Common use of Restriction on Sale-Leasebacks Clause in Contracts

Restriction on Sale-Leasebacks. The Partnership will not, and will not permit any Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership or such Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership or its Subsidiaries. Notwithstanding the foregoing, the Partnership may, and may permit any Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 10% of Consolidated Net Tangible Assets.

Appears in 14 contracts

Samples: Supplemental Indenture (Energy Transfer Partners, L.P.), Fifteenth Supplemental Indenture (Energy Transfer Partners, L.P.), Supplemental Indenture (Energy Transfer Partners, L.P.)

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Restriction on Sale-Leasebacks. (a) The Partnership will shall not, and will shall not permit any Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership or such Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership or its Subsidiaries. . (b) Notwithstanding the foregoingSection 5.2(a) hereof, the Partnership may, and may permit any Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph Section 5.2(a) hereof provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 10% of Consolidated Net Tangible Assets.

Appears in 6 contracts

Samples: Fifth Supplemental Indenture (Energy Transfer LP), Third Supplemental Indenture (Energy Transfer LP), Second Supplemental Indenture (Energy Transfer LP)

Restriction on Sale-Leasebacks. The Partnership will not, and will not permit any Principal Subsidiary to, engage in the sale or transfer by the Partnership or any of its Principal Subsidiaries of any Principal Property to a Person (other than the Partnership or a Principal Subsidiary) and the taking back by the Partnership or its Principal Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership or such Principal Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership or such Principal Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership or its Subsidiaries. Notwithstanding the foregoing, the Partnership may, and may permit any Principal Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 1015% of Consolidated Net Tangible Assets.

Appears in 5 contracts

Samples: Fifth Supplemental Indenture (EnLink Midstream Partners, LP), Fourth Supplemental Indenture (EnLink Midstream Partners, LP), Third Supplemental Indenture (EnLink Midstream Partners, LP)

Restriction on Sale-Leasebacks. (a) The Partnership will shall not, and will shall not permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries Restricted Subsidiary of any Principal Property to a Person (other than the Partnership or a Restricted Subsidiary) and the taking back by the Partnership or its such Restricted Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years;; or (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) 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 Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries Restricted Subsidiary that is not subordinated to the Notes or any GuaranteeSubordinated Indebtedness, or (b) the expenditure or expenditures for purchase of Principal Property used or to be used in the ordinary course of business of Partnership or its the Restricted Subsidiaries. . (b) Notwithstanding the foregoing, the Partnership may, and may permit any Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (43), inclusive, of the preceding paragraph paragraph, provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens Liens upon Principal Properties (other than Permitted Liens upon Principal PropertiesLiens), does not exceed 10the greater of (x) $250.0 million and (y) 10.0% of Consolidated Net Tangible Assets.

Appears in 4 contracts

Samples: Eighth Supplemental Indenture (Energy Transfer Equity, L.P.), Seventh Supplemental Indenture (Energy Transfer Equity, L.P.), Fourth Supplemental Indenture (Energy Transfer Equity, L.P.)

Restriction on Sale-Leasebacks. (a) The Partnership will shall not, and will shall not permit any Subsidiary Guarantor to, engage in the sale or transfer by the Partnership or any of its Subsidiaries Subsidiary Guarantor of any Principal Property to a Person (other than the Partnership or a SubsidiarySubsidiary Guarantor) and the taking back by the Partnership or its Subsidiarysuch Subsidiary Guarantor, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years;; or (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership or such SubsidiaryGuarantor, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries Subsidiary Guarantor that is not subordinated to the Notes or any GuaranteeSubordinated Indebtedness, or (b) the expenditure or expenditures for purchase of Principal Property used or to be used in the ordinary course of business of Partnership or its the Subsidiaries. . (b) Notwithstanding the foregoing, the Partnership may, and may permit any Subsidiary Guarantor to, effect any Sale-Leaseback Transaction that is not excepted permitted by clauses (1Section 4.11(a)(1) through (43), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness secured by Liens upon Principal Properties (other than the Notes) secured by liens other than Permitted Liens upon Principal PropertiesLiens), does not exceed 10the greater of (x) $1.5 billion and (y) 10.0% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (Cheniere Energy Partners, L.P.)

