Common use of Permitted Transaction Clause in Contracts

Permitted Transaction. include a definition of “Permitted Transaction” and make consequential amendments to the Credit Agreement to ensure the following are permitted by the covenants in accordance with recent Liberty precedent: (a) transactions conducted in the ordinary course of trading on arm’s length terms (other than (i) any sale, lease, licence, transfer or other disposal and (ii) the granting or creation of any Security Interest or the incurring or permitting to subsist of Financial Indebtedness); (b) a post-closing reorganisation and spin offs in line with recent Liberty precedent; (c) any other transaction approved by the Majority Lenders; and (d) the solvent liquidation or reorganisation of any member of the Borrower Group which is not an Obligor so long as distributions are made to other members of the Borrower Group.