Common use of Asset Disposal Clause in Contracts

Asset Disposal. 19.3.1 The Borrower shall not sell, lease or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, and shall procure that any Obligor does not sell, lease, or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, except: (A) the disposal of assets or property in the normal course of business; (B) the disposal of assets or property of the Group’s members totalling an amount, at book or market value (depending on which amount is greater), obtained as a result of one or several transactions made during each successive 12 (twelve) months, not exceeding 10% (ten percent) of the Consolidated EBITDA; (C) the disposal of shares or participatory interests in the charter capital of a member of the Group that is not an Obligor, provided that: (1) such disposal is carried out on market terms; (2) after such disposal the Debt Ratio will not exceed 2.0:1; ​ (3) the sale of the Group Member subject to Disposal will not entail a breach of the obligations under Clause 18 (Financial Covenants); and (4) no later than 5 (five) Business Days prior to the disposal of the Group Member subject to Disposal, the Borrower shall notify the Facility Administrator of the upcoming disposal, and provide the Facility Administrator with a certificate confirming that all the conditions specified in paragraphs (2) and (3) above have been met. 19.3.2 For the purposes of Clause 19.3.1:

Asset Disposal. 19.3.1 The Borrower shall not sell, lease or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, and shall procure that any Obligor does not sell, lease, or otherwise dispose of any of its assets or property without the prior written consent of the Facility Administrator, except: (A) the disposal of assets or property in the normal course of business; (B) the disposal of assets or property of the Group’s members totalling an amount, at book or market value (depending on which amount is greater), obtained as a result of one or several transactions made during each ​ successive 12 (twelve) months, not exceeding 10% (ten percent) of the Consolidated EBITDA; (C) the disposal of shares or participatory interests in the charter capital of a member of the Group that is not an Obligor, provided that: (1) such disposal is carried out on market terms; (2) after such disposal the Debt Ratio will not exceed 2.0:1; ​; (3) the sale of the Group Member subject to Disposal will not entail a breach of the obligations under Clause 18 (Financial Covenants); and (4) no later than 5 (five) Business Days prior to the disposal of the Group Member subject to Disposal, the Borrower shall notify the Facility Administrator of the upcoming disposal, and provide the Facility Administrator with a certificate confirming that all the conditions specified in paragraphs (2) and (3) above have been met. 19.3.2 For the purposes of Clause 19.3.1: