Common use of SALE OR DISPOSITION OF PROPERTY Clause in Contracts

SALE OR DISPOSITION OF PROPERTY. The Authority covenants that, until the Bonds secured hereby and the interest thereon shall have been paid or provision for such payment shall have been made, and except as in this Trust Agreement otherwise permitted, it will not sell or otherwise dispose of or encumber said Airport System, or any part thereof, and it will not create or permit to be created any charge or lien on the Revenues derived therefrom or other moneys pledged herein other than with respect to Additional Bonds, subordinated indebtedness issued in compliance with Section 5.05 and Senior PFC Indebtedness issued pursuant to Section 7.19. The Authority may, however, from time to time, abandon or destroy obsolete buildings and infrastructure and sell for fair and reasonable value, any of the property comprising a part of said Airport System hereafter determined by a resolution duly adopted by the Authority to be no longer necessary, useful or profitable in the operation thereof. If the property to be sold shall consist of movable facilities, such proceeds may be used for the acquisition of other movable facilities, or if not so used, the proceeds derived from the sale of such movable facilities shall be used in the manner provided below for the proceeds of the sale of real estate. The proceeds derived from the sale of any real property, including any improvements thereon, may be deposited in the Surplus Fund, and any of such proceeds not so used shall be deposited in the Redemption Account in the Sinking Fund and used as provided herein for such Redemption Account.

SALE OR DISPOSITION OF PROPERTY. The Authority covenants that, until the Bonds secured hereby and the interest thereon shall have been paid or provision for such payment shall have been made, and except as in this Trust Agreement otherwise permitted, it will not sell or otherwise dispose of or encumber said Airport System, or any part thereof, and it will not create or permit to be created any charge or lien on the Revenues derived therefrom or other moneys pledged herein other than with respect to Additional Bonds, subordinated indebtedness issued in compliance with Section 5.05 and Senior PFC Indebtedness issued pursuant to Section 7.19. The Authority may, however, from time to time, abandon or destroy obsolete buildings and infrastructure and sell for fair and reasonable value, any of the property comprising a part of said Airport System hereafter determined by a resolution duly adopted by the Authority to be no longer necessary, useful or profitable in the operation thereof. If the property to be sold shall consist of movable facilities, such proceeds may be used for the acquisition of other movable facilities, or if not so used, the proceeds derived from the sale of such movable facilities shall be used in the manner provided below for the proceeds of the sale of real estate. The proceeds derived from the sale of any real property, including any improvements thereon, may be deposited in the Surplus Fund, and any of such proceeds not so used shall be deposited in the Redemption Account in the Sinking Fund and used as provided herein for such Redemption Account.Account.‌

SALE OR DISPOSITION OF PROPERTY. The Authority covenants that, until the Bonds secured hereby and the interest thereon shall have been paid or provision for such payment shall have been made, and except as in this Trust Agreement otherwise permitted, it will not sell or otherwise dispose of or encumber said Airport System, or any part thereof, and it will not create or permit to be created any charge or lien on the Revenues derived therefrom or other moneys pledged herein other than with respect to Additional Bonds, subordinated indebtedness issued in compliance with Section 5.05 and Senior PFC Indebtedness issued pursuant to Section 7.19. The Authority may, however, from time to time, abandon or destroy obsolete buildings and infrastructure and sell for fair and reasonable value, any of the property comprising a part of said Airport System hereafter determined by a resolution duly adopted by the Authority to be no longer necessary, useful or profitable in the operation thereof. If the property to be sold shall consist of movable facilities, such proceeds may be used for the acquisition of other movable facilities, or if not so used, the proceeds derived from the sale of such movable facilities shall be used in the manner provided below for the proceeds of the sale of real estate. The proceeds derived from the sale of any real property, including any improvements thereon, may be deposited in the Surplus Fund, and any of such proceeds not so used shall be deposited in the Redemption Account in the Sinking Fund and used as provided herein for such Redemption Account.