Dispose of Property Sample Clauses

The "Dispose of Property" clause defines the terms and conditions under which a party may sell, transfer, or otherwise relinquish ownership of certain assets or property. Typically, this clause outlines the procedures to be followed, any required consents, and potential restrictions on the types of transfers permitted. For example, it may require prior written approval from another party before property can be sold or specify that proceeds from a sale must be handled in a particular way. The core function of this clause is to ensure control and oversight over the disposition of property, thereby preventing unauthorized transfers and protecting the interests of all parties involved.
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Dispose of Property. Except in the ordinary course of business (which will include the disposition of equipment or real property no longer used or useful to the Borrower), sell, transfer, lease or otherwise dispose of any material part of Borrower’s assets or properties, or discount, with or without recourse, any accounts of Borrower without prior notification to the Bank.
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Dispose of Property. Sell, transfer, lease or otherwise dispose of all or substantially all of its properties, or discount, with or without recourse, any accounts receivable, except for the sale of inventory in the ordinary course of business, and the disposition or trade-in of obsolete equipment in an aggregate amount of up to U.S. $100,000 per fiscal year.
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Dispose of Property. In accordance with applicable state law, hold, sell, lease, rent or otherwise dispose of any real or personal property, or any interest in real or personal property, and release or relinquish any right, title, claim, lien, interest, easement or demand however acquired, and these proceeds become and remain operating revenues except that the Adjutant General may not sell any interest in real property without following the provisions of section 264; [PL 2003, c. 646, §8 (AMD).]
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Dispose of Property. Sell, transfer, lease or otherwise dispose of its assets (including, without limitation, stock in any Subsidiary), Properties, or business, or discount, with or without recourse, any of its accounts or notes receivable, except (a) sales from Inventory in the ordinary course of business, (b) dispositions of fixed assets no longer used or useful in the operation of its business, provided, (i) any such disposition is for cash and for fair value, (ii) at the time of such disposition there exists no Default or Unmatured Default and no Default or Unmatured Default would be occasioned thereby, and (iii) the aggregate net after-tax sale proceeds from such dispositions do not exceed Fifteen Million Dollars ($15,000,000) during any fiscal year, (c) transfers to or from Wholly-Owned Subsidiaries of Borrower, (d) the issuance of stock constituting directors' qualifying shares in Foreign Subsidiaries, (e) the sale or factoring of accounts receivable, and (f) such other dispositions of Property, which when coupled with dispositions of fixed assets pursuant to clause (b) above, do not exceed, in the aggregate, Twenty-Two Million Five Hundred Thousand Dollars ($22,500,000) during any fiscal year.
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Dispose of Property. Sell, transfer, lease or otherwise dispose of its assets or properties, or discount, with or without recourse, any of its accounts, except (a) sales from inventory in the ordinary course of business, (b) the sale of obsolete equipment and machinery in the ordinary course of business, and (c) sales of assets for cash and for fair value in any fiscal year of Borrower in an aggregate amount for Borrower and its Subsidiaries not to exceed Ten Percent (10%) of the book value of Borrower's consolidated total assets (as determined in accordance with GAAP), and, provided there exists no Default and no Default would be occasioned thereby, such additional sales of assets above such Ten Percent (10%) limitation provided the proceeds of such additional sales are paid to the Lender to permanently reduce the Revolving Commitment.
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Dispose of Property. Sell, transfer, lease or otherwise dispose of its assets or properties, or discount, with or without recourse, any of its accounts, except (i) sales from inventory in the ordinary course of business, (ii) the sale of obsolete equipment and machinery in the ordinary course of business, and (iii) sales of assets for cash and for fair value in any fiscal year of Borrower in an aggregate amount for Borrower and its Subsidiaries not to exceed One Million Dollars ($1,000,000), and, provided there exists no Default and no Default would be occasioned thereby, such additional sales of assets above such One Million Dollars ($1,000,000) limitation provided the proceeds of such additional sales are paid to the Lenders to permanently reduce pro rata the Term Loans and the Lenders' Revolving Commitments as provided in Section 2.3(d) hereof.
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Related to Dispose of Property

