Common use of Restriction on Transfer of Assets Clause in Contracts

Restriction on Transfer of Assets. The Borrower shall not, directly or indirectly, sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the Borrower owned or hereafter acquired whether in a single transaction or a series of related transactions, other than sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Borrower in the ordinary course of business; provided, however, that in the event that the Borrower wishes to effect a transaction under this Section 4.2(d) it shall, prior to undertaking such effort, provide the Lender with a high-level understanding of the objectives and ideal terms of such anticipation transaction. No fewer than four (4) trading days prior to the execution of each of a binding term sheet and definitive documentation, the Borrower shall deliver to the Lender a written notice of any material terms and/or changes since the prior notice given to the Borrower and shall include a term sheet or similar document relating thereto as an attachment. Thereafter, upon receipt of draft execution copies of such definitive documentation, the transaction shall be subject to the Lender’s consent, which consent will not be unreasonably withheld. The Borrower shall file a Current Report on Form 8-K no later than 9:30am New York time on the next Trading Day following the execution of any such documentation.

Restriction on Transfer of Assets. The Borrower Company shall not, directly or indirectly, sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the Borrower Company owned or hereafter acquired whether in a single transaction or a series of related transactions, other than sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Borrower Company in the ordinary course of business; provided, however, that that, in the event that the Borrower Company wishes to effect a transaction under this Section 4.2(d) ), it shall, prior to undertaking such effort, provide the Lender each Purchaser with a high-level understanding of the objectives and ideal terms of such anticipation transactionanticipated transaction the (“Initial Notice”). No fewer than four (4) trading days Trading Days prior to the execution of each of a binding term sheet and definitive documentation, the Borrower Company shall deliver to the Lender each Purchaser a written notice of any material terms and/or changes since the prior notice given to the Borrower Company and shall include a term sheet or similar document relating thereto as an attachment. Thereafter, upon receipt of draft execution copies of such definitive documentation, the transaction shall be subject to the Lendereach Purchaser’s consent, which consent will not be unreasonably withheld. The Borrower Company shall file a Current Report on Form 8-K no later than 9:30am New York time 9:30 am (EDT) on the next Trading Day following the execution of any such documentation.. Each Purchaser acknowledges that any of the foregoing information relating to the anticipated transaction may constitute material non-public information, consents to the receipt such information and agrees not to transfer any interest in any securities of the Company from the time of the Initial Notice through that filing of such Form 8-K.

Restriction on Transfer of Assets. The Borrower Company shall not, directly or indirectly, sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any assets or rights of the Borrower Company owned or hereafter acquired whether in a single transaction or a series of related transactions, other than sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by the Borrower Company in the ordinary course of business; provided, however, that that, in the event that the Borrower Company wishes to effect a transaction under this Section 4.2(d) 7.22, it shall, prior to undertaking such effort, provide the Lender Holder with a high-level understanding of the objectives and ideal terms of such anticipation transactionanticipated transaction the (“Initial Notice”). No fewer than four (4) trading days Trading Days prior to the execution of each of a binding term sheet and definitive documentation, the Borrower Company shall deliver to the Lender Holder a written notice of any material terms and/or changes since the prior notice given to the Borrower Company and shall include a term sheet or similar document relating thereto as an attachment. Thereafter, upon receipt of draft execution copies of such definitive documentation, the transaction shall be subject to the LenderHolder’s consent, which consent will not be unreasonably withheld. The Borrower Company shall file a Current Report on Form 8-K no later than 9:30am New York time 9:30 am (EDT) on the next Trading Day following the execution of any such documentation.. The Holder acknowledges that any of the foregoing information relating to the anticipated transaction may constitute material non-public information, consents to the receipt such information and agrees not to transfer any interest in any securities of the Company from the time of the Initial Notice through that filing of such Form 8-K.