Asset Sales/Disposition Covenant — Bond Indenture

Description

This smart field captures the covenant regarding the issuer’s ability to sell and dispose of assets. Additionally, this smart field captures the required application of asset sale proceeds, the requirements and procedures for issuers to repurchase the securities from excess proceeds, and the allowable amount of asset sale proceeds that the issuer may obtain without triggering this covenant. The smart field also captures the definition of “Asset Sale”, “Asset Disposition” and similar definitions. This smart field was trained on high yield corporate debt security indentures governed by the laws of the United States and Canada.