Restriction on Sale-Leasebacks. The Partnership Company will not, and will not permit any Principal Subsidiary to, engage in the sale or transfer by the Partnership Company or any of its Principal Subsidiaries of any Principal Property to a Person (other than the Partnership Company or a Principal Subsidiary) and the taking back by the Partnership Company or its Principal Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development development, or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership Company or such Subsidiary Principal Sxxxxxxxxx would be entitled to incur Indebtedness Debt secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness Debt from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership Company or such Principal Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness Debt from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction reduction, or retirement of any Indebtedness Debt of the Partnership Company or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership Company or its Subsidiaries. Notwithstanding the foregoing, the Partnership Company may, and may permit any Principal Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness Debt from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Notes) secured by liens other than Permitted Liens upon Principal Propertiespermitted by clause (b) of the second paragraph of Section 4.09 hereof, does not exceed 1015% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (EnLink Midstream, LLC)

Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Fifth Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Fifth Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Fifth Supplemental Indenture (Panhandle Eastern Pipe Line Co Lp)

Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to THIRD SUPPLEMENTAL INDENTURE 19 clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Third Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Third Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Third Supplemental Indenture (Panhandle Eastern Pipe Line Co)

Restriction on Sale-Leasebacks. The Partnership Company will not, and will not permit any Principal Subsidiary to, engage in the sale or transfer by the Partnership Company or any of its Principal Subsidiaries of any Principal Property to a Person (other than the Partnership Company or a Principal Subsidiary) and the taking back by the Partnership Company or its Principal Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development development, or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership Company or such Principal Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership Company or such Principal Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction reduction, or retirement of any Indebtedness of the Partnership Company or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership Company or its Subsidiaries. Notwithstanding the foregoing, the Partnership Company may, and may permit any Principal Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Propertiespermitted by clause (b) of the second paragraph of Section 5.1 hereof, does not exceed 1015% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: First Supplemental Indenture (EnLink Midstream, LLC)

Restriction on Sale-Leasebacks. The Partnership Company will not, and will not permit any Principal Subsidiary to, engage in the sale or transfer by the Partnership Company or any of its Principal Subsidiaries of any Principal Property to a Person (other than the Partnership Company or a Principal Subsidiary) and the taking back by the Partnership Company or its Principal Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development development, or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership Company or such Principal Subsidiary would be entitled to incur Indebtedness Debt secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness Debt from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership Company or such Principal Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness Debt from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction reduction, or retirement of any Indebtedness Debt of the Partnership Company or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership Company or its Subsidiaries. Notwithstanding the foregoing, the Partnership Company may, and may permit any Principal Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness Debt from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Notes) secured by liens other than Permitted Liens upon Principal Propertiespermitted by clause (b) of the second paragraph of Section 4.09 hereof, does not exceed 1015% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Indenture (EnLink Midstream Partners, LP)

Restriction on Sale-Leasebacks. The Partnership Company will not, and will not permit any Principal Subsidiary to, engage in the sale or transfer by the Partnership Company or any of its Principal Subsidiaries of any Principal Property to a Person (other than the Partnership Company or a SubsidiarySubsidiary of the Company) and the taking back by the Partnership Company or its Principal Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development development, or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership Company or such Subsidiary Principal Xxxxxxxxxx would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership Company or such Principal Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction reduction, or retirement of any Indebtedness of the Partnership Company or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership Company or its Subsidiaries. Notwithstanding the foregoing, the Partnership Company may, and may permit any Principal Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Propertiespermitted by clause (b) of the second paragraph of Section 5.1 hereof, does not exceed 1015% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: First Supplemental Indenture (EnLink Midstream, LLC)

Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Sixth Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Sixth Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Supplemental Indenture (Panhandle Eastern Pipe Line Co Lp)

Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Fifth (iv) Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4v) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Fifth Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Supplemental Indenture (Panhandle Eastern Pipe Line Co Lp)

