Venture Owners definition
Examples of Venture Owners in a sentence
None of the Venture Owners nor their respective Affiliates shall have liability to any Venture Owner, any Venture Entity or their respective Affiliates for the effect that a distribution has on the operations, financial results, financial condition or cash flow of any Venture Owner, Venture Entity or their respective Affiliates.
US Venture Entity will not create, and will cause its subsidiaries to refrain from creating, any entities owned, directly or indirectly, by US Venture Entity that would be classified under Section 7701 of the Code as other than branches or partnerships, unless such action is agreed to by both Venture Owners of US Venture Entity.
All distributions to the Venture Owners under this Section 7.11 shall be made pro rata.
US Venture Entity will not create, and will cause its subsidiaries to refrain from creating, any entities owned, directly or indirectly, by US Venture Entity that would be classified under section 7701 of the Code as other than branches or partnerships, unless such action is agreed to by both Venture Owners of the US Venture Entity.
Borrower shall also cause MCA and MILLC (collectively referred to herein as the "BUSINESS VENTURES OWNERS") to evidence any loans made by the Business Venture Owners as of the date hereof, which constitute inter-company debt, by requiring the parties to such loans to execute a promissory note in form and substance satisfactory to Bank and to collaterally assign to and deliver possession of such promissory notes to Bank.
Neither Borrower's nor MILLC's consent will be required if the assignment is to an affiliate of Bank or to any lender other than lenders who are in the oil and gas business or competitors of the Business Venture Owners or the Borrower.
To the extent the distribution of free cash flow will require the Venture Owners of any Venture Entity to make a cash capital contribution or a Venture Entity to separately finance through debt or equity the planned uses of cash (net of projected sources of cash) so reflected in the following six months, then the consent of both Cameron and Schlumberger will be required with respect to any such distribution.
To the extent the distribution of free cash flow will require the Venture Owners of any Venture Entity to make a cash capital contribution or a Venture Entity to separately finance through debt or equity the planned uses of cash (net of projected sources of cash) so reflected in the following six months, then the consent of both Cyclone and Storm will be required with respect to any such distribution.
All obligations of Borrower to the Business Venture Owners shall be subordinated in right of repayment to all obligations of Borrower to Bank, as evidenced by and subject to the terms of subordination agreements in form and substance satisfactory to Bank.
Other than that certain Subordination Agreement dated as of even date herewith, between Borrower, Bank and the Business Venture Owners (the "SUBORDINATE AGREEMENT"), there is no agreement, indenture, contract or instrument to which Borrower is a party or by which Borrower may be bound that requires the subordination in right of payment of any of Borrower's obligations subject to this Agreement to any other obligation of Borrower.