Examples of Permitted Reorganization in a sentence
Pledgors shall not (i) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except in connection with a Permitted Reorganization Transaction or (ii) create or permit to exist any Lien upon or with respect to any of the Collateral of any of Pledgors, except for the Xxxxxxx Liens, the Trustee Liens, and Permitted Reorganization Transactions.
Save for the Permitted Reorganization, no Obligor has taken any formal corporate action nor have any other formal steps been taken or legal proceedings been started against it for its bankruptcy, liquidation, winding-up, dissolution, administration or reorganisation.
Save changes to business or termination of business of any Obligor resulting from the Permitted Reorganization, no Obligor may carry on any business other than that which it carries out at the date of this Agreement.