Principal Operating Property definition
Principal Operating Property means any land, or any building, structure or other facility together with the land upon which it is erected and fixtures comprising a part thereof, used primarily for manufacturing, warehousing, extraction, processing or production owned or leased by the Company or any subsidiary of the Company, the gross book value (without deduction of any depreciation reserve) of which on the date as of which the determination is being made exceeds 2% of Consolidated Net Tangible Assets, other than any land, building, structure or other facility or portion thereof which (i) in the opinion of the Board of Directors of the Company, is not of material importance to the total business conducted by the Corporation and its subsidiaries as an entirety; or (ii) any land designated by the Board of Directors as being held primarily for development and/or sale.
Principal Operating Property means any Operating Property that consists of any of the following: (i) a real estate site on which any Facility is located and (ii) any Facility or any turbine located at any Facility, excluding, however, from each of clauses (i) and (ii), any such assets or properties consisting of inventories, fuel, furniture, office fixtures and equipment (including computer and data processing equipment), vehicles and equipment used in, or useful with, vehicles.
Principal Operating Property means any principal manufacturing plant and related physical facilities (other than facilities constructed or acquired subsequent to December 31, 1985 for the control or abatement of atmospheric pollutants or contaminants, water pollution, noise, odor or other pollution) which on the date of this Indenture or at any time subsequent thereto is located in the United States, any of its territories or possessions or Puerto Rico and has been owned and operated by the Company or any Subsidiary for more than 90 days; provided, however, that any principal manufacturing plant and related physical facilities (not theretofore owned by the Company or a Subsidiary) owned and operated by a corporation which becomes a Subsidiary after the original execution and delivery of this Indenture shall not constitute a Principal Operating Property unless owned and operated by such corporation for more than 90 days after it becomes a Subsidiary; and provided, further, that the Board of Directors may by resolution declare that any plant is not of material importance to the business of the Company and its Restricted Subsidiaries as a whole, in which case such plant shall not be deemed to be a Principal Operating Property.
More Definitions of Principal Operating Property
Principal Operating Property means any manufacturing plant, or distribution or research facility, and related facilities located in the United States and owned and operated by the Corporation or any subsidiary for more than
Principal Operating Property is defined to mean any principal manufacturing facility (or certain related facilities) in the United States that the Company, or any Subsidiary of the Company, has owned and operated for more than 90 days.
Principal Operating Property means any principal manufacturing plant and related physical facilities (other than facilities constructed or acquired subsequent to December 31, 1985 for the