  • SALE OF PROPERTY If the Premises is sold, the Tenant is to be notified of the new Owner, and if there is a new Manager, their contact details for repairs and maintenance shall be forwarded. If the Premises is conveyed to another party, the new owner: (check one)

  • Disposition of Property Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: (a) the Disposition of (i) obsolete or worn out property or (ii) any property that is no longer used or useful in the conduct of the business of the Borrower or its Subsidiaries, in each case in the ordinary course of business; (b) the Disposition of inventory in the ordinary course of business; (c) Dispositions permitted by clause (i) of Section 7.4(b), Investments permitted under Section 7.7 (other than Section 7.7 (m)) and Restricted Payments permitted under Section 7.6; (d) the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Wholly Owned Subsidiary; provided that any sale or issuance of any Subsidiary Guarantor’s Capital Stock shall only be to the Borrower or another Subsidiary Guarantor; (e) Dispositions of any Related Eligible Assets (i) in connection with the AESOP Financing Program or the Centre Point Financing Program, (ii) to any Securitization Entity or (iii) in connection with the incurrence of any Securitization Indebtedness; (f) the sale of the Budget Truck Division for fair market value as determined by the board of directors of the Borrower; (g) the Disposition of other property having a fair market value not to exceed $1,000,000,000 in the aggregate for any fiscal year of the Borrower; (h) the Dispositions listed on Schedule 7.5(h); (i) Dispositions of properties subject to condemnation, eminent domain or taking; (j) leases, subleases, licenses and sublicenses of real or personal property, and Intellectual Property in the ordinary course of business, and any intercompany licenses and sublicenses of Intellectual Property; (k) dispositions or use of cash and Cash Equivalents in the ordinary course of business; (l) the abandonment, termination or other disposition of Intellectual Property or leasehold properties in the ordinary course of business; and (m) dispositions, discounts or forgiveness of accounts receivable in connection with the collection or compromise thereof; (n) Dispositions of non-core assets acquired in connection with an Investment permitted under Section 7.7, including a Specified Transaction; (o) Dispositions by the Borrower or any of its Subsidiaries of any Foreign Subsidiary to any other Foreign Subsidiary so long as at least 65% of the Capital Stock of such other Foreign Subsidiary (or any parent company of such other Foreign Subsidiary) is pledged to the Administrative Agent pursuant to Section 6.9; (p) Dispositions of minority interests in joint ventures; and (q) any Disposition of any Foreign Subsidiary and any holding company formed in connection with the Avis Europe Acquisition to the Borrower or any of its Subsidiaries. provided that all Dispositions permitted under paragraphs (f) and (g)(i) and (g)(ii) of this Section 7.5 shall be made for fair value and in the case of any such Disposition (or series of related Dispositions) that yields gross proceeds to any Loan Party in excess of $25,000,000, for at least 75% cash consideration (excluding, in the case of an Asset Sale (or series of related Asset Sales), any consideration by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise, that are not Indebtedness) (it being understood that for the purposes of the foregoing proviso, the following shall be deemed to be cash consideration: (1) Cash Equivalents, (2) the assumption of Indebtedness of the Borrower (other than Disqualified Stock of the Borrower) or any Subsidiary and the release of the Borrower and its Subsidiaries from all liability with respect to payment of such Indebtedness, (3) Indebtedness of any Subsidiary that is no longer a Subsidiary as a result of such Disposition, to the extent that the Borrower and each other Subsidiary are released from any Guarantee Obligations or any other obligations to provide credit support in respect of such Indebtedness and (4) securities received by the Borrower or any Subsidiary from the transferee that are converted by the Borrower or such Subsidiary into cash within 180 days); provided, further, that if the Group Member’s action or event meets the criteria of more than one of the types of Dispositions described in the clauses above, the Borrower in its sole discretion may classify (and reclassify) such action or event in one or more clauses (including in part under one such clause and in part under another such clause).

  • Lease of Property On the Commencement Date of each Property Schedule executed hereunder, Lessor will be deemed to demise, lease and let to Lessee, and Lessee will be deemed to rent, lease and hire from Lessor, the Property described in such Property Schedule, in accordance with this Agreement and such Property Schedule, for the Lease Term set forth in such Property Schedule.