Common use of Regulation as a Utility; Investment Company Clause in Contracts

Regulation as a Utility; Investment Company. None of the KSL Entities nor any of its Subsidiaries is (i) an "investment company", as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended, or (ii) (1) a "public-utility company" or a "holding company" or (2) a "subsidiary company" or an "affiliate" of a "public-utility company" or a "holding company," as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. Except as set forth in Section 4.1(v) of the Kaneb Disclosure Schedule, none of the KSL Entities or their Affiliates, all or part of whose rates or services are regulated by a Governmental Entity, is a party to any proceeding before a Governmental Entity that could reasonably be expected to result in orders having a Material Adverse Effect with respect to the KSL Entities, nor to the Knowledge of the KSL Entities has notice of such a proceeding been given or has any Governmental Entity indicated to any of the KSL Entities its intention to hold such a proceeding.

Regulation as a Utility; Investment Company. None of the KSL Kaneb Entities nor any of its Subsidiaries is (i) an "“investment company"”, as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended, or (ii) (1) a "“public-utility company" ” or a "“holding company" ” or (2) a "“subsidiary company" ” or an "“affiliate" ” of a "“public-utility company" ” or a "“holding company," ” as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. Except as set forth in Section 4.1(v) of the Kaneb Disclosure Schedule, none of the KSL Kaneb Entities or their Affiliatesaffiliates, all or part of whose rates or services are regulated by a Governmental Entity, is a party to any proceeding before a Governmental Entity that could reasonably be expected to result in orders having a Material Adverse Effect with respect to the KSL Kaneb Entities, nor to the Knowledge of the KSL Kaneb Entities has notice of such a proceeding been given or has any Governmental Entity indicated to any of the KSL Kaneb Entities its intention to hold such a proceeding.

Regulation as a Utility; Investment Company. None of the KSL Kaneb Entities nor any of its Subsidiaries is (i) an "investment company", as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended, or (ii) (1) a "public-utility company" or a "holding company" or (2) a "subsidiary company" or an "affiliate" of a "public-utility company" or a "holding company," as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. Except as set forth in Section 4.1(v) of the Kaneb Disclosure Schedule, none of the KSL Kaneb Entities or their Affiliatesaffiliates, all or part of whose rates or services are regulated by a Governmental Entity, is a party to any proceeding before a Governmental Entity that could reasonably be expected to result in orders having a Material Adverse Effect with respect to the KSL Kaneb Entities, nor to the Knowledge of the KSL Kaneb Entities has notice of such a proceeding been given or has any Governmental Entity indicated to any of the KSL Kaneb Entities its intention to hold such a proceeding.

Regulation as a Utility; Investment Company. None of the KSL Entities nor any of its Subsidiaries is (i) an "“investment company"”, as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended, or (ii) (1) a "“public-utility company" ” or a "“holding company" ” or (2) a "“subsidiary company" ” or an "“affiliate" ” of a "“public-utility company" ” or a "“holding company," ” as such terms are defined in the Public Utility Holding Company Act of 1935, as amended. Except as set forth in Section 4.1(v) of the Kaneb Disclosure Schedule, none of the KSL Entities or their Affiliates, all or part of whose rates or services are regulated by a Governmental Entity, is a party to any proceeding before a Governmental Entity that could reasonably be expected to result in orders having a Material Adverse Effect with respect to the KSL Entities, nor to the Knowledge of the KSL Entities has notice of such a proceeding been given or has any Governmental Entity indicated to any of the KSL Entities its intention to hold such a proceeding.