Common use of Disposition of Property or Assets Clause in Contracts

Disposition of Property or Assets. (a) The Company shall not, and shall not permit any Credit Related Party to, Dispose of any interest in any asset or property constituting Collateral, except (i) in connection with a change in form of Business Entity that does not (x) result in a Person other than a Credit Related Party owning any Equity Interests in the resulting Business Entity or (y) adversely affect the validity, perfection or priority of the Transaction Liens on any of the Collateral, (ii) any Disposition that is the result of any casualty or condemnation of Collateral or any order (whether or not having the force of law) of the FERC or any other Governmental Authority with respect to such Collateral, so long as the Commitments shall be permanently reduced to the extent required by Section 2.07(d), (iii) Dispositions of Collateral in a transaction permitted by Section 6.05 and (iv) Dispositions of direct or indirect equity interests in the Pipeline Company Borrowers to either (x) MLP or a Subsidiary of MLP (including intermediate inter-company transfers in connection therewith) or (y) a Person other than the Company or a Subsidiary of the Company, in any such case on an arm’s-length basis (as reasonably determined by the Company), provided that the sum of the effective percentage interest in TGPC so Disposed of plus the effective percentage interest in EPNGC so Disposed of shall not exceed 15%.