Common use of Incurrence of Indebtedness and Issuance of Disqualified Equity Clause in Contracts

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Regency Energy Partners shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Regency Energy Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Regency Energy Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Regency Energy Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Regency Energy Partners’ most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Partnership will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Partnership and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) ), and Targa Resources Partners the Partnership and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Partnership’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred incurred, or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall TLLP will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners TLLP will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners TLLP and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners TLLP and the any Restricted Subsidiaries Subsidiary may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ most recently ended four full fiscal quarters for which internal financial statements are available TLLP’s Reference Period immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 2.00 to 1.01.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter periodReference Period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Antero Midstream Partners shall will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Antero Midstream Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Antero Midstream Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Antero Midstream Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources the Antero Midstream Partners’ most recently ended four full fiscal quarters for which internal financial statements are available Reference Period immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter periodReference Period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall Sunoco LP will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners Sunoco LP will not issue any Disqualified Equity not, and will not permit any of its Restricted Subsidiaries to to, issue any Disqualified Equity; provided, however, that Targa Resources Partners Sunoco LP and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners Sunoco LP and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ Sunoco LP’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners The Partnership shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “"incur”") any Indebtedness (including Acquired Debt), and Targa Resources Partners the Partnership will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Partnership and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) ), and Targa Resources Partners the Partnership and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Partnership's most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, issued would have been at least 2.0 2.25 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred incurred, or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Company will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Company and any Restricted Subsidiary Guarantor may incur Indebtedness (including Acquired Debt) and Targa Resources Partners ), and the Restricted Subsidiaries Company and any Subsidiary Guarantor may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred incurred, or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners will the Company shall not issue any Disqualified Equity and will shall not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, provided that Targa Resources Partners the Company and any the Restricted Subsidiary Subsidiaries may incur Indebtedness (including Acquired Debt) ), and Targa Resources Partners the Company and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred incurred, or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Company will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Company and any Restricted Subsidiary Guarantor may incur Indebtedness (including Acquired Debt) and Targa Resources Partners ), and the Restricted Subsidiaries Company and the Subsidiary Guarantors may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, issued would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred incurred, or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners Sunoco LP shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners will not issue any Disqualified Equity Sunoco LP shall not, and will shall not permit any of its Restricted Subsidiaries to to, issue any Disqualified Equity; provided, however, that Targa Resources Partners Sunoco LP and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners Sunoco LP and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ Sunoco LP’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall The Company will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Company will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Company and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners the Company and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Company’s most recently ended four full fiscal quarters for which internal quarterly or annual financial statements are available have been delivered as provided in Section 4.03 immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.. The first paragraph of this Section 4.09 will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”) or the issuance of any Disqualified Equity described in clause (11), (12) or (16) below:

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Xxxxx Energy Partners shall will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Xxxxx Energy Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Xxxxx Energy Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Xxxxx Energy Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources the Xxxxx Energy Partners’ most recently ended four full fiscal quarters for which internal financial statements are available Reference Period immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 2.00 to 1.01.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter periodReference Period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall The Company will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Company will not issue any Disqualified Equity Equity, and the Company will not permit any of its Restricted Subsidiaries (other than a Guarantor) to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Company and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners the Company and the any Restricted Subsidiaries Subsidiary may issue Disqualified Equity, if if, for the Fixed Charge Coverage Ratio for Targa Resources Partners’ Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, Fixed Charge Coverage Ratio would have been at least 2.0 1.75 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Xxxxx Energy Partners shall will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Xxxxx Energy Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Xxxxx Energy Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Xxxxx Energy Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ most recently ended four full fiscal quarters for which internal financial statements are available the Reference Period immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 2.00 to 1.01.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter periodReference Period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall The Company will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) Incur any Indebtedness (including Acquired Debt), and Targa Resources Partners the Company will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners and the Company or any Restricted Subsidiary may incur Incur Indebtedness (including Acquired Debt) and Targa Resources Partners ), and the Company or any Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Company's four most recently ended four full recent fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred Incurred or such Disqualified Equity is issued, as the case may be, issued would have been at least 2.0 2.25 to 1.0, 1.0 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred Incurred, or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.. So long as no Default shall have occurred and be continuing or would be caused thereby, the first paragraph of this Section 5.12 will not prohibit the Incurrence of any of the following items of Indebtedness (collectively, "PERMITTED DEBT"):

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Regency Energy Partners shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Regency Energy Partners will shall not issue any Disqualified Equity and will shall not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Regency Energy Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Regency Energy Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Regency Energy Partners’ most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Issuer will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Issuer and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners the Issuer and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall CNX Midstream will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners CNX Midstream will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified EquityPreferred Stock; provided, however, that Targa Resources Partners CNX Midstream and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners ), CNX Midstream may issue Disqualified Equity, and the Restricted Subsidiaries of CNX Midstream may incur Indebtedness (including Acquired Debt) or issue Disqualified EquityPreferred Stock, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ CNX Midstream’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity or such Preferred Stock is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity or the Preferred Stock had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources TransMontaigne Partners shall will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources TransMontaigne Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources TransMontaigne Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources TransMontaigne Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources the TransMontaigne Partners’ most recently ended four full fiscal quarters for which internal financial statements are available Reference Period immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter periodReference Period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall The Company will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Company will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Company and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners the Company and the Restricted Subsidiaries may issue Disqualified Equity, if 45 the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.. The first paragraph of this ‎Section 4.09 will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”) or the issuance of any Disqualified Equity described in clause (11), (12) or (16) below:

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Regency Energy Partners shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Regency Energy Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Regency Energy Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Exhibit 4.3 - Indenture Regency Energy Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Regency Energy Partners’ most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall The Partnership will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Partnership will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equityshares of Preferred Stock; provided, however, that Targa Resources Partners the Partnership and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners and ), the Restricted Subsidiaries Partnership may issue Disqualified Equity, and the Restricted Subsidiaries of the Partnership may issue Preferred Stock if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Partnership’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity or such Preferred Stock is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity or such Preferred Stock had been issued, as the case may be, at the beginning of such four-quarter period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Xxxxx Energy Partners shall will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Xxxxx Energy Partners will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Xxxxx Energy Partners and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Xxxxx Energy Partners and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources the Xxxxx Energy Partners’ most recently ended four full fiscal quarters for which internal financial statements are available Reference Period immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 2.00 to 1.01.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter periodReference Period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall The Company will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee Guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Company will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified Equity; provided, however, that Targa Resources Partners the Company and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners the Company and the Restricted Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ most recently ended four full fiscal quarters for which internal financial statements are available the Company’s Reference Period immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity had been issued, as the case may be, at the beginning of such four-quarter periodReference Period.

Incurrence of Indebtedness and Issuance of Disqualified Equity. (a) Targa Resources Partners shall The Issuer will not, and shall will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and Targa Resources Partners the Issuer will not issue any Disqualified Equity and will not permit any of its Restricted Subsidiaries to issue any Disqualified EquityPreferred Stock; provided, however, that Targa Resources Partners the Issuer and any Restricted Subsidiary may incur Indebtedness (including Acquired Debt) and Targa Resources Partners ), the Issuer may issue Disqualified Equity, and the Restricted Subsidiaries of the Issuer may incur Indebtedness (including Acquired Debt) or issue Disqualified EquityPreferred Stock, if the Fixed Charge Coverage Ratio for Targa Resources Partners’ the Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Equity or such Preferred Stock is issued, as the case may be, would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Equity or the Preferred Stock had been issued, as the case may be, at the beginning of such four-quarter period.