Common use of Restriction of Sale-Leaseback Transaction Clause in Contracts

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 9 contracts

Samples: Eleventh Supplemental Indenture (Magellan Midstream Partners, L.P.), Ninth Supplemental Indenture (Magellan Midstream Partners Lp), Eighth Supplemental Indenture (Magellan Midstream Partners Lp)

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Restriction of Sale-Leaseback Transaction. The Partnership Guarantor will not, nor will it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Guarantor shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Guarantor or such Restricted Principal Subsidiary would be entitled under Section 4.09 3.01 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesNotes; or (dc) the Partnership Guarantor or such Restricted Principal Subsidiary, within a onesix-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Guarantor or any Funded Debt of a Subsidiary of the PartnershipGuarantor (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 5 contracts

Samples: Tenth Supplemental Indenture (DCP Midstream, LP), Ninth Supplemental Indenture (DCP Midstream, LP), Eighth Supplemental Indenture (DCP Midstream, LP)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 4.13 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.094.13, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 5 contracts

Samples: Second Supplemental Indenture (Magellan Midstream Partners Lp), Third Supplemental Indenture (Magellan Midstream Partners Lp), First Supplemental Indenture (Magellan Midstream Partners Lp)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary of its Subsidiaries to, engage in a Sale-Leaseback Transaction, unless: (a1) the Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property property or assets subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Propertyproperty or assets, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property property or assets subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesBonds; or (d4) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipCompany, or (2B) investment the expenditure or expenditures for property or assets used or to be used in another Principal Propertythe ordinary course of business of the Company or its Subsidiaries. Notwithstanding the foregoing provisions of this SectionSection 3(c) of Exhibit A, the Partnership Company may, and may permit any Restricted Subsidiary of its Subsidiaries to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (a1) through (d4), inclusive, of this Section, Section 3(c) of Exhibit A; provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt SecuritiesBonds) secured by Liens upon Principal Properties any property or assets of the Company or its Subsidiaries not excepted by Clauses clauses (a1) through (j10), inclusive, of Section 4.093(b) of this Exhibit A, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 5 contracts

Samples: Lease Agreement (NuStar Energy L.P.), Lease Agreement (NuStar Energy L.P.), Lease Agreement (NuStar Energy L.P.)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j9), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 4 contracts

Samples: Indenture (Kinder Morgan Energy Partners L P), Indenture (Kinder Morgan Energy Partners L P), Indenture (Kinder Morgan Energy Partners L P)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j9), inclusive, of Section 4.091006, do not exceed at any one time 1510% of Consolidated Net Tangible Assets.

Appears in 3 contracts

Samples: Indenture (Kinder Morgan Energy Partners L P), Indenture (Kinder Morgan Energy Partners L P), Indenture (Kinder Morgan Energy Partners L P)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, Transaction unless: : (ai) the such Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; ; (bii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; ; (ciii) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or or (div) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (ai) through (div), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.53

Appears in 3 contracts

Samples: Indenture (El Paso Natural Gas Co), Indenture (El Paso Natural Gas Co), Indenture (El Paso Natural Gas Co)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, Transaction unless: : (ai) the such Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; ; (bii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; ; (ciii) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Sale- Leaseback Transaction without equally and ratably securing the Debt Securities; or or 80 72 (div) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (ai) through (div), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses clauses (ai) through (jxvi), inclusive, of Section 4.091006, do not exceed at any one time 15% of the Consolidated Net Tangible Assets. SECTION 1008.

Appears in 3 contracts

Samples: Indenture (Tennessee Gas Pipeline Co), Indenture (El Paso Tennessee Pipeline Co), Indenture (Tennessee Gas Pipeline Co)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Attributable Indebtedness from that Sale-Leaseback Transaction is an amount equal to or less than the amount the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 allowed to incur as Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction thereto without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j9), inclusive, of Section 4.0910.06, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 3 contracts

Samples: Subordinated Indenture (Buckeye Partners, L.P.), Indenture (Buckeye Partners L P), Indenture (Buckeye Partners L P)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development of, or substantial repair or improvement on, or commencement of full operations on of, such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds received by the Company or such Restricted Subsidiary from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesNotes pursuant to Section 3.01; or (d4) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1i) the prepayment, repayment, reduction, redemption or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership Company or any Funded Debt of its Subsidiaries, or (ii) the expenditure or expenditures for (y) the acquisition, development or construction of, or repair or improvement on, Principal Property or (z) capital stock or other equity interests in a Person that is or with such expenditure becomes a Restricted Subsidiary of the PartnershipCompany or in a joint venture, or (2) investment and in another each case, whose principal assets consists of Principal Property. Notwithstanding the foregoing provisions of this SectionSection 3.02, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (a1) through (d4), inclusive, of this SectionSection 3.02, provided that after giving effect thereto and the application of the proceeds, if any, received as a result thereof, the net sale sales proceeds received by the Company or any of its Restricted Subsidiaries from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt SecuritiesNotes) secured by Liens upon Principal Properties Property not excepted by Clauses clauses (a1) through (j12), inclusive, of Section 4.093.01, do would not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 2 contracts

