Abandonment of Assets Sample Clauses

Abandonment of Assets. Any Group Entity takes or seeks to take any action to (a) abandon all or any material portion of the Mining Assets, (b) abandon the construction of the Gold Bar Asset, (c) put any Operating Mine on care and maintenance, or (d) otherwise suspend construction, development or mining operations, any Operating Mine (other than temporary suspensions for sound operational reasons not to exceed three (3) months).
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Abandonment of Assets. In the event that: (a) the Company, in its good faith judgment, determines, based upon reasonable assumptions and after consultation with the Review Committee, that the continued ownership and operation of any Business Unit would be neither profitable to nor in the best interests of the Company and the Holders; (b) the Company is not obligated to make a Revolving Credit Loan to the applicable Business Unit Entity pursuant to Section 4.03(b); (c) third party financing to fund the cash requirements of such Business Unit is unavailable to the applicable Business Unit Entity; (d) the Company is unwilling to make a Company Loan to the applicable Business Unit Entity in connection with such Business Unit; and (e) the Review Committee has rejected a request to have another Business Unit make an Advance to such Business Unit, then the Company may cease to operate such Business Unit; provided, however, that prior to any such cessation, the Company shall (i) unless otherwise consented to by the Representatives, use commercially reasonable efforts for a period of at least 12 months to market and sell or lease the Assets comprising such Business Unit and (ii) if no potential purchaser or lessee for any of such Assets exists as of the last day of such period, the Company shall, unless otherwise consented to by the Representatives, sell any such Assets at a public auction, for cash or credit, at the highest price bid for such Assets at such auction. Any and all costs, expenses and proceeds that are incurred, paid and received, as applicable, in connection with any such sale of Assets shall constitute Receipts and Expenditures, as applicable, with respect to the applicable Business Unit and, provided further, that in the event that such cessation relates to the Playa Vista Business Unit prior to the Termination Date, and the Company has funded less than $10,000,000 pursuant to the Funding Requirement, the Company shall, on the date of such cessation, credit the Playa Vista Business Unit Account with an amount equal to: (i) $10,000,000 minus the amount of the Xxxxxx Funding plus (ii) a 7% per annum, compounded semi-annually, return on such amount accruing from the effective date hereof until such amount is credited to the Playa Vista Business Unit Account.
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Abandonment of Assets. Agents may find themselves in possession of assets which have no immediate or foreseeable value but which might possibly become valuable in the future. The Accountant’s opinion is that an agent should take no action which might be construed as a formal or tacit abandonment of such property. But If an ‘asset’ is a burden, it may be wise to expressly abandon it. Assets must not be abandoned without the approval of the Accountant.
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Related to Abandonment of Assets

  • Disposition of Assets To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;

  • Disposition of Assets; Etc The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease, license, transfer, assign or otherwise dispose of any of its business, assets, rights, revenues or property, real, personal or mixed, tangible or intangible, whether in one or a series of transactions, other than inventory sold in the ordinary course of business upon customary credit terms, sales of scrap or obsolete material or equipment, the lapse of intellectual property of the Borrower or any of its Subsidiaries that is no longer useful or material to their business and sales of fixed assets the proceeds of which are used to purchase other property of a similar nature of at least equivalent value within 180 days of such sale, provided, however, that this Section 6.09 shall not (a) prohibit any sale or other transfer of an interest in accounts or notes receivable to a Securitization Entity pursuant to Permitted Securitization Transactions if the aggregate outstanding principal amount of the Indebtedness under all Permitted Securitization Transactions does not exceed $250,000,000, (b) prohibit any sale or other transfer of any asset of the Borrower or any Subsidiary to the Borrower or any Subsidiary that is a Guarantor and (c) prohibit any such sale, lease, license, transfer, assignment or other disposition if the aggregate book value (disregarding any write-downs of such book value other than ordinary depreciation and amortization) of all of the business, assets, rights, revenues and property sold, leased, licensed, transferred, assigned or otherwise disposed of after the Effective Date and on or prior to such transaction date shall be less than 40% of the aggregate book value of the Consolidated Total Assets as of the end of the fiscal year immediately preceding such transaction and the aggregate amount of businesses, assets, rights, revenues and property sold, leased, licensed, transferred, assigned or otherwise disposed of after the Effective date and on or prior to such transaction date shall be responsible for less than 40% of the consolidated net sales or net income of the Borrower and its Subsidiaries for the fiscal year immediately preceding the date of such transaction, and if immediately after any such transaction, no Default shall exist or shall have occurred and be continuing.

  • Protection of Assets (a) Except for transactions and activities entered into in connection with the securitization that is the subject of this Agreement, the Trust Fund created by this Agreement is not authorized and has no power to:

  • Condition of Assets 4 2.10 TITLE TO AND ENCUMBRANCES ON PROPERTY . . . . . . . . . . . . . . . . . . 4 2.11 INVENTORIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2.12 INTELLECTUAL PROPERTY RIGHTS; NAMES . . . . . . . . . . . . . . . . . . . 4 2.13

  • Location of Assets To keep any property belonging to the Trust at any place in the United States.

  • Preservation of Assets Each Obligor shall (and the Company shall ensure that each member of the Restricted Group will) maintain in good working order and condition (ordinary wear and tear excepted) all of its assets necessary in the conduct of its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

  • Application of Assets Upon dissolution of the Company, the Company shall cease carrying on its business and affairs and shall commence winding up of the Company’s business and affairs and complete the winding up as soon as practicable. The Company’s affairs shall be concluded by the Managers. The assets of the Company may be liquidated or distributed in kind, as determined by the Managers, and the same shall first be applied to the satisfaction (whether by payment or the making of reasonable provision for payment) of the Company’s liabilities and then to the Members. If the assets of the Company shall not be sufficient to pay all of the liabilities of the Company, to the fullest extent permitted by law, no assets of the Company may be sold or disposed of without the written consent of all of the holders of outstanding Securities. To the extent that Company assets cannot either be sold without undue loss or readily divided for distribution in kind to the Members, then the Company may, as determined by the Managers, convey those assets to a suitable holding entity established for the benefit of the Members in order to permit the assets to be sold without undue loss and the proceeds thereof, subject to the Act, distributed to the Member at a future date. The legal form of the holding entity, the identity of the trustee or other fiduciary and the terms of its governing instrument shall be determined by the Managers.

  • Acquisition of Assets In the event the Company or any Subsidiary acquires any assets or other properties, such assets or properties shall constitute a part of the Collateral (as defined in the Security Agreement) and the Company shall take all action necessary to perfect the Purchasers’ security interest in such assets or properties pursuant to the Security Agreement.

  • Custody of Assets Sub-Adviser shall at no time have the right to physically possess the assets of the Funds or have the assets registered in its own name or the name of its nominee, nor shall Sub-Adviser in any manner acquire or become possessed of any income, whether in kind or cash, or proceeds, whether in kind or cash, distributable by reason of selling, holding or controlling such assets of the Funds. In accordance with the preceding sentence, Sub-Adviser shall have no responsibility with respect to the collection of income, physical acquisition or the safekeeping of the assets of the Funds. All such duties of collection, physical acquisition and safekeeping shall be the sole obligation of the custodian.

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