Transfer of Assets to Subsidiaries. Holdings shall not, and shall not permit any Borrower to, transfer (other than in the ordinary course of business or with respect to similarly situated real estate companies) any assets to a Subsidiary for the sole purpose of improving the credit position of such Subsidiary in connection with a financing transaction, except that this restriction shall not apply to any asset the financing of which constitutes Non-Recourse Debt.
Appears in 5 contracts
Samples: Credit Agreement (Alexander & Baldwin, Inc.), Credit Agreement (Alexander & Baldwin, Inc.), Credit Agreement (Alexander & Baldwin, Inc.)
Transfer of Assets to Subsidiaries. Holdings The Borrower shall not, and shall not permit any Borrower Subsidiary to, transfer (other than in the ordinary course of business or with respect to similarly situated real estate companiesbusiness) any assets to a Subsidiary for the sole principal purpose of improving the credit position of such Subsidiary in connection with a financing transaction, except that this restriction shall not apply order to any asset the financing of which constitutes Non-Recourse Debtenable it to borrow money.
Appears in 2 contracts
Samples: Credit Agreement (Alexander & Baldwin Inc), Credit Agreement (Alexander & Baldwin Inc)
Transfer of Assets to Subsidiaries. Holdings shall not, and shall not permit any Borrower other Co-Issuer to, transfer (other than in the ordinary course of business or with respect to similarly situated real estate companies) any assets to a Subsidiary for the sole purpose of improving the credit position of such Subsidiary in connection with a financing transaction, except that this restriction shall not apply to any asset the financing of which constitutes Non-Recourse Debt.
Appears in 2 contracts
Samples: Purchase and Private Shelf Agreement (Alexander & Baldwin, Inc.), Purchase and Private Shelf Agreement (Alexander & Baldwin, Inc.)
Transfer of Assets to Subsidiaries. Holdings shall not, and shall not permit any the Borrower to, transfer (other than in the ordinary course of business or with respect to similarly situated real estate companies) any assets to a Subsidiary for the sole purpose of improving the credit position of such Subsidiary in connection with a financing transaction, except that this restriction shall not apply to any asset the financing of which constitutes Non-Recourse Debt.
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Transfer of Assets to Subsidiaries. Holdings shall not, and shall not permit any Borrower to, transfer (other than in the ordinary course of business or with respect to similarly situated real estate companies) any assets to a Subsidiary for the sole purpose of improving the credit position of such Subsidiary in connection with a financing transaction, except that this restriction shall not apply to any asset the financing of which constitutes Non-Recourse Debt.. 7.09
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