A "Notice of Disposition" clause typically outlines the requirement for a party to inform another party before disposing of assets that could affect the terms of a contract. This clause ensures transparency and allows the non-disposing party to take necessary actions, potentially safeguarding their interests in the contractual agreement.
On August 18, 2021 the Lender delivered to us a Notice of Disposition of Collateral Under Section 9-611 of the Uniform Commercial Code (“UCC”) (Arizona Revised Statutes 47-611) purporting to set a foreclosure sale, under the UCC, of our assets that were previously pledged as security to the Lender.
5. Notice of Disposition. The person exercising this option shall notify Charles River when making any disposition of the Shares acquired upon exercise of this option, whether by sale, gift or otherwise.
19. NOTIFICATION OF SALE OF SHARES. The Company may require the Participant to give the Company prompt notice of any disposition of Shares acquired under the Plan within two years from the date of commencement of an Offering Period or one year from the Purchase Date. The Company may direct that the certificates evidencing Shares acquired by the Participant refer to such requirement to give prompt notice of disposition. Additionally, the Company and the Broker may impose such restrictions or procedures related to transfer of Shares acquired under the Plan as are necessary for the Company to obtain sufficient notice of disposition, in order to comply with governmental requirements related to Form W-2 reporting, payroll tax withholding, employment tax liability and corporate income taxes.
8. Notice of Disposition. Grantee shall notify the Company immediately upon any disposition of Shares acquired upon exercise of an ISO of the date and terms of such disposition. The Company will use such information to determine whether a disqualifying disposition as described in Section 421(b) of the Code has occurred.
C. Notice of Disposition. Secured party shall give debtor notice of the time and place of any public sale of the collateral or, in case of a private sale or disposition, of the time after which such private sale or disposition is intended. It shall be considered commercially reasonable if such notice is sent to debtor by first class mail prior to the public sale or the time after which the private sale or other disposition is intended.
7.2. Notice of Disposition by Secured Party. Any notice required to be given by the Secured Party of a sale, lease, or other disposition of the Collateral or any other intended action by the Secured Party, if given not less than ten (10) days prior to such proposed action, shall constitute commercially reasonably and fair notice thereof to the Debtor.
(e) Notice of Disposition. The Participant agrees to notify the Company in writing within fifteen (15) days after the date of any disposition of any of the Shares issued upon exercise of the Option that occurs before the later of two (2) years after the Grant Date or one (1) year after such Shares are transferred to the Participant.
6.6 Notice of Disposition. The Grantee shall give the Company prompt notice of any disposition of Shares acquired by exercise of an Incentive Stock Option within (i) two years from the date of grant of such Incentive Stock Option or (ii) one year after the transfer of such Shares to the Grantee.
8. Notice of Disposition of Shares. You hereby agree that you shall promptly notify the Company of the disposition of any of the Option Shares acquired upon exercise of the Option, including a disposition by sale, exchange, gift, or transfer of legal title, if such disposition occurs within two (2) years from the Date of Grant or within one (1) year from the date that you exercise the Option and acquire such Option Shares.
6.5.Transfer and Notice of Transfer. In the event that Purchaser plans, intends or agrees to sell, assign, transfer, pledge, hypothecate or otherwise dispose of its interests in Loan(s) (each such action being a “Disposition”), Purchaser shall only use Servicer’s publicly available information to describe Servicer and its products (including the Loans) in any such solicitation. Purchaser shall obtain Servicer’s prior written consent with respect to any different or additional descriptions, information or materials concerning or relating to Servicer and its products (including the Loans) in any such solicitation. Purchaser shall provide written notice to Servicer of any proposed Disposition at least sixty (60) days prior to contacting any potential purchaser, assignee or transferee with respect to such proposed Disposition (the “Notice of Disposition”). Notwithstanding anything in the Purchase Agreement or this Agreement, Purchaser shall not make a Disposition of any Loans being serviced by Servicer to any Person if Servicer reasonably determines that such Person is or is likely to take actions that will be detrimental to Servicer’s ability to continue to service such Loans in accordance with Applicable Law, Accepted Servicing Practices, Servicer’s customary “know-your-customer” requirements, and/or any other Servicer policies and procedures as required by Applicable Law (a “Prohibited Disposition”). Servicer must provide written notice to Purchaser that Servicer has determined that a Disposition constitutes a Prohibited Disposition no later than sixty (60) days after Servicer receives the related Notice of Disposition. The Parties agree that any Prohibited Disposition could cause not only financial harm, but also irreparable harm to Servicer, and that money damages may not provide an adequate remedy for such harm. Accordingly, if Purchaser seeks to complete or completes a Prohibited Disposition, Servicer shall be entitled to (1) seek equitable relief, including, without limitation, an injunction (without the necessity of posting any bond or surety) to stop or reverse such Prohibited Disposition, and (2) pursue all other remedies Servicer may have at law or in equity. Unless otherwise agreed in writing by Servicer, to the extent that the Disposition is permitted under this Section 6.5, Purchaser shall cause such purchaser, assignee or transferee to agree to be bound by the standard and customary terms of Servicer’s then-current form of loan servicing agreement.
