YORK AVENUE PROPERTY Sample Clauses

YORK AVENUE PROPERTY. (a) Sotheby's, Inc. agrees that it shall, within 30 days of the date hereof (i) transfer all its rights under the Agreement of Sale and Purchase dated September 9, 1999 between The Beneson Capital Company, Xxxxxxxx X. Xxxxxxx, Xxxxxxx X. Xxxxxxx and York Avenue Development, Inc. (which entity assigned its rights to Sotheby's, Inc. by an Assignment and Assumption Agreement dated September 9, 1999) to a wholly owned subsidiary of Sotheby's, Inc., which has no significant assets, operations or liabilities (the "YORK AVENUE HOLDING SUBSIDIARY"), and (ii) pledge all the capital stock of the York Avenue Holding Subsidiary to the Collateral Agent, for the ratable benefit of the holders of the Obligations.
Sample 1
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YORK AVENUE PROPERTY. (a) The York Avenue Subsidiary has good and marketable title to the York Avenue Property, free and clear of all Liens not permitted under Section 6.01. All the capital stock of the York Avenue Subsidiary has been pledged to the Collateral Agent under the Pledge Agreement. (b) On July 24, 2000, Sotheby's, Inc. borrowed Tranche B Loans under the Existing Credit Agreement in an aggregate principal amount equal to at least $75,000,000, which principal amount was not greater than the Construction and Improvement Amount at such time, to finance or refinance the costs of construction and substantial improvements related to the York Avenue Property.
Sample 1
YORK AVENUE PROPERTY. The Borrowers agree that they shall at all times cause the York Avenue Subsidiary to have no operations, business, assets or liabilities other than those incidental to the holding of the York Avenue Property and the granting of the York Avenue Mortgage.
Sample 1

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