Prohibited Commodity Transactions Sample Clauses

Prohibited Commodity Transactions. Purchase or sell any commodities futures contracts, provided, that (a) the Loan Parties may purchase and sell commodities futures contracts on the IntercontinentalExchange or a national commodities exchanges for the sale or purchase of Petroleum Product in connection with hedging transactions entered into in the ordinary course of the business of any Loan Party and not for speculative purposes and consistent with the then current risk policy of the Loan Parties which has been delivered to the Administrative Agent that are (i) economically appropriate and consistent with such Loan Party’s business; (ii) used to offset price risks incidental to such Loan Party’s cash or spot transactions in petroleum product; (iii) established and liquidated in accordance with sound commercial practices; and (iv) such purchases and sales are otherwise conducted in the manner disclosed in the MLP’s most recent annual report filed prior to the Closing Date, (b) the Loan Parties may maintain an aggregate Open Position (calculated by adding the Open Positions of the Loan Parties for each type of petroleum product and each market and any separate Open Positions determined pursuant to the last sentence of paragraph (y) of the definition of “Open Position”) of not more than 600,000 barrels of Petroleum Product at any one time, exclusive of any GDSO inventory located at any gasoline stations, and (c) consistent with the risk policy delivered from time to time to the Administrative Agent and the Lenders, the Loan Parties may engage in commodity transactions described therein subject to the annual financial loss limit set forth in such risk policy, provided any modifications to increase such annual financial loss limit within said risk policy from the annual loss limit in effect as of the Third Amendment Effective Date shall require the approval of the Required Lenders.
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Prohibited Commodity Transactions. Purchase or sell any commodities futures contracts, provided, that (a) the Loan Parties may purchase and sell commodities futures contracts on the IntercontinentalExchange or a national commodities exchanges for the sale or purchase of Petroleum Product in connection with hedging transactions entered into in the ordinary course of the business of any Loan Party and not for speculative purposes and consistent with the then current risk policy of the Loan Parties which has been delivered to the Administrative Agent that are (i) economically appropriate and consistent with such Loan Party's business; (ii) used to offset price risks incidental to such Loan Party's cash or spot transactions in petroleum product; (iii) established and liquidated in accordance with sound commercial practices; and (iv) such purchases and sales are otherwise conducted in the manner disclosed in the MLP's most recent annual report filed prior to the Closing Date, and (b) the Loan Parties may maintain an aggregate Open Position (calculated by adding the Open Positions of the Loan Parties for each type of petroleum product and each market and any separate Open Positions determined pursuant to the last sentence of paragraph (y) of the definition of "Open Position") of not more than 600,000 barrels of Petroleum Product at any one time.
Prohibited Commodity Transactions. Purchase or sell any commodities futures contracts, provided, that (a) the Loan Parties may purchase and sell commodities futures contracts on national commodities exchanges for the sale or purchase of petroleum product in connection with hedging transactions entered into in the ordinary course of the business of any Loan Party that are (i) economically appropriate and consistent with such Loan Party’s business; (ii) used to offset price risks incidental to such Loan Party’s cash or spot transactions in petroleum product; and (iii) established and liquidated in accordance with sound commercial practices, and (b) the Loan Parties may maintain an aggregate Open Position (calculated by adding the Open Positions of the Loan Parties for each type of petroleum product and each market and any separate Open Positions determined pursuant to the last sentence of paragraph (y) of the definition of “Open Position”) of not more than 1,000,000 barrels of petroleum product at any one time.
Prohibited Commodity Transactions. Directly or indirectly purchase or sell any commodities futures contracts or otherwise be a party to or in any manner liable on any forward commodity contract in connection with the Borrower’s Crude Oil Logistics Business unless (a) such transactions are entered into in the ordinary course of the business of the Borrower and its Restricted Subsidiaries and not for speculative purposes and consistent with the then current risk management policy of the Borrower with respect to its Crude Oil Logistics Business which has been delivered to the Administrative Agent, (b) such transactions are (i) economically appropriate and consistent with the Borrower’s and such Restricted Subsidiary’s business; (ii) used to offset price risks incidental to the Borrower’s or such Restricted Subsidiary’s cash or spot transactions in Petroleum Product; and (iii) established and liquidated in accordance with sound commercial practices, (c) the aggregate Open Position of the Borrower and its Restricted Subsidiaries (calculated by adding the Open Positions of the Borrower and its Restricted Subsidiaries for each type of Petroleum Product and each market and any separate Open Positions determined pursuant to the last sentence of paragraph (y) of the definition of “Open Position”) does not exceed 50,000 barrels of Petroleum Product at any one time, and (d) such transactions are permitted under Section 7.02(a).
Prohibited Commodity Transactions. The Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or indirectly purchase or sell any commodities futures contracts or otherwise be a party to or in any manner liable on any Swap Contract in connection with the Borrower’s Crude Oil Logistics Business, provided, that (a), the Borrower and its Restricted Subsidiaries may purchase and sell commodities futures contracts on the Intercontinental Exchange or any other national commodities exchanges or with an Approved Glencore Entity for the sale or purchase of Petroleum Product in connection with hedging transactions entered into in the ordinary course of the business of the Borrower and its Restricted Subsidiaries and not for speculative purposes and consistent with the then current risk management policy of the Borrower with respect to its Crude Oil Logistics Business which has been delivered to the Administrative Agent that are (i) economically appropriate and consistent with the Borrower’s and such Restricted Subsidiary’s business; (ii) used to offset price risks incidental to the Borrower’s or such Restricted Subsidiary’s cash or spot transactions in Petroleum Product; and (iii) established and liquidated in accordance with sound commercial practices, and (b) the Borrower and its Restricted Subsidiaries may maintain an aggregate Open Position (calculated by adding the Open Positions of the Borrower and its Restricted Subsidiaries for each type of Petroleum Product and each market and any separate Open Positions determined pursuant to the last sentence of paragraph (y) of the definition of “Open Position”) of not more than 50,000 barrels of Petroleum Product at any one time.

