Intermediation Facility means, as applicable,
Intermediation Facility means any crude oil or other feedstock supply agreements, natural gas supply agreements, hydrogen supply agreements, or off-take agreements relating to intermediate or refined products, in each case entered into by one or more Restricted Subsidiaries (the “Intermediation Subsidiaries”) (and, if applicable, Guaranteed by the Borrower) with a counterparty for purposes of facilitating a customary intermediation arrangement, together with all related storage agreements, pipeline agreements, throughput and tankage or similar agreements, marketing and sales agreements, agency agreements, security agreements, account control agreements, other collateral documents and other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented, restated, amended and restated or otherwise modified from time to time, or refinanced and/or replaced with another Intermediation Facility from time to time and in whole or in part; provided, that (i) the terms of any Intermediation Facility shall (A) be not materially more disadvantageous to the Lenders, taken as a whole, as compared to the terms of the Existing Intermediation Documents in effect on the Closing Date, or (B) otherwise be on then market terms for intermediation facilities at the time of execution thereof, taken as a whole, as determined in good faith by an Authorized Person of the Borrower, (ii) such Intermediation Facility shall be in the ordinary course of business, consistent with past practices and not for speculative purposes and (iii) no Intermediation Facility shall provide for any Lien on any assets other than Intermediation Collateral owned by such Intermediation Subsidiaries.
Intermediation Facility means the Intermediation ISDA 2002 agreement dated as of October 6, 2017 between the Corporation, Parkland Refining and a financial institution to fund a portion of the working capital requirements of the Burnaby Refinery operations acquired as part of the Chevron Acquisition, as amended as of March 2, 2018;
Examples of Intermediation Facility in a sentence
In 2017, Parkland entered into an International Swaps and Derivatives Association ("ISDA") intermediation agreement with a financial institution (the "Intermediation Facility") to fund a portion of the working capital requirements of the Burnaby Refinery that includes a daily settlement feature, which is accounted for as a derivative financial instrument carried at fair value (the "Intermediation Facility Derivatives").
The Intermediation Facility involves structured purchases and sales of crude oil, refined products and other hydrocarbons (collectively, "Hydrocarbons").
The Intermediation Facility is secured by Hydrocarbons and accounts receivable balances funded under the Intermediation Facility on a first-lien basis.
Completion Report: Financial Sector Intermediation Facility in Bhutan.
On February 26, 2021, Parkland terminated and fully repaid the Intermediation Facility.
More Definitions of Intermediation Facility
Intermediation Facility means the intermediation facility documented in that certain Sixth Amended and Restated Supply and Offtake Agreement, dated June 18, 2019 (as amended from time to time), by and among PESRM, ICBCS, and the other transaction parties thereto.
Intermediation Facility means that certain Amended and Restated Supply and Offtake Agreement, dated as of October 7, 2014, by and among PESRM, Admin, and Merrill Lynch Commodities, Inc. and the related ancillary agreements (in each case, as amended from time to time).
Intermediation Facility means, as applicable, (a) the X. Xxxx Intermediation Agreement, (b) the MLC Intermediation Agreement, (c) any uncommitted revolving credit and/or letter of credit facility for Par Hawaii Refining, LLC, so long as the proceeds of which shall solely finance and provide credit support for the purchase of crude oil and pay fees and expenses in connection therewith, together with all related loan documents, security agreements, account control agreements, other collateral documents and ancillary agreements among the parties thereto in each case as any of the same may be extended, renewed, amended, supplemented, restated, amended and restated or otherwise modified from time to time, or refinanced and/or replaced with another Intermediation Facility from time to time and in whole or in part and (d) any crude oil or other feedstock supply agreements, natural gas supply agreements, hydrogen supply agreements, or off-take agreements relating to intermediate or refined products, in each case entered into by the Par Borrower or any of its Subsidiaries and an Intermediation Counterparty for purposes of facilitating a customary intermediation arrangement, together with all related storage agreements, marketing and sales agreements, agency agreements, security agreements, account control agreements, other collateral documents and other ancillary agreements among such parties, in each case as any of the same may be extended, renewed, amended, supplemented, restated, amended and restated or otherwise modified from time to time, or refinanced and/or replaced with another Intermediation Facility from time to time and in whole or in part; provided that (i) the terms of any Intermediation Facility described in this clause (d) shall be (A) on the then prevailing market terms or (B) not materially more disadvantageous to the Lenders, taken as a whole, as compared to the terms of the X. Xxxx Intermediation Agreement or MLC Intermediation Agreement in effect on the date hereof, taken as a whole, in each case of clause (A) or (B), as determined in good faith by an Authorized Person of the Par Borrower, and (ii) no Intermediation Facility shall provide for any Lien on any assets other than Intermediation Collateral.
