Common use of Separate Credit Clause in Contracts

Separate Credit. The Company shall not cause or permit the Partnership to (i) pay its own liabilities from a source other than its own funds, (ii) guarantee or become obligated for the debts of any other Person, except its Subsidiaries, (iii) hold out its credit as being available to satisfy the obligations of any other Person, except its Subsidiaries, (iv) acquire obligations or debt securities of any member of the Magellan Group, or (v) pledge its assets for the benefit of any Person or make loans or advances to any Person, except its Subsidiaries; provided, however, that the Company or the Partnership may engage in any transaction described in clauses (ii)-(v) of this Section 2.08(d) if prior Special Approval has been obtained for such transaction and either (A) in the case of transactions described in clauses (ii) and (iii), the Conflicts Committee has determined, or has obtained reasonable written assurance from a nationally recognized firm of independent public accountants or a nationally recognized investment banking or valuation firm, that the borrower or recipient of the credit extension is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (iv), such transaction is completed through a public auction or a nationally recognized exchange.

Separate Credit. The Company Partnership shall not cause or permit the Partnership to (i) pay its own liabilities from a source other than its own funds, (ii) guarantee or become obligated for the debts of any other Person, except its Subsidiaries, (iii) hold out its credit as being available to satisfy the obligations of any other Person, except its Subsidiaries, (iv) acquire obligations or debt securities of any member of The Williams Companies Inc., a Delaware corporation and its Subsidixxxxx xxd Affiliates (other than the Magellan GroupPartnership or its Subsidiaries), or (v) pledge its assets for the benefit of any Person or make loans or advances to any Person, except its Subsidiaries; provided, however, provided that the Company or the Partnership may engage in any transaction described in clauses (ii)-(v) of this Section 2.08(d2.9(d) if prior Special Approval has been obtained for such transaction and either (A) in the case of transactions described in clauses (ii) and (iii), the Conflicts Committee has determined, or has obtained reasonable written assurance from a nationally recognized firm of independent public accountants or a nationally recognized investment banking or valuation firm, that the borrower or recipient of the credit extension is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (iv), such transaction is completed through a public auction or a nationally recognized exchangeNational Securities Exchange.

Separate Credit. The Company Partnership shall not cause or permit the Partnership to (i) pay its own liabilities from a source other than its own funds, (ii) guarantee or become obligated for the debts of any other Person, except its SubsidiariesSubsidiaries or the MLP Group, (iii) hold out its credit as being available to satisfy the obligations of any other Person, except its SubsidiariesSubsidiaries or the MLP Group, (iv) acquire obligations or debt securities of any member of the Magellan General Partner or its Affiliates (other than the Partnership or its Subsidiaries or the MLP Group), or (v) pledge its assets for the benefit of any Person or make loans or advances to any Person, except its SubsidiariesSubsidiaries or the MLP Group; provided, however, that the Company or the Partnership may engage in any transaction described in clauses (ii)-(vii)—(v) of this Section 2.08(d2.9(e) if prior Special Approval has been obtained for such transaction and either (A) in the case of transactions described in clauses (ii) and (iii), the Conflicts Committee has determined, or has obtained reasonable written assurance from a nationally recognized firm of independent public accountants or a nationally recognized investment banking or valuation firm, that the borrower or recipient of the credit extension is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (iv), such transaction is completed through a public auction or a nationally recognized exchangeNational Securities Exchange.

Separate Credit. The Company Partnership shall not cause or permit the Partnership to (i) pay its own liabilities from a source other than its own funds, (ii) guarantee or become obligated for the debts of any other Person, except its SubsidiariesSubsidiaries or the MLP Group, (iii) hold out its credit as being available to satisfy the obligations of any other Person, except its SubsidiariesSubsidiaries or the MLP Group, (iv) acquire obligations or debt securities of any member of the Magellan General Partner or its Affiliates (other than the Partnership or its Subsidiaries or the MLP Group), or (v) pledge its assets for the benefit of any Person or make loans or advances to any Person, except its SubsidiariesSubsidiaries or the MLP Group; provided, however, provided that the Company or the Partnership may engage in any transaction described in clauses (ii)-(vii)–(v) of this Section 2.08(d2.9(e) if prior Special Approval has been obtained for such transaction and either (A) in the case of transactions described in clauses (ii) and (iii), the Conflicts Committee has determined, or has obtained reasonable written assurance from a nationally recognized firm of independent public accountants or a nationally recognized investment banking or valuation firm, that the borrower or recipient of the credit extension is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (iv), such transaction is completed through a public auction or a nationally recognized exchangeNational Securities Exchange.