Samples: Fourth Supplemental Indenture (Valero L P), Fourth Supplemental Indenture (Kaneb Pipe Line Operating Partnership Lp)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Company or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j9), inclusive, of Section 4.091006, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 2 contracts

Samples: Indenture (El Paso Pipeline Partners, L.P.), Indenture (El Paso Pipeline Partners Operating Company, L.L.C.)

Restriction of Sale-Leaseback Transaction. The Operating Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Operating Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Operating Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Operating Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Operating Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Operating Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j9), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 2 contracts

Samples: Indenture (Sunoco Logistics Partners Lp), Indenture (Sunoco Logistics Partners Lp)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property property or assets subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Propertyproperty or assets, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than the lesser of (a) three yearsyears and (b) 60% of the useful remaining life of such property; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property property or assets subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for property or assets used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j10), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 2 contracts

Samples: Indenture (Heritage Propane Partners L P), Indenture (Inergy L P)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; ; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; ; (c3) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or or (d4) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j11), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Lakehead Pipeline Co Lp)

Restriction of Sale-Leaseback Transaction. The Partnership Borrower will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, Transaction unless: (a) the such Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Borrower or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesSecured Obligations; or (d) the Partnership Borrower or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Borrower or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership Borrower may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt SecuritiesSecured Obligations) secured by Liens upon Principal Properties not excepted by Clauses clauses (a) through (jn), inclusive, of Section 4.095.05, do not exceed at any one time 15% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Credit Agreement (El Paso Corp/De)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary of its Subsidiaries to, engage in a Sale-Leaseback Transaction, unless:: 66 (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property property or assets subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Propertyproperty or assets, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property property or assets subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2B) investment the expenditure or expenditures for property or assets used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this SectionSection 1007, the Partnership may, and may permit any Restricted Subsidiary of its Subsidiaries to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (a1) through (d4), inclusive, of this Section, provided Section 1007; PROVIDED that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties any property or assets of the Partnership or its Subsidiaries not excepted by Clauses clauses (a1) through (j10), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Tc Pipelines Lp)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses Clauses (a1) through (j9), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Kinder Morgan Energy Partners L P)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j9), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Kinder Morgan Energy Partners L P)

Restriction of Sale-Leaseback Transaction. The Partnership Guarantor will not, nor will it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Guarantor shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Guarantor or such Restricted Principal Subsidiary would be entitled under Section 4.09 3.01 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities2023 Notes; or (dc) the Partnership Guarantor or such Restricted Principal Subsidiary, within a onesix-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Guarantor or any Funded Debt of a Subsidiary of the PartnershipGuarantor (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Fifth Supplemental Indenture (DCP Midstream Partners, LP)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property property or assets subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Propertyproperty or assets, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than the lesser of (a) three yearsyears and (b) 60% of the useful remaining life of such property; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property property or assets subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d) or the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Sale- Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for property or assets used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j10), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Star Gas Partners Lp)

Restriction of Sale-Leaseback Transaction. The Partnership Guarantor will not, nor will it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Guarantor shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Guarantor or such Restricted Principal Subsidiary would be entitled under Section 4.09 3.01 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities2022 Notes; or (dc) the Partnership Guarantor or such Restricted Principal Subsidiary, within a onesix-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Guarantor or any Funded Debt of a Subsidiary of the PartnershipGuarantor (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Second Supplemental Indenture (DCP Midstream Partners, LP)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Sale- Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j11), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Lakehead Pipeline Co Lp)

Restriction of Sale-Leaseback Transaction. The Partnership Guarantor will not, nor will it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Guarantor shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Guarantor or such Restricted Principal Subsidiary would be entitled under Section 4.09 3.01 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities2017 Notes; or (dc) the Partnership Guarantor or such Restricted Principal Subsidiary, within a onesix-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Guarantor or any Funded Debt of a Subsidiary of the PartnershipGuarantor (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Fourth Supplemental Indenture (DCP Midstream Partners, LP)

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Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary of its Subsidiaries to, engage in a Sale-Leaseback Transaction, unless: (a1) the Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property property or assets subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Propertyproperty or assets, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property property or assets subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2B) investment the expenditure or expenditures for property or assets used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this SectionSection 1007, the Partnership may, and may permit any Restricted Subsidiary of its Subsidiaries to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (a1) through (d4), inclusive, of this Section, Section 1007; provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties any property or assets of the Partnership or its Subsidiaries not excepted by Clauses clauses (a1) through (j10), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Valero L P)

