Common use of Disposition of Personal Property Clause in Contracts

Disposition of Personal Property. The Corporation shall not sell, lease, sublease, assign, transfer, encumber or otherwise dispose of all or any part or parts of the Facilities not included in the preceding subsections A and B, other than in the “ordinary course of business,” unless the Office gives its prior written consent to such disposition. “Ordinary course of business” shall be defined during the term of this Regulatory Agreement by the Office in the exercise of its sound and reasonable discretion, by the Office giving written notice thereof to the Corporation, which determination will become effective on receipt of such notice by the Corporation. Except as provided in Section VI of this Regulatory Agreement concerning a disposition of substantially all of the Corporation’s assets, in no event shall the Corporation dispose of any part or parts of its Facilities in any Fiscal Year aggregating in excess of two and one-half percent (2-1/2%) of the Corporation’s net property, plant and equipment (as shown on the Corporation’s most recent audited financial statements), unless the Office gives its prior written consent to such disposition.