SUSGP definition
Examples of SUSGP in a sentence
In the event the Shell Board supports this Agreement, SUSGP will issue a notice (the “Notice of Effective Date”) to SLC certifying that this condition precedent has been satisfied and the Effective Date of this Agreement.
In the event no notice in writing is received by the Company or SUSGP affirmatively elects not to proceed with Phase II, the Company shall have no obligation to proceed with the construction and installation of any of the Phase II ELC Facilities and there shall be no Second Election as provided in Section 6.1(l)(ii) below.
In the event of a Design Failure Dissolution Event, SUSGP will unwind the sale of all the MMLS Units purchased by the Company from SUSGP and reimburse to Company the purchase price paid by the Company to SUSGP under the MMLS Purchase Agreement(s).
In addition, if the Phase II Withdrawal Fee becomes due and payable and the Phase II Withdrawal Fee Conditions are satisfied, SUSGP agrees to reimburse the Company for any Development Costs that are associated with the Phase II ELC Facilities that are paid or committed through the First Election Date.
SUSGP acknowledges that it understands the nature of the investment being made by Members hereunder and that the Company as a newly organized Entity has no history of operations or earnings such that there is a certain degree of risk associated with the commercial transactions to be carried out by the Company hereunder.
In the event the Phase II Withdrawal Fee Conditions are satisfied and SUSGP elects, or is deemed to have elected, to not proceed with Phase II, SUSGP will make payment of the Phase II Withdrawal Fee to SLC within sixty (60) days of the later of (X) the First Election Date or (Y) the date the conditions precedent in (A) and (B) above are both satisfied.
A Shell secondee or employee will be the Project Manager of the ELC Project unless otherwise agreed by SUSGP.
If SUSGP does not elect Phase II, the Company’s obligations with respect to the construction, operation and maintenance of the Phase I ELC Facilities shall continue in full force and effect and any references in this Agreement to the ELC Facilities shall refer to the Phase I ELC Facilities.
In the event SUSGP makes an election on or before the Second Election Date to proceed with the installation of four (4) additional MMLS units as part of Phase II of the ELC Facilities, then, provided that all of the conditions precedent set forth in the LSA are met or waived, the Company shall construct and install four (4) additional MMLS units for Phase II.
Payment by SUSGP and receipt by SLC of the Phase II Withdrawal Fee shall not be deemed a Capital Contribution and shall have no effect in any manner upon, and shall be made separate and apart from either Member’s Capital Account established hereunder.