Restriction on Sale-Leasebacks. (a) Prior to the consummation of the Merger, the Issuer shall not engage in a Sale-Leaseback Transaction. (b) The Partnership will Company shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Company or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4iv) the Partnership Company or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Company or any of its Subsidiaries that is not subordinated to the Notes or any GuaranteeSubsidiary, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesCompany which owns another Principal Property. Notwithstanding the foregoing, under the Partnership Indenture, the Company may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.02(b) of this First Supplemental Indenture, do not exceed 10the greater of 15% of the Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: First Supplemental Indenture (Consumers Energy Co)

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Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Seventh Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Seventh Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Supplemental Indenture (Panhandle Eastern Pipe Line Co Lp)

Restriction on Sale-Leasebacks. The Partnership will (a) the Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction without equally and ratably securing the 2010 Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any of its Subsidiaries that is not subordinated to the Notes or any GuaranteeSubsidiary, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, under the Partnership Indenture, the Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the 2010 Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.02(a) of this First Supplemental Indenture, do not exceed 10the greater of 15% of the Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Second Supplemental Indenture (Panhandle Eastern Pipe Line Co)

Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Fourth Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Fourth Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Fourth Supplemental Indenture (Panhandle Eastern Pipe Line Co LLC)

Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Third Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Third Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Third Supplemental Indenture (Southern Union Co)

Restriction on Sale-Leasebacks. (a) The Partnership will Issuer shall not, and will not nor shall it permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a Subsidiary) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless:: FOURTH SUPPLEMENTAL INDENTURE (1i) such the Sale-Leaseback Transaction occurs within one year 18 months from the date of completion of the acquisition of the Principal Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on such Principal Property, whichever is later; (2ii) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three four years; (3iii) the Partnership Issuer or such Restricted Subsidiary would be entitled to incur Indebtedness Debt secured by a lien Lien on the Principal Property subject thereto (pursuant to clauses (i) through (xiii), inclusive, of the first paragraph of Section 3.2(a) of this Fourth Supplemental Indenture) in a principal amount equal to or exceeding the Attributable Indebtedness net sale proceeds from such the Sale-Leaseback Transaction without equally and ratably securing the Senior Notes; or (4iv) the Partnership Issuer or such Restricted Subsidiary, within a onean 18-year month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction to (aA) the prepayment, repayment, redemption, reduction redemption or retirement of any Indebtedness Funded Debt of the Partnership Issuer or any Subsidiary of its Subsidiaries that is not subordinated to the Notes or any GuaranteeIssuer, or (bB) the expenditure or expenditures for investment in another Principal Property used or to be used in a Subsidiary of the ordinary course of business of Partnership or its SubsidiariesIssuer which owns another Principal Property. Notwithstanding the foregoing, the Partnership Issuer may, and may permit any Restricted Subsidiary to, effect any Sale-Leaseback Transaction that is not otherwise excepted by clauses (1i) through (4iv), inclusive, of the preceding paragraph above, provided that the Attributable Indebtedness net sale proceeds from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness Debt (other than the Senior Notes) secured by liens other than Permitted Liens upon any Principal PropertiesProperties not excepted by clauses (i) through (xiii), does inclusive, of Section 3.2(a) of this Fourth Supplemental Indenture, do not exceed 10the greater of 15% of Consolidated Net Tangible AssetsAssets or 15% of Total Capital.

Appears in 1 contract

Samples: Fourth Supplemental Indenture (Panhandle Eastern Pipe Line Co Lp)

Restriction on Sale-Leasebacks. The Partnership will not, and will not permit any Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a SubsidiarySubsidiary Guarantor) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a "Sale-Leaseback Transaction"), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notesnotes; or (4) the Partnership or such Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership or its Subsidiaries. Notwithstanding the foregoing, the Partnership may, and may permit any Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 10% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: First Supplemental Indenture (Energy Transfer Partners, L.P.)

