“Amended Credit Agreement”), that certain indenture dated as of September 1, 2016, and as supplemented, among the Issuers, the Guarantors and U.S. Bank National Association, as trustee (the “2016 Indenture”), that certain indenture dated as of September 15, 2017, and as supplemented, among the Issuers, the Guarantors and U.S. Bank National Association, as trustee (the “2017 Indenture”), the Indenture or restrictions on transferability contained in the Organizational Documents of such entity or as described in the Pricing Disclosure Package and the Offering Memorandum).
(t) No Other Subsidiaries.As of the date hereof, the Partnership does not own directly or indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity, other than Finance Co., and the Operating Subsidiaries and its indirect ownership in BNN West Texas, LLC, a Delaware limited liability company (“BNN West Texas”), Deeprock Development, LLC, a Delaware limited liability company (“Deeprock”), BNN Colorado Water, LLC, a Delaware limited liability company, BNN Colorado Water, Inc., a Colorado corporation, Pawnee Terminal, LLC, a Delaware limited liability company (“Pawnee”) and Iron Horse Pipeline, LLC, a Delaware limited liability company (“Iron Horse”); the General Partner does not own, directly or indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity, other than the Partnership and the Operating Subsidiaries and its indirect ownership in Finance Co., BNN West Texas, Deeprock, BNN Colorado Water, LLC, BNN Colorado Water, Inc., Pawnee and Iron Horse.
(u) Distribution Restrictions.None of the Operating Subsidiaries are prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or to which it is subject, from paying any distributions to the Partnership, from making any other distribution on such subsidiary’s equity interests, from repaying to the Partnership any loans or advances to such subsidiary from the Partnership or from transferring any of such subsidiary’s property or assets to the Partnership or any other subsidiary of the Partnership, except for (a) restrictions on distributions under the laws of the Operating Subsidiaries’ jurisdictions of formation or (b) as described in or contemplated by the Amended Credit Agreement, the 2016 Indenture, the 2017 Indenture, the Indenture, or, with respect to REX, the Credit Agreement, dated as of October 1, 2015 among REX, as borrower, and the lenders party thereto and Wells Fargo Bank N.A., as administrative agent (the “REX Credit Agreement”), or the Organizational Documents of REX.
(v) Indenture.Each of the Issuers and Guarantors has all requisite corporate, limited partnership or limited liability company power and authority, as applicable, to execute, deliver and perform its obligations under the Indenture. The Indenture has been duly and validly authorized by each of the Issuers and Guarantors, and upon its execution and delivery, assuming due authorization, execution and delivery of the Indenture by the Trustee, the Indenture will constitute the valid and binding agreement of each of the Issuers and Guarantors, enforceable against each of the Issuers and Guarantors in accordance with its terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). No qualification of the Indenture under the Trust Indenture Act of 1939 (the “Trust Indenture Act”) is required in connection with the offer and sale of the Notes contemplated hereby or in connection with the Exempt Resales. The Indenture will conform in all material respects to the description thereof in each of the Pricing Disclosure Package and the Offering Memorandum.
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