Sales of Receivables. The Borrower will not, and will not permit any of its Subsidiaries to, discount, pledge, sell (with or without recourse), or otherwise sell for less than face value thereof any of its accounts or notes receivable, except for sales of receivables (i) without recourse which are seriously past due and which have been substantially written off as uncollectible or collectible only after extended delays, or (ii) made in connection with the sale of a business but only with respect to the receivables directly generated by the business so sold.
Appears in 5 contracts
Samples: Credit Agreement (Energy Transfer Partners, L.P.), Credit Agreement (Heritage Propane Partners L P), Credit Agreement (Energy Transfer Partners Lp)
Sales of Receivables. The Borrower Company will not, and will not permit any of its Subsidiaries to, discount, pledge, sell (with or without recourse), or otherwise sell for less than face value thereof any of its accounts or notes receivable, except for sales of receivables (i) without recourse which are seriously past due and which have been substantially written off as uncollectible or collectible only after extended delays, or (ii) made in connection with the sale of a business but only with respect to the receivables directly generated by the business so sold.
Appears in 3 contracts
Samples: Note Purchase Agreement (Heritage Propane Partners L P), Note Purchase Agreement (Heritage Propane Partners L P), Note Purchase Agreement (Heritage Propane Partners L P)
