LP Interest held by PennTex Development and hereby refunds and distributes to PennTex Development the initial contribution, in the amount of $2,000, made by PennTex Development in connection with the formation of the Partnership, along with 100% of any interest or other profit that resulted from the investment or other use of such initial contribution.
The Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower and the Lenders, counterparts of the attached consent and acknowledgment duly executed by each Guarantor, and fully executed copies of corresponding amendments to the PennTex Development Credit Facility and the PennTex JV Credit Facility, each in form and substance satisfactory to the Administrative Agent.
Prior to the date hereof, PennTex Midstream Partners, LLC, a Delaware limited liability company (“PennTex Development”) and PennTex Midstream GP, LLC, a Delaware limited liability company (the “General Partner”) formed the Borrower as a Wholly-Owned Subsidiary of PennTex Development and a new midstream master limited partnership with the General Partner as the sole general partner of the Borrower.
If any Common Units subject to the Over-Allotment Option are not purchased by the IPO Underwriters as set forth in the IPO Underwriting Agreement, then upon the expiration of the Over-Allotment Option, the Partnership shall issue those remaining Common Units to PennTex Development and MRD WHR LA pursuant to the Contribution Agreement.
The Parties acknowledge the payment by the Partnership, in connection with the closing of the Initial Public Offering, of (a) transaction expenses incurred by the Partnership or PennTex Development in the amount of approximately $4.3 million and (b) $98,571,322.46 to NLA Holdings and $55,182,296.40 to MRD WHR, respectively, in part as a reimbursement of certain capital expenditures incurred by such entity with respect to the Contributed Assets.
The Partnership shall then distribute the additional cash as follows: 62.5% to PennTex Development and 37.5% to MRD WHR.
The proceeds of such exercise shall be distributed to PennTex Development and MRD WHR LA as set forth in the Contribution Agreement.
PennTex Development and MRD WHR LA Midstream LLC, a Delaware limited liability company (“MRD WHR LA”), beneficially own, directly or indirectly, 100% of the issued and outstanding Equity Interests in PennTex North Louisiana, LLC, a Delaware limited liability company (“PennTex JV”).