Permitted Disposal definition
Examples of Permitted Disposal in a sentence
Any Obligor or any Material Subsidiary suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a substantial part of its business except as a result of a Permitted Disposal or a Permitted Merger.
If, as a result of a Permitted Disposal, the amount outstanding under the Facility exceeds the Borrowing Base Amount, then the required amount of proceeds from such Permitted Disposal to ensure that there is no such excess, after having taken into account the impact of the Permitted Disposal on the Borrowing Base Amount will be used to make a prepayment of the Facility.
Any member of the Group suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business except as a result of a Permitted Disposal or a Permitted Transaction.
No Obligor shall be entitled to make any disposal permitted by paragraph (k) of the definition of "Permitted Disposal" or enter into any agreement for such disposal unless such disposal is required to be made by the Regulators or if the applicable Trigger Event would be remedied upon the making of such disposal.
No Obligor may enter into any amalgamation, demerger, merger, consolidation or reconstruction other than a Permitted Disposal or a Permitted Acquisition or otherwise with the prior written consent of the Borrower Security Trustee.