Sale of Subsidiaries. Upon the sale of the stock or substantially all of the assets of any subsidiary of the Companies, which is approved by the ICH Board, such subsidiary shall be automatically released from its obligations hereunder and shall not be considered as having any continuing liability for the obligations hereunder, and Executive shall be released from his obligations to such subsidiary hereunder.
Sale of Subsidiaries. Upon the sale of the stock or substantially all of the assets of any subsidiary of the Company, which is approved by the Board, such subsidiary shall be automatically released from its obligations hereunder and shall not be considered as having any continuing liability for the obligations hereunder, and Executive shall be released from his obligations to such subsidiary hereunder.
Sale of Subsidiaries. Notwithstanding anything to the contrary in Section 7.3, the Borrower shall have the right to sell or otherwise dispose of any Subsidiary (or all or substantially all of the assets thereof), provided that such sale or other disposition does not violate any other provision of this Credit Agreement and immediately before and immediately after such sale or other disposition (i) there shall exist no Default or Event of Default, (ii) no Material Adverse Effect shall result therefrom, and (iii) the representations and warranties contained in Section 5 of this Credit Agreement shall, except to the extent that they relate solely to an earlier date, be true with the same effect as though such representations and warranties had been made at such time.
Sale of Subsidiaries. Subject to the terms and conditions of this Agreement, and in consideration of the covenants and agreements set forth herein (including the waiver set forth in Article 3 hereof), on the Effective Date, Purchaser shall purchase and assume from Seller, and Seller shall sell, transfer, assign and deliver to Purchaser: (a) all of the assets of the Subsidiaries, including the Digital Learning Institute software platform, and (b) all of the liabilities of the Subsidiaries in the approximate amount of $1.959 million (collectively, the “Subsidiaries’ Assets and Liabilities”). In connection with the Sale, Seller shall sell, transfer and deliver and Purchaser shall purchase and acquire the Shares, free and clear of all options, pledges, security interests, voting trusts or similar arrangements, liens, charges or other encumbrances or restrictions of any kind whatsoever (collectively, “Encumbrances”).”
Sale of Subsidiaries. The Company shall not, and shall not permit any of its Subsidiaries to, sell or otherwise dispose of any shares of capital stock of or other ownership interest in any Subsidiary of the Company (except in connection with any acquisition, merger or consolidation permitted by Section 6.08), or permit any Subsidiary of the Company to issue any additional shares of its capital stock or other incidents of ownership, except on a pro rata basis to all its stockholders, partners or owners, as the case may be and provided that any such additional shares of capital stock or other incidents of ownership issued to the Company, any Guarantor or Additional Guarantor are pledged to the Agent.
Sale of Subsidiaries. NBG shall sell or otherwise dispose of (i) NBG Solutions, Inc., no later than August 30, 2001, and (ii) NBG Travel Exclusive, Inc. and NBG Interactive, Inc. no later than November 30, 2001.
Sale of Subsidiaries. 30 4.19. Limitation on Activities, Assets and Liabilities of NBG.....................30 4.20.1. Holding Company Structure.........................................30 4.20.2. Fiscal Year of Xxxxx Xxxxxx Entertainment Corporation.............31 4.20.3. Insurance - Xxxxx Xxxxxx Entertainment Corporation................31 4.20.4.
Sale of Subsidiaries. 20 Section 5.11. Prohibition of Fundamental Changes . . . . . . . . . . . . 20 Section 5.12. Minimum Consolidated Net Worth . . . . . . . . . . . . . . 21 Section 5.13. Restrictions on Indebtedness . . . . . . . . . . . . . . . 21 Section 5.14. Bond Documents . . . . . . . . . . . . . . . . . . . . . . 21 Section 5.15.
Sale of Subsidiaries. 50 Section 6.11. Negative Pledges............................................. 50 Section 6.12. Modification of Corporate Name, etc.......................... 50 Article VII - Financial Covenants................................................ 51 Section 7.01. Minimum Consolidated Tangible Net Worth...................... 51 Section 7.02. Total Liabilities to Consolidated Tangible Net Worth......... 51 Section 7.03. Leverage Ratio............................................... 51 Section 7.04.
Sale of Subsidiaries. 60 SECTION 6.12 Negative Pledges...........................................................................60 SECTION 6.13
