Pipe Line Holdings definition
Examples of Pipe Line Holdings in a sentence
All covenants, conditions, stipulations, promises and agreements contained in this Sponsor Agreement shall be for the sole and exclusive benefit of the parties hereto, and their respective successors, heirs, personal representatives and assigns and (in the case of the Sponsor Persons) Permitted Transferees.
Notwithstanding any provision of the MPL LLC Agreement and the ORPL LLC Agreement, MPLX Pipe Line Holdings LP is hereby admitted to Marathon Pipe Line LLC and Ohio River Pipe Line LLC as a member of Marathon Pipe Line LLC and Ohio River Pipe Line LLC, respectively, and hereby agrees that it is bound by the MPL LLC Agreement and the ORPL LLC Agreement.
The Operating Company hereby continues as general partner of MPLX Pipe Line Holdings LP, owning a 51% general partner interest, and MPL Investment LLC hereby continues as limited partner of MPLX Pipe Line Holdings LP, owning a 49% limited partner interest.
Immediately following the admission of MPLX Pipe Line Holdings LP as a member of each of Marathon Pipe Line LLC and Ohio River Pipe Line LLC, MPL Investment LLC shall and does hereby cease to be a member of each of Marathon Pipe Line LLC and Ohio River Pipe Line LLC and shall thereupon cease to have or exercise any right or power as a member of Marathon Pipe Line LLC or Ohio River Pipe Line LLC.
On March 1, 2014, the Partnership acquired a 13 percent interest in Pipe Line Holdings from MPC for consideration of $310 million, which was funded with $40 million of cash on hand and $270 million of borrowings on the bank revolving credit facility.
Beginning December 1, 2014, the consolidated financial statements reflect the 99.5 percent general partner interest in Pipe Line Holdings owned by MPLX LP, while the 0.5 percent limited partner interest held by MPC is reflected as a noncontrolling interest.
The Partnership recorded the 13 percent interest in Pipe Line Holdings at its historical carrying value of $138 million and the excess cash paid over historical carrying value of $172 million as a decrease to general partner equity.
The Operating Company hereby contributes $10.00 to MPLX Pipe Line Holdings LP as a capital contribution in exchange for an additional 1% general partner interest in MPLX Pipe Line Holdings LP, and MPLX Pipe Line Holdings LP hereby accepts such capital contribution.
Effective December 4, 2015, the Partnership purchased the remaining 0.5 percent interest in Pipe Line Holdings from subsidiaries of MPC for consideration of $12 million.
In addition, the Partnership accepted a contribution of 7.625 percent of outstanding partnership interests of Pipe Line Holdings from subsidiaries of MPC in exchange for the issuance of equity valued at $200 million, as discussed in Note 8.