Intermediation Facility means (x) that certain Supply and Offtake Agreement, dated as of the Closing Date, entered into by Refining Intermediation Facility, (y) the certain of the Loan Parties (including any replacement or refinancing of thereof) subject to and in accordance with the terms and conditions of the Intercreditor Agreement and (yRenewables Intermediation Facility, and (z) any other intermediation, monetization, supply and offtake or similar arrangement entered into by theany Loan Partiesy, that provides for the purchase and/or sale or the financing of theany Loan Partiesy of Intermediation Facility Priority Collateral, and the transactions contemplated thereby and entered into thereunder and in connection therewith, in each case, as amended, amended and restated, replaced, supplemented or otherwise modified from time to time, subject to a Marketan Intercreditor Agreement.
Intermediation Facility means any transaction or series of transactions that may be entered into by the Company or any Restricted Subsidiary pursuant to which the Company or any Restricted Subsidiary may sell, convey or otherwise transfer to a Person, or may grant security interest in, any Petroleum Product inventory (whether now existing or arising or acquired in the future) of the Company or any Restricted Subsidiary, and any assets related thereto, all contracts and all guarantees or other obligations in respect of such inventory, proceeds of such inventory and any account into which such proceeds are to be deposited and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with Petroleum Product intermediation transactions and any Hedging Transaction entered into by the Company or any such Restricted Subsidiary in connection with such Petroleum Product.
Intermediation Facility means (x) the Refining Intermediation Facility, (y) the Renewables Intermediation Facility, and (z) any other intermediation, monetization, supply and offtake or similar arrangement entered into by any Loan Party, that provides for the purchase and/or sale or the financing of any Loan Party of Intermediation Facility Priority Collateral, and the transactions contemplated thereby and entered into thereunder and in connection therewith, in each case, as amended, amended and restated, replaced, supplemented or otherwise modified from time to time, subject to an Intercreditor Agreement.
Intermediation Facility. “Intermediation Property”, “X. Xxxx Intermediation Agreement”, “X. Xxxx Intermediation Collateral”, “Restricted Subsidiary”, “Intermediation Subsidiary”, “Insurance and Condemnation Event”, “Unrestricted Cash”, or “Intermediation Document” under the ABL Agreement or clause (i) of the definition of “Excluded Asset”, clauses (g) and (r) of the definition of “Permitted Indebtedness”, clauses (l), (m) and (o) of the definition of “Permitted Investments”, clauses (u) and (dd) of the definition of “Permitted Liens”, clause (c) of the definition of “Permitted Disposition” or Sections 2.4, 6.13(b)(ix), 6.17 or 16.16 of the ABL Agreement (or any provision with similar effect permitting the Uncommitted Facility under the ABL Agreement), in each case, without written notice to, and the consent of, all of the Lenders; and (c) pursuant to the terms of Section 2.11(g) of the Collateral Agency Agreement, X. Xxxx is not permitted to amend, modify, terminate, waive or consent in respect of (collectively, “Revise”) the following terms appearing in the Supply and Offtake Agreement: SPM Delivery Point or Liquidity, Revise Sections 5.3(e)(C) or 18.5(c)(ii)(B)(iv) of the Supply and Offtake Agreement, or Revise any provision in the Supply and Offtake Agreement decreasing the minimum Liquidity amount required to be maintained by the Borrower without the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld or delayed and shall be provided only with the consent of the Required Lenders.