Restriction of Sale-Leaseback Transaction. The Partnership Guarantor will not, nor will it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Guarantor shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Guarantor or such Restricted Principal Subsidiary would be entitled under Section 4.09 3.01 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities2015 Notes; or (dc) the Partnership Guarantor or such Restricted Principal Subsidiary, within a onesix-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Guarantor or any Funded Debt of a Subsidiary of the PartnershipGuarantor (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: First Supplemental Indenture (DCP Midstream Partners, LP)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, Transaction unless: (ai) the such Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (bii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (ciii) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (div) the Partnership Company or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (ai) through (div), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (ai) through (jxiv), inclusive, of Section 4.091006, do not exceed at any one time 15% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (El Paso Energy Corp/De)

Restriction of Sale-Leaseback Transaction. The Partnership will Company shall not, nor will may it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Company shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Company or such Restricted Principal Subsidiary would be entitled under Section 4.09 4.01 of this Third Supplemental Indenture to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesNotes; or (dc) the Partnership Company or such Restricted Principal Subsidiary, within a one-year period 365 days after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipCompany (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Third Supplemental Indenture (Enable Midstream Partners, LP)

Restriction of Sale-Leaseback Transaction. The Partnership will Company shall not, nor will may it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Company shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Company or such Restricted Principal Subsidiary would be entitled under Section 4.09 4.01 of this Second Supplemental Indenture to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesNotes; or (dc) the Partnership Company or such Restricted Principal Subsidiary, within a one-year period 365 days after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipCompany (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Second Supplemental Indenture (Enable Midstream Partners, LP)

Restriction of Sale-Leaseback Transaction. The Partnership Issuers will not, nor and will it not permit any Restricted Subsidiary of the Partnership to, engage in a Sale-Leaseback Transaction, unless: (a) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Attributable Indebtedness from that Sale-Leaseback Transaction is an amount equal to or less than the amount the Issuers or such Restricted Subsidiary would be entitled under Section 4.09 allowed to incur as Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction thereto without equally and ratably securing the Debt SecuritiesNotes under Section 5.02; or (d) the Partnership Issuers or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership an Issuer or any Funded Debt of a Subsidiary of the Partnership, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this SectionSection 5.03, the Partnership Issuers may, and may permit any Restricted Subsidiary of the Partnership to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (a) through (d), inclusive, of this SectionSection 5.03, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties Property not excepted by Clauses clauses (a) through (ji), inclusive, of Section 4.095.02, do does not exceed at any one time 1510% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Second Supplemental Indenture (Plains All American Pipeline Lp)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor and will it not permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a1) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the PartnershipSubsidiary, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a1) through (d4), inclusive, of this Section, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a1) through (j9), inclusive, of Section 4.091006, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (El Paso Pipeline Partners Operating Company, L.L.C.)

Restriction of Sale-Leaseback Transaction. The Partnership Company will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, Transaction with respect to any Principal Property unless: (ai) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Company or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt Indebtedness of the character specified in clause (i)(A) of the definition of the term "Indebtedness" secured by a Lien on the Principal Property subject to the be leased pursuant to such Sale-Leaseback Transaction in a principal amount at least equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesSecurities pursuant to Section 1006; or (dii) the Partnership or such Restricted Subsidiary, within a one-year period after the effective date of such Sale-Leaseback Transaction, the Company or such Subsidiary applies or causes to be applied an amount equal to not less than the net sale proceeds from Attributable Indebtedness of such Sale-Leaseback Transaction to (1a) the prepayment, voluntary defeasance or the repayment, redemption or retirement of the Securities of any unsubordinated series or other Funded Debt of the Partnership Company or any Funded Debt Subsidiary, (b) the acquisition, construction, development or improvement of a Subsidiary any property used or useful in the business of the PartnershipCompany or any of its Subsidiaries, or (2c) investment in another Principal Propertyany combination of applications referred to sub-clauses (a) and (b) of this clause (ii). Notwithstanding the foregoing provisions of this SectionSection 1007, the Partnership Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (ai) through or (d), inclusive, ii) of this Sectionthe immediately preceding paragraph, provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt Indebtedness (other than the Debt Securities) secured by Liens (other than Permitted Liens) upon Principal Properties any property of the Company and its Subsidiaries and all other Attributable Indebtedness of the Company and its Subsidiaries then Outstanding (in each case not excepted otherwise permitted by Clauses (aSection 1006 or this Section 1007) through (j)does not exceed, inclusiveat the time such Indebtedness is incurred or at the time such Sale-Leaseback Transaction is created, Exempted Indebtedness of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assetsthe Company and its Subsidiaries.

