Obsolete property definition
Obsolete property means commercial property or commercial housing property, that is 1 or more of the following:
Obsolete property any property of a Company or any of its Subsidiaries which is obsolete, outdated or worn out or the useful life of which has substantially ended, in each case in the good faith determination of such Company or any applicable Subsidiary.
Obsolete property any property of the Borrower or any of its Subsidiaries which is obsolete, outdated or worn out or the useful life of which has ended, in each case in the good faith determination of the Borrower or any applicable Subsidiary.
Examples of Obsolete property in a sentence
Obsolete property is school system property, which is no longer usable in the service for which it was purchased and cannot be utilized safely or economically in any other manner.
More Definitions of Obsolete property
Obsolete property means any District commodities, equipment, materials, or supplies that are obsolete, unused, not needed for a public purpose, or ineffective for current use.