Guernsey Assets definition
Examples of Guernsey Assets in a sentence
Purchaser shall agree to serve as the Back-Up Bidder (as defined in the Bidding Procedures Order) if Purchaser’s bid is identified by the Chapter 7 Trustee as being the second highest and best bid for the purchase of the Golden Guernsey Assets.
As consideration for the sale of the Golden Guernsey Assets, pursuant to the terms and subject to the conditions hereof, on the Closing Date (as defined herein) the Purchaser shall pay by wire transfer of immediately available funds to the Seller a total aggregate amount equal to Seven Million Three Hundred Sixty-Five Thousand Dollars and 00/100 ($7,365,000.00) (the “Purchase Price”) plus the payment of the Cure Costs.
From the date hereof until the Closing Date or the earlier termination of this Agreement in accordance with its terms, Seller shall not sell, assign, transfer, convey, pledge, mortgage, lease, license or otherwise dispose of or encumber any of the Golden Guernsey Assets, or any interests therein, other than sales of inventory in the ordinary course of business.
The Seller shall maintain the existing insurance policies on the Golden Guernsey Assets or other policies providing substantially similar coverages until the Closing.
Subject to entry of the Sale Order, on the Closing, the Seller will transfer to the Purchaser good, legal, and valid title to the Golden Guernsey Assets, free and clear of all Liens except for the Assumed Liabilities.