Appears in 1 contract

Samples: Indenture (Santa Fe Snyder Corp)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the such Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 4.11 to incur Debt secured by a Lien on the Principal Property subject to the such Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (jk), inclusive, of Section 4.094.11 (but subject to the inclusion specified in the proviso following Clauses (1) and (2) below), do not exceed at any one time 15the greater of: (1) the amount of Debt then outstanding under the First Mortgage Notes plus 2% of Consolidated Net Tangible Assets, and (2) 10% of Consolidated Net Tangible Assets; provided that, for purposes of both of Clauses (1) and (2) above, the amount of any Debt then outstanding that is secured by one or more Liens under the mortgage securing the First Mortgage Notes shall be considered as Debt incurred pursuant to a Lien that is not excepted by Clauses (a) through (k), inclusive, of Section 4.11.

Appears in 1 contract

Samples: Indenture (Enbridge Energy Partners Lp)

Restriction of Sale-Leaseback Transaction. The Partnership Issuers will not, nor and will it not permit any Restricted Subsidiary of the Partnership to, engage in a Sale-Leaseback Transaction, unless: (a) the such Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Attributable Indebtedness from that Sale-Leaseback Transaction is an amount equal to or less than the amount the Issuers or such Restricted Subsidiary would be entitled under Section 4.09 allowed to incur as Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction thereto without equally and ratably securing the Debt SecuritiesNotes under Section 5.02; or (d) the Partnership Issuers or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership an Issuer or any Funded Debt of a Subsidiary of the Partnership, or (2B) investment the expenditure or expenditures for Principal Property used or to be used in another Principal Property. Notwithstanding the foregoing provisions ordinary course of this Section, business of the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assetsor its Subsidiaries.

Appears in 1 contract

Samples: Third Supplemental Indenture (Rancho Holdings Gp LLC)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 4.10 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.094.10, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: First Supplemental Indenture (Magellan Midstream Partners Lp)

Restriction of Sale-Leaseback Transaction. The Partnership will Company shall not, nor will may it permit any Restricted Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Company shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership Company or such Restricted Principal Subsidiary would be entitled under Section 4.09 4.01 of this Fourth Supplemental Indenture to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt SecuritiesNotes; or (dc) the Partnership Company or such Restricted Principal Subsidiary, within a one-year period 365 days after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership Company or any Funded Debt of a Subsidiary of the PartnershipCompany (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Fourth Supplemental Indenture (Enable Midstream Partners, LP)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary of its Subsidiaries to, engage in a Sale-Leaseback Transaction, unless: (a1) the Sale-Leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property property or assets subject thereto or the date of the completion of construction construction, development or substantial repair or improvement, or commencement of full operations on such Principal Propertyproperty or assets, whichever is later; (b2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c3) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property property or assets subject to the Sale-Leaseback Transaction thereto in a principal amount equal to or exceeding the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; oror 67 (d4) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction to (1A) the prepayment, repayment, redemption redemption, reduction or retirement of any unsubordinated Funded Pari Passu Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2B) investment the expenditure or expenditures for property or assets used or to be used in another Principal Propertythe ordinary course of business of the Partnership or its Subsidiaries. Notwithstanding the foregoing provisions of this SectionSection 1007, the Partnership may, and may permit any Restricted Subsidiary of its Subsidiaries to, effect any Sale-Leaseback Transaction that is not excepted by Clauses clauses (a1) through (d4), inclusive, of this Section, Section 1007; provided that the net sale proceeds Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties any property or assets of the Partnership or its Subsidiaries not excepted by Clauses clauses (a1) through (j10), inclusive, of Section 4.091006, do not exceed at any one time 1510% of the Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Valero Logistics Operations Lp)

Restriction of Sale-Leaseback Transaction. The Partnership will not, nor will it permit any Restricted Subsidiary to, engage in a Sale-Leaseback Transaction, unless: (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later; (b) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (c) the Partnership or such Restricted Subsidiary would be entitled under Section 4.09 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Debt Securities; or (d) the Partnership or such Restricted Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or retirement of any unsubordinated Funded Debt of the Partnership or any Funded Debt of a Subsidiary of the Partnership, or (2) investment in another Principal Property. Notwithstanding the foregoing provisions of this Section, the Partnership may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by Clauses (a) through (d), inclusive, of this Section, provided that the net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of then outstanding Debt (other than the Debt Securities) secured by Liens upon Principal Properties not excepted by Clauses Xxxxxxx (a) through (j), inclusive, of Section 4.09, do not exceed at any one time 15% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Tenth Supplemental Indenture (Magellan Midstream Partners, L.P.)

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