Disposal of Aviation Maintenance Services Business Sample Clauses

Disposal of Aviation Maintenance Services Business. The Borrower shall use commercially reasonable efforts to sell, assign, convey and transfer, within six (6) months from the Closing Date (the “Maintenance Services Businesses Disposition Period”) all rights and obligations it or any of its Subsidiaries may have to the businesses and assets, if any, relating to aircraft management, aviation maintenance services or aircraft charter businesses that may currently be provided by, or at the FBO facilities operated by, the Borrower’s Subsidiaries (the “Maintenance Services Businesses”), in accordance with the terms of the management contracts or relevant FBO Leases and the terms of all applicable law and Governmental Authorizations, to a reputable entity or entities possessing reasonably sufficient experience operating similar services in accordance with prudent industry standards for work of similar scope and scale, and under arrangements whereby the Borrower and its Subsidiaries are not responsible or liable for such services following such sale. Without limiting the foregoing, if such sale is not consummated within the Maintenance Services Businesses Disposition Period, the Borrower shall arrange for the transfer of the Maintenance Services Businesses and related assets, together with capitalization sufficient for the operations and conduct of such businesses, including the carrying and maintenance of insurance of the types, in the amounts and subject to such deductibles and other terms customarily carried from time to time by others engaged in substantially the same business as the Maintenance Services Business and in accordance with prevailing prudent industry standards, so as to cause such services to be held and provided by a new Subsidiary or group of Subsidiaries in a manner that reasonably minimizes the exposure of the Borrower or any of its other Subsidiaries to liability resulting from the conduct of such businesses.
Sample 1
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Related to Disposal of Aviation Maintenance Services Business

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