Definition of Post-Closing Settlement Obligation


Post-Closing Settlement Obligation means an amount equal to the (a) aggregate revenues (including revenues generated from third parties) less (b) general and administrative expenses, operating and maintenance expense, taxes and interest (but excluding any Construction Costs), in each case, of the P66 Parties or their Subsidiaries attributable solely to the Contributed Assets with respect to the period beginning on October 1, 2016 and ending at the Effective Time with all of such revenues and expenses being determined in a manner consistent with the Financial and Operational Information. For purposes of this definition, all revenues attributable to volumes tendered by any P66 Party or any of its Affiliates for transportation on or terminaling at the Contributed Assets during such period shall be calculated based on the applicable tariff or fee included or referenced (as the case may be) in the applicable Commercial Agreement for such Contributed Asset.
Sample 1

Examples of Post-Closing Settlement Obligation in a sentence

Following the Closing, and in any event no later than December 31, 2017 if the Closing occurs, the P66 Parties shall pay to the Partnership an amount in cash equal to the greater of zero and the Post-Closing Settlement Obligation.