No disposal of assets Sample Clauses
No disposal of assets. The Borrower will not transfer, lease or otherwise dispose of:
(a) all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or
(b) any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation.
No disposal of assets. Subject to Clause 8.8 no Borrower will transfer, lease or otherwise dispose of:
(a) all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or
(b) any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation, but paragraph (a) does not apply to any charter of a Ship.
No disposal of assets. The Borrower shall not dispose of any of its material assets other than a sale of the Vessel which complies with clause 6.2.
No disposal of assets. The Borrowers shall not dispose of any material assets other than as permitted in the Finance Documents.
No disposal of assets. The Borrower will not transfer, lease or otherwise dispose of:
No disposal of assets. No Borrower shall transfer, lease or otherwise dispose (each a Disposal) of:
(a) all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or
(b) any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation, it being agreed that any chartering arrangements permitted pursuant to clause 13.12 shall not constitute a Disposal.
No disposal of assets. The Borrower shall procure that no Guarantor shall transfer, lease or otherwise dispose of:
(a) all or a substantial part of its respective assets, whether by one transaction or a number of transactions, whether related or not; or
(b) any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation, but paragraph (a) does not apply to any charter of a Ship to which Clause 14.3 (Repair and classification) applies.
No disposal of assets. Save pursuant to the relevant Bareboat Charter or in the case of the disposal of a Ship or a Shipbuilding Contract where the provisions of Clause 8.7 are complied with, no Borrower will transfer, lease or otherwise dispose of:
(a) its Ship or its rights under the Shipbuilding Contract to which it is a party or all or a substantial part of its other assets, whether by one transaction or a number of transactions, whether related or not; or
(b) any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation.
No disposal of assets. No Obligor will without the consent of the Agent (and the Borrower shall ensure that no other member of the Group will) transfer, lease or otherwise dispose of:
(a) any Ship or any Subsidiary or part of its assets, whether by one transaction or a number of transactions, whether related or not; or
(b) any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation,
No disposal of assets. The Borrower will not transfer, lease or otherwise dispose of:
(a) all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not; or
(b) any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to damages or compensation, Provided that the provisions of this Clause 11.3 shall not prevent:
(i) any disposal by a subsidiary of the Borrower to the Borrower or by the Borrower to a subsidiary of the Borrower or by a subsidiary of the Borrower to another subsidiary of the Borrower;
(ii) the sale of property or assets for its or their full value in cash to the extent that the net sale proceeds (after taking into account any taxation arising as a consequence of such sale) are applied within 3 months after such sale in the acquisition of assets of a similar nature and approximately equal value to be used in a business for the time being carried on by the Borrower or the relevant subsidiary of the Borrower;
(iii) any distribution of the surplus assets of a subsidiary of the Borrower as part of a solvent winding up of such subsidiary;
(iv) any exchange of assets for other assets of a substantially similar nature and approximately equal value;
(v) the application of cash in the acquisition of assets or services in the ordinary course of trading of the Borrower;
(vi) the sale, transfer, loan or disposal in the ordinary course of trading of obsolete plant and machinery; or
(vii) the repayment of any principal or interest in respect of any moneys borrowed by members of the Group and the payment of any dividend or distribution permitted under this Agreement, which, in each case, does not result in the reduction of the Adjusted Net Worth or otherwise result in a material adverse change in the Group’s financial position