Petro Operating definition
Examples of Petro Operating in a sentence
Pursuant to the Participation Agreement and the PSCP Partnership Agreement, Indemnitor agreed to contribute and convey to Petro Operating all of those rights and assets more specifically described in exhibits to the Participation Agreement, subject to such obligations and indebtedness as the parties to the PSCP Partnership Agreement expressly agreed that Petro Operating would assume as set forth in exhibits to the Participation Agreement and the PSCP Partnership Agreement.
The Senior Secured Notes will be secured by a second priority lien on substantially all of Petro Operating’s and its restricted subsidiaries’ property and assets, subject to certain exceptions, and all of the Petro Holding’s limited partnership interests in Petro Operating.
In connection with the Refinancing Transactions, Petro Operating will replace its existing Senior Secured Credit Facilities arranged by Banc of America Securities LLC with Bank of America, N.A. as syndication agent and ▇▇▇▇▇ Fargo, N.A. as administrative agent in an aggregate principal amount of $50 million, consisting of a three year revolving credit facility of $25 million and a four year term loan facility of $25 million.
This Agreement is being entered into in connection with the closing of a series of transactions (the “Refinancing Transactions”) pursuant to which the Petro Holdings and Petro Operating will refinance substantially all of their indebtedness.
The collateral for the New Holding Partnership Discount Notes will consist solely of Petro Holding’s limited partnership interests in Petro Operating.
Petro Operating guaranteed a portion of the debt by Petro Operating’s joint venture, Petro Travel Plaza LLC, under a Repayment Guaranty dated as of June 4, 1999 and last modified on November 25, 2002.
As a result of the Refinancing Transactions, Petro Holdings, Petro Operating, ▇▇▇▇▇, ▇▇▇▇▇ Holdings Financial, Petro Distributing, and/or Petro Financial will be liable on various debt obligations that are described on the attached Exhibit ”A” (defined collectively as the “Debt Obligations”).
In connection with the Refinancing Transactions, Petro Operating and Petro Financial will issue Senior Secured Notes due in 2012.
Petro Operating guaranteed a portion of the debt of Petro Operating’s joint venture, Petro Travel Plaza LLC, under a Continuing Guaranty dated as of May 12, 2003.
Any payment by Petro Operating with respect to the debt shall not reduce Petro Operating’s maximum obligation.