Restriction on Sale-Leasebacks. The Partnership will not, and will not permit any Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a SubsidiarySubsidiary Guarantor) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notesnotes; or (4) the Partnership or such Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership or its Subsidiaries. Notwithstanding the foregoing, the Partnership may, and may permit any Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 10% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Third Supplemental Indenture (Energy Transfer Partners, L.P.)

Restriction on Sale-Leasebacks. (a) The Partnership Guarantor will not, and will not permit any Restricted Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries it of any Principal Restricted Property to a Person person (other than the Partnership Guarantor or a Restricted Subsidiary) and the taking back by the Partnership Guarantor or its any Restricted Subsidiary, as the case may be, of a lease of such Principal Restricted Property (a “Salesale-Leaseback Transactionleaseback transaction”), unless: (1) such Salethe sale-Leaseback Transaction leaseback transaction occurs within one year six months from the date of completion of the acquisition of the Principal subject Restricted Property subject thereto or the date of the completion of construction, development or substantial repair or improvement, construction or commencement of full operations on of such Principal Restricted Property, whichever is later;; or (2) the Salesale-Leaseback Transaction leaseback transaction is between the Guarantor and a Restricted Subsidiary of the Guarantor, or between Restricted Subsidiaries of the Guarantor; or (3) the sale-leaseback transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership sale-leaseback transaction constitutes a Permitted Lien for the purposes of Section 4.01 hereof; or (5) the Guarantor or such Restricted Subsidiary, within a one-year period after such Salesale-Leaseback Transactionleaseback transaction, (a) applies or causes to be applied an amount not less than the Attributable Indebtedness from such Salesale-Leaseback Transaction leaseback transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness debt of the Partnership Guarantor or any Subsidiary having a maturity of its Subsidiaries more than one year that is not subordinated to the Notes or any GuaranteeNotes, or (b) the expenditure or expenditures for Principal Property used or enters into a bona fide commitment to be used in the ordinary course of business of Partnership or its Subsidiaries. Notwithstanding the foregoing, the Partnership may, and may permit any Subsidiary to, effect any Sale-Leaseback Transaction that is expend an amount not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that less than the Attributable Indebtedness from for such Salesale-Leaseback Transactionleaseback transaction during such one-year period to the acquisition, together with the aggregate principal amount construction or development of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 10% of Consolidated Net Tangible Assetssimilar Property.

Appears in 1 contract

Samples: First Supplemental Indenture (Bunge Global SA)

Restriction on Sale-Leasebacks. The Partnership will not, and will not permit any Subsidiary to, engage in the sale or transfer by the Partnership or any of its Subsidiaries of any Principal Property to a Person (other than the Partnership or a SubsidiarySubsidiary Guarantor) and the taking back by the Partnership or its Subsidiary, as the case may be, of a lease of such Principal Property (a “Sale-Leaseback Transaction”), unless: (1) 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, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; (2) the Sale-Leaseback Transaction involves a lease for a period, including renewals, of not more than three years; (3) the Partnership or such Subsidiary would be entitled to incur Indebtedness secured by a lien on the Principal Property subject thereto in a principal amount equal to or exceeding the Attributable Indebtedness from such Sale-Leaseback Transaction without equally and ratably securing the Notes; or (4) the Partnership or such Subsidiary, within a one-year period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the Attributable Indebtedness from such Sale-Leaseback Transaction to (a) the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Partnership or any of its Subsidiaries that is not subordinated to the Notes or any Guarantee, or (b) the expenditure or expenditures for Principal Property used or to be used in the ordinary course of business of Partnership or its Subsidiaries. Notwithstanding the foregoing, the Partnership may, and may permit any Subsidiary to, effect any Sale-Leaseback Transaction that is not excepted by clauses (1) through (4), inclusive, of the preceding paragraph provided that the Attributable Indebtedness from such Sale-Leaseback Transaction, together with the aggregate principal amount of outstanding Indebtedness (other than the Notes) secured by liens other than Permitted Liens upon Principal Properties, does not exceed 10% of Consolidated Net Tangible Assets.

Appears in 1 contract

Samples: Fifth Supplemental Indenture (Energy Transfer Partners, L.P.)

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