Priority Debt. The Borrower shall not permit the outstanding principal amount of Priority Debt, as of the last day of any fiscal quarter, beginning with the last day of the fiscal quarter in which the Investment Grade Rating Date occurs, to exceed an amount equal to 15% of Consolidated Net Tangible Assets as of such date. As used herein, “Priority Debt” means:
Appears in 7 contracts
Sources: Subordinated Credit Agreement (Valero Energy Partners Lp), Subordinated Credit Agreement, Credit Agreement
Priority Debt. The Borrower shall not permit the outstanding principal amount of Priority Debt, as of the last day of any fiscal quarter, beginning with the last day of the fiscal quarter in which the Investment Grade Rating Closing Date occurs, to exceed an amount equal to 15% of Consolidated Net Tangible Assets as of such date. As used herein, “Priority Debt” means:
Appears in 6 contracts
Sources: Subordinated Credit Agreement (Valero Energy Partners Lp), Subordinated Credit Agreement (Valero Energy Partners Lp), Credit Agreement (Valero Energy Partners Lp)
Priority Debt. The Borrower shall not permit the outstanding principal amount of Priority Debt, as of the last day of any fiscal quarter, beginning with the last day of the fiscal quarter in which the Investment Grade Rating Closing Date occurs, to exceed an amount equal to 1510% of Consolidated Net Tangible Assets as of such date. As used herein, “Priority Debt” means:
Appears in 2 contracts
Sources: Term Loan Agreement (Phillips 66), Credit Agreement (Phillips 66)
Priority Debt. The Borrower shall not permit the outstanding principal amount of Priority Debt, as of the last day of any fiscal quarter, beginning with the last day of the fiscal quarter in which the Investment Grade Rating Date occurs, to exceed an amount equal to 15% of Consolidated Net Tangible Assets as of such date. As used herein, “Priority Debt” means:
Appears in 1 contract