Common use of Separate Credit Clause in Contracts

Separate Credit. The Company shall (i) pay its obligations and liabilities from its own funds (whether on hand or borrowed), (ii) maintain adequate capital in light of its business operations, (iii) not pledge its assets for the benefit of any Person or guarantee or become obligated for the debts of any other Person, other than the Company, (iv) not hold out its credit as being available to satisfy the obligations or liabilities of any other Person, (v) not acquire debt obligations or debt securities of the Controlling Entities, (vi) not make loans or advances to any Person, and (vii) use its commercially reasonable efforts to cause the operative documents under which the Company borrows money, is an issuer of debt securities, or guarantees any such borrowing or issuance to contain provisions to the effect that (A) the lenders or purchasers of debt securities, respectively, acknowledge that they have advanced funds or purchased debt securities, respectively, in reliance upon the separateness of the Company from any other Persons, including the Controlling Entities, and (B) the Company has assets and liabilities that are separate from those of other Persons, including the Controlling Entities; provided that the Company may engage in any transaction described in clauses (v)-(vi) of this Section 2.7(e) if prior Board approval has been obtained for such transaction and either (A) the Board has determined that the borrower or recipient of the credit support is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (v), such transaction is completed through a public auction or a National Securities Exchange.

Separate Credit. The Company shall, and shall cause ETE to, (i) pay its their respective obligations and liabilities from its their respective own funds (whether on hand or borrowed), (ii) maintain adequate capital in light of its their respective business operations, (iii) not pledge its assets for the benefit of any Person or guarantee or become obligated for the debts of any other Person, other than the CompanyCompany and ETE, (iv) not hold out its their respective credit as being available to satisfy the obligations or liabilities of any other Person, (v) not acquire debt obligations or debt securities of the Controlling EntitiesMLP or its Affiliates (other than ETE and/or the Company), (vi) not pledge their assets for the benefit of any Person or make loans or advances to any Person, and or (vii) use its commercially reasonable efforts to cause the operative documents under which the Company ETE borrows money, is an issuer of debt securities, or guarantees any such borrowing or issuance after the Effective Date, to contain provisions to the effect that (A) the lenders or purchasers of debt securities, respectively, acknowledge that they have advanced funds or purchased debt securities, respectively, in reliance upon the separateness of the Company and ETE from each other and from any other Persons, including the Controlling Entities, Persons and (B) the Company has and ETE have assets and liabilities that are separate from those of other Persons, including the Controlling Entities; provided that the Company and ETE may engage in any transaction described in clauses (v)-(vi) of this Section 2.7(e2.9(e) if prior Board approval Special Approval has been obtained for such transaction and either (A) the Board Audit and Conflicts Committee has determined that the borrower or recipient of the credit support is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (v), such transaction is completed through a public auction or a National Securities Exchange.

Separate Credit. The Company shall, and shall cause the members of the MLP Group to, (i) pay its their respective obligations and liabilities from its their respective own funds (whether on hand or borrowed), (ii) maintain adequate capital in light of its their respective business operations, (iii) not pledge its their respective assets for the benefit of any Person or guarantee or become obligated for the debts of any other Person, other than the CompanyCompany and/or one or more members of the MLP Group, (iv) not hold out its their respective credit as being available to satisfy the obligations or liabilities of any other Person, except members of the MLP Group, (v) not acquire debt obligations or debt securities of EPCO or its Affiliates (other than the Controlling Entitiesother members of the MLP Group and/or the Company), (vi) not make loans or advances to any Person, and except members of the MLP Group, or (vii) use its their commercially reasonable efforts to cause the operative documents under which the Company MLP or any of its Subsidiaries borrows money, is an issuer of debt securities, or guarantees any such borrowing or issuance after the Effective Date, to contain provisions to the effect that (A) the lenders or purchasers of debt securities, respectively, acknowledge that they have advanced funds or purchased debt securities, respectively, in reliance upon the separateness of the Company and the MLP from each other and from any other PersonsPersons (including EPCO and its Affiliates, including other than the Controlling Entities, other members of the MLP Group and/or the Company) and (B) the Company has and the MLP have assets and liabilities that are separate from those of other Personspersons (including EPCO and its Affiliates, including other than the Controlling Entitiesother members of the MLP Group and/or the Company); provided that the Company and the MLP may engage in any transaction described in clauses (v)-(vi) of this Section 2.7(e2.07(e) if prior Board approval Special Approval has been obtained for such transaction and either (A) the Board Audit and Conflicts Committee has determined by Special Approval that the borrower or recipient of the credit support is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (v), such transaction is completed through a public auction or a National Securities Exchange.or

Separate Credit. The Company shall, and shall cause SEP GP to, (i) pay its their respective obligations and liabilities from its their respective own funds (whether on hand or borrowed), (ii) maintain adequate capital in light of its their respective business operations, (iii) not pledge its assets for the benefit of any Person or guarantee or become obligated for the debts of any other Person, other than the CompanyCompany and SEP GP and except to the extent specified in the Contribution Agreement or the Omnibus Agreement, (iv) not hold out its their respective credit as being available to satisfy the obligations or liabilities of any other PersonPerson except to the extent specified in the Contribution Agreement or the Omnibus Agreement, (v) not acquire debt obligations or debt securities of SET or its Affiliates (other than the Controlling EntitiesCompany and SEP GP), (vi) not pledge their assets for the benefit of any Person or make loans loans, advances or advances capital contributions to SET or any Personof its Affiliates (other than the MLP and its Subsidiaries and, and with respect to the Company, other than SEP GP), or (vii) use its commercially reasonable efforts to cause the operative documents under which the Company SEP GP borrows money, is an issuer of debt securities, or guarantees any such borrowing or issuance after the Effective Date, to contain provisions to the effect that (A) the lenders or purchasers of debt securities, respectively, acknowledge that they have advanced funds or purchased debt securities, respectively, in reliance upon the separateness of the Company and SEP GP from each other and from any other PersonsPersons (including SET and its Affiliates, including other than the Controlling Entities, Company and SEP GP) and (B) the Company has and SEP GP have assets and liabilities that are separate from those of other Personspersons (including SET and its Affiliates, including other than the Controlling EntitiesCompany and SEP GP); provided that the Company and SEP GP may engage in any transaction described in clauses (v)-(vi) of this Section 2.7(e2.07(e) if prior Board approval Special Approval has been obtained for such transaction and either (A) the Board Conflicts Committee has determined that the borrower or recipient of the credit support is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (v), such transaction is completed through a public auction sale or a National Securities Exchange.

