Permitted Asset Sale definition

Permitted Asset Sale means so long as all Net Asset Sale Proceeds are contemporaneously remitted to the Collection Account, (a) the sale by Company of Receivables to Holdings pursuant to any repurchase obligations of Holdings under the Asset Purchase Agreement, (b) the sale by the Servicer on behalf of Company of Charged-Off Receivables to any third party in accordance with the Servicing Standard, provided, that such sales are made without representation, warranty or recourse of any kind by Company (other than customary representations regarding title and absence of liens on the Charged-Off Receivables, and the status of Company, due authorization, enforceability, no conflict and no required consents in respect of such sale), (c) the sale by Company of Receivables (x) to Holdings who immediately thereafter sells such Receivables to a special-purpose Subsidiary of Holdings or (y) directly to a special-purpose Subsidiary of Holdings, in either case in connection with a term securitization transaction involving the issuance of securities rated at least investment grade by one or more nationally recognized statistical rating organizations and such Receivables and special-purpose Subsidiary so long as, in either case, (i) the amount received by Company therefore and deposited into the Collection Account is no less than the aggregate Outstanding Principal Balances of such Receivables, (ii) such sale is made without representation, warranty or recourse of any kind by Company (other than customary representations regarding title, absence of liens on the Receivables, status of Company, due authorization, enforceability, no conflict and no required consents in respect of such sale), (iii) the manner in which such Receivables were selected by Company does not adversely affect the Lenders, (iv) the agreement pursuant to which such Receivables were sold to Holdings or such special-purpose Subsidiary, as the case may be, contains an obligation on the part of Holdings or such special-purpose Subsidiary to not file or join in filing any involuntary bankruptcy petition against Company prior to the end of the period that is one year and one day after the payment in full of all Obligations of Company under this Agreement and not to cooperate with or encourage others to file involuntary bankruptcy petitions against Company during the same period, and (v) unless otherwise waived by the Requisite Lenders in accordance with this Agreement, on the Business Day prior to such sale, (A) the Pro Forma 15...
Permitted Asset Sale means any Asset Sale that is permitted under Section 6.8.
Permitted Asset Sale means the sale by Parent or any of its Subsidiaries of any part of its or their assets as and to the extent permitted under Section 7.4(a) hereof.

Examples of Permitted Asset Sale in a sentence

  • In addition, the Guarantors have agreed in clause 6 (Covenants) of the Deed of Guarantee that, so long as any Note remains outstanding, the Guarantors will not, and shall procure that no member of the Group shall, enter into any Asset Sale, other than a Permitted Asset Sale, in respect of an asset with a book value that exceeds 10 per cent.


More Definitions of Permitted Asset Sale

Permitted Asset Sale any bona fide sale of any Property of Issuer in an arm's-length transaction to a Person who is not an Affiliate of Issuer, except to the extent permitted by Section 4.20, provided that the gross proceeds payable to Issuer in connection therewith are (i) not less than the Fair Market Value of such Property and (ii) payable solely in cash. INDENTURE (16% Junior Subordinated)
Permitted Asset Sale means, any Asset Sale made, directly or indirectly, by Borrower or any Loan Party which meets each of the following conditions:
Permitted Asset Sale means an Asset Sale which is entered into on the following terms:
Permitted Asset Sale means the sale, transfer or other disposition of (i) inventory, damaged, obsolete or worn out assets, equipment no longer used or useful in the business of the Borrowers or any of the Restricted Subsidiaries, scrap, Cash Equivalents and other assets, in each case sold, transferred or otherwise disposed of in the ordinary course of business, (ii) leases, subleases, licenses and sublicenses of property, (iii) Intellectual Property Rights assigned, licensed or sublicensed (or otherwise transferred, granted or disposed of) in the ordinary course of business (including allowing any Intellectual Property Rights to lapse or go abandoned in the ordinary course of business), (iv) dispositions between or among Excluded Subsidiaries, (v) the sale or discount without recourse of accounts receivable in connection with the compromise thereof or the assignment of past due accounts receivable for collection, (vi) assets on Schedule 6.05, (vii) property that is exchanged for credit against the purchase price of similar replacement property or if an amount equal to the net proceeds of such disposition is promptly applied to the purchase price of such replacement property, (viii) any sale, transfer or other disposition or series of related sales, transfers or other dispositions having a value not in excess of $250,000, (ix) dispositions of cash and Cash Equivalents; (x) transfers of property subject to Recovery Events; (xi) dispositions of Investments in joint ventures or any Subsidiary that is not wholly owned to the extent required by, or made pursuant to, customary buy/sell arrangements between, the joint venture or similar parties set forth in joint venture arrangements and/or similar binding arrangements and (xii) any surrender or waiver of contractual rights or the settlement, release, recovery on or surrender of contractual rights or other claims of any kind.
Permitted Asset Sale means:
Permitted Asset Sale means (a) any sale of assets which are obsolete or are no longer in use and which are not significant to the continuation of the Companies’ business, (b) any sale of REO Property, (c) upon prior written notice to Administrative Agent, any sale and disposition from any Company to any other Company provided, in all respects, such sale and disposition is in the ordinary course of business on current market terms, is otherwise subject to Section 8.5, and provided further, if such sale and disposition is made in connection with an Asset Securitization, a prepayment on the Obligation is made in accordance with Section 3.2(c), and (c) any other sales and dispositions approved in advance by Administrative Agent.
Permitted Asset Sale means any Asset Sale by the Borrower or any of its Subsidiaries (a) where the Net Proceeds of such Asset Sale, when added to the Net Proceeds of any related Asset Sales, are less than $500,000, unless such Asset Sale is the disposition of property and assets comprising a television station or a business incidental thereto; or (b) where the Net Proceeds of such Asset Sale are greater than or equal to $500,000 or such Asset Sale is the disposition of property and assets comprising a television station or a business incidental thereto, if (x) before and after giving effect thereto no Default shall have occurred and be continuing; (y) except in the case of a Qualifying FCC-Mandated Sale, the aggregate total amount of the Asset Operating Cash Flow with respect to all such Asset Sales since the Closing Date (excluding any Qualifying FCC-Mandated Sale) constitutes less than fifteen percent (15%) of the greatest amount of Operating Cash Flow for any consecutive twelve-month period commencing after the Original Closing Date; and (z) at least ten (10) days prior to the date of each such Asset Sale, the Borrower shall have delivered to each of the Lenders (i) a compliance certificate, substantially in the form of Exhibit J, certifying the Borrower's compliance with the provisions of this Agreement set forth in Exhibit J, as of the most recent date for compliance prior to the date of such certificate, after giving effect on a Pro Forma Basis to such Asset Sale, and (ii) a report of the chief financial officer of the Borrower, in a form and providing sufficient detail and justification for the information provided therein, including assumptions, as shall be found to be reasonable by each of the Agents in its sole good faith discretion, after completion of reasonable due diligence, establishing that after giving effect to such Asset Sale, the Borrower shall be in compliance at the end of each fiscal year until the Termination Date with the covenants contained in Sections 5.01(L), 5.01(M), 5.01(N), 5.01(O), 5.02(A), 5.02(B), 5.02(D),5.02(F), 5.02(G) and 5.02(H).