Related to Prohibited Commodity Transactions

  • Not Plan Assets; No Prohibited Transactions None of the assets of the Borrower, any other Loan Party or any other Subsidiary constitutes “plan assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. Assuming that no Lender funds any amount payable by it hereunder with “plan assets,” as that term is defined in 29 C.F.R. 2510.3-101, the execution, delivery and performance of this Agreement and the other Loan Documents, and the extensions of credit and repayment of amounts hereunder, do not and will not constitute “prohibited transactions” under ERISA or the Internal Revenue Code.

  • Interested Party Transactions 19 2.18 Insurance....................................................... 19 2.19

  • Plan Assets; Prohibited Transactions The Borrower is not an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of Credit Extensions hereunder gives rise to a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 of the Code.

  • Prohibited Transactions Since the earlier of (a) such time as such Investor was first contacted by the Company or any other Person acting on behalf of the Company regarding the transactions contemplated hereby or (b) thirty (30) days prior to the date hereof, neither such Investor nor any Affiliate of such Investor which (x) had knowledge of the transactions contemplated hereby, (y) has or shares discretion relating to such Investor’s investments or trading or information concerning such Investor’s investments, including in respect of the Securities, or (z) is subject to such Investor’s review or input concerning such Affiliate’s investments or trading (collectively, “Trading Affiliates”) has, directly or indirectly, effected or agreed to effect any short sale, whether or not against the box, established any “put equivalent position” (as defined in Rule 16a-1(h) under the 0000 Xxx) with respect to the Common Stock, granted any other right (including, without limitation, any put or call option) with respect to the Common Stock or with respect to any security that includes, relates to or derived any significant part of its value from the Common Stock or otherwise sought to hedge its position in the Securities (each, a “Prohibited Transaction”). Prior to the earliest to occur of (i) the termination of this Agreement, (ii) the Effective Date or (iii) the Effectiveness Deadline, such Investor shall not, and shall cause its Trading Affiliates not to, engage, directly or indirectly, in a Prohibited Transaction. Such Investor acknowledges that the representations, warranties and covenants contained in this Section 5.11 are being made for the benefit of the Investors as well as the Company and that each of the other Investors shall have an independent right to assert any claims against such Investor arising out of any breach or violation of the provisions of this Section 5.11.

  • Prohibited Transaction Prohibited Transaction" means a "prohibited transaction" within the meaning of Section 406 of ERISA or Section 4975(c)(1) of the Internal Revenue Code.

  • Reportable Transactions Neither the Company nor any of its subsidiaries has participated in any reportable transaction, as defined in Treasury Regulation Section 1.6011-(4)(b)(1).

  • Related Party Transactions There are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.

  • Prohibited Contracts Other than those listed on Schedule 7.11:

  • No Prohibited Transactions None of the Company, any of its Subsidiaries, or, to the Knowledge of the Company, any of their respective directors, officers, employees or agents has, with respect to any Employee Plan, engaged in or been a party to any breach of fiduciary duty or non-exempt “prohibited transaction” (as defined in Section 4975 of the Code or Section 406 of ERISA) that could reasonably be expected to result in the imposition of a material penalty assessed pursuant to Section 502(i) of ERISA or a material Tax imposed by Section 4975 of the Code, in each case applicable to the Company Group or any Employee Plan, or for which the Company Group has any indemnification obligation.

  • Prohibited Transactions and Activities None of the Depositor, the Servicer or the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with (i) the foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired by deed in lieu of foreclosure, (ii) the bankruptcy of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article IX of this Agreement, (iv) a substitution pursuant to Article II of this Agreement or (v) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement), nor acquire any assets for any REMIC created hereunder (other than REO Property acquired in respect of a defaulted Mortgage Loan), nor sell or dispose of any investments in the Collection Account or the Distribution Account for gain, nor accept any contributions to any REMIC created hereunder after the Closing Date (other than a Qualified Substitute Mortgage Loan delivered in accordance with Section 2.03), unless it has received an Opinion of Counsel, addressed to the Trustee (at the expense of the party seeking to cause such sale, disposition, substitution, acquisition or contribution but in no event at the expense of the Trustee) that such sale, disposition, substitution, acquisition or contribution will not (a) affect adversely the status of any of any REMIC Regular Interest created hereunder as a REMIC or (b) cause any REMIC Regular Interest created hereunder to be subject to a tax on “prohibited transactions” or “contributions” pursuant to the REMIC Provisions.

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