Separate Credit. The Company shall, and shall cause the members of the MLP Group to, (i) pay its their respective obligations and liabilities from its their respective own funds (whether on hand or borrowed), (ii) maintain adequate capital in light of its their respective business operations, (iii) not pledge its their respective assets for the benefit of any Person or guarantee or become obligated for the debts of any other Person, other than the CompanyCompany and/or one or more members of the MLP Group, (iv) not hold out its their respective credit as being available to satisfy the obligations or liabilities of any other Person, except members of the MLP Group, (v) not acquire debt obligations or debt securities of EPCO or its Affiliates (other than the Controlling Entitiesother members of the MLP Group and/or the Company), (vi) not make loans or advances to any Person, and except members of the MLP Group, or (vii) use its their commercially reasonable efforts to cause the operative documents under which the Company MLP or any of its Subsidiaries borrows money, is an issuer of debt securities, or guarantees any such borrowing or issuance after the Effective Date, to contain provisions to the effect that (A) the lenders or purchasers of debt securities, respectively, acknowledge that they have advanced funds or purchased debt securities, respectively, in reliance upon the separateness of the Company and the MLP from each other and from any other Persons, including EPCO and its Affiliates, other than the Controlling Entitiesother members of the MLP Group and/or the Company, and (B) the Company has and the MLP have assets and liabilities that are separate from those of other Persons, including EPCO and its Affiliates, other than the Controlling Entitiesother members of the MLP Group and/or the Company); provided that the Company and the MLP may engage in any transaction described in clauses (v)-(vi) of this Section 2.7(e2.07(e) if prior Board approval Special Approval has been obtained for such transaction and either (A) the Board Audit and Conflicts Committee has determined by Special Approval that the borrower or recipient of the credit support is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (v), such transaction is completed through a public auction or a National Securities Exchange.

Separate Credit. The Company shall (i) pay its obligations and liabilities from its own funds (whether on hand or borrowed), (ii) maintain adequate capital in light of its business operations, (iii) not pledge its assets for the benefit of any Person or guarantee or become obligated for the debts of any other Person, other than the Company, (iv) not hold out its credit as being available to satisfy the obligations or liabilities of any other Person, (v) not acquire debt obligations or debt securities of the Controlling Entities, (vi) not make loans or advances to any Person, and or (vii) use its commercially reasonable efforts to cause the operative documents under which the Company borrows money, is an issuer of debt securities, or guarantees any such borrowing or issuance to contain provisions to the effect that (A) the lenders or purchasers of debt securities, respectively, acknowledge that they have advanced funds or purchased debt securities, respectively, in reliance upon the separateness of the Company from any other Persons, including the Controlling Entities, and (B) the Company has assets and liabilities that are separate from those of other Persons, including the Controlling Entities; provided that the Company may engage in any transaction described in clauses (v)-(vi) of this Section 2.7(e2.07(e) if prior Board approval has been obtained for such transaction and either (A) the Board has determined that the borrower or recipient of the credit support is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (v), such transaction is completed through a public auction or a National Securities ExchangeExchange (as such term is defined in the Partnership Agreement).

Separate Credit. The Company shall, and shall cause the MLP to, (i) pay its their respective obligations and liabilities from its their respective own funds (whether on hand or borrowed), (ii) maintain adequate capital in light of its their respective business operations, (iii) not pledge its assets for the benefit of any Person or guarantee or become obligated for the debts of any other Person, other than the CompanyCompany and the MLP and its Subsidiaries, (iv) not hold out its their respective credit as being available to satisfy the obligations or liabilities of any other PersonPerson except its Subsidiaries, (v) not acquire debt obligations or debt securities (other than those of the Controlling EntitiesMLP and/or the Company and their Subsidiaries), (vi) not pledge their assets for the benefit of any Person or make loans or advances to any Person, and except their respective Subsidiaries, or (vii) use its commercially reasonable efforts to cause the operative documents under which the Company MLP borrows money, is an issuer of debt securities, or guarantees any such borrowing or issuance after the Effective Date, to contain provisions to the effect that (A) the lenders or purchasers of debt securities, respectively, acknowledge that they have advanced funds or purchased debt securities, respectively, in reliance upon the separateness of the Company and the MLP from each other and from any other Persons, including the Controlling Entities, Persons and (B) the Company has and the MLP have assets and liabilities that are separate from those of other Persons; provided, including the Controlling Entities; provided however, that the Company and the MLP may engage in any transaction described in clauses (v)-(vi) of this Section 2.7(e2.9(e) if prior Board approval Special Approval has been obtained for such transaction and either (A) the Board Conflicts Committee has determined that the borrower or recipient of the credit support is not then insolvent and will not be rendered insolvent as a result of such transaction or (B) in the case of transactions described in clause (v), such transaction is completed through a public auction or a National Securities Exchange.