7.5 Notice of Disposition. If a Participant or former Participant sells, transfers, or otherwise makes a disposition of Shares purchased pursuant to an option granted under the Plan within two (2) years after the date such option is granted or within one (1) year after the date such Shares were transferred to the Participant, and if such Participant or former Participant is subject to United States federal income tax, then such Participant or former Participant shall notify the Company or a member of the Employer in writing of such sale, transfer or other disposition within ten (10) days of the consummation of such sale, transfer, or other disposition.
17. NOTICE OF DISPOSITION Each participant under a Statutory Plan shall notify the Company if the participant disposes of any of the Shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such Shares were purchased (the “Notice Period”). Unless such participant is disposing of any of such Shares during the Notice Period, such participant shall keep the certificates representing such Shares in his or her name (and not in the name of a nominee) during the Notice Period. The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing Shares acquired pursuant to the Plan requesting the Company’s transfer agent to notify the Company of any transfer of the Shares. The obligation of the participant to provide such notice shall continue notwithstanding the placement of any such legend on certificates.
7.10 Notice of Disposition of Shares. Each Participant shall give the Company prompt notice of any disposition or other transfer of any shares of Common Stock, acquired pursuant to the exercise of an Option, if such disposition or transfer is made (a) within two years after the applicable Grant Date or (b) within one year after the transfer of such shares of Common Stock to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing shares acquired pursuant to the Plan refer to such requirement.
The Committee may direct that the certificates evidencing shares acquired by exercise of a Stock Option refer to such requirement to give prompt notice of disposition.
17. Notice of Disposition. Each participant shall notify the Company if the participant disposes of any of the shares purchased in any Offering Period pursuant to the Plan. The Company may require that shares of Common Stock issued pursuant to the Plan be retained in the brokerage or Plan share account established by the Company in connection with the Plan, and/or may establish procedures to permit tracking of dispositions of Shares.
7.10 Notice of Disposition of Shares. The Company may require any Participant to give the Company prompt notice of any disposition of shares of Common Stock, acquired pursuant to the Plan, within two years after the applicable Enrollment Date or within one year after the applicable Exercise Date with respect to such shares. The Company may direct that the certificates evidencing shares acquired pursuant to the Plan refer to such requirement.
6.5 Holding Requirements and Notice of Disposition Unless the Committee determines otherwise or sets other parameters, Participants are required to hold shares of Common Stock acquired upon the exercise of an Option for at least twelve months from the Purchase Date. If a Participant or former Participant who is subject to United States federal income tax sells, transfers, or otherwise makes a disposition of shares of Common Stock purchased pursuant to an Option granted under the Plan prior to the later of: (i) two years after the first day of the Offering Period during which the shares were purchased and (ii) one year after the Purchase Date, then such Participant or former Participant shall notify the Company or the Employer in writing of such sale, transfer or other disposition within ten days of the consummation of such sale, transfer, or other disposition, unless the Committee or its designee determines otherwise.
The Administrator may direct that the certificates evidencing Shares acquired by exercise of an Option refer to such requirement to give prompt notice of disposition.
A “Notice of Disposition” is a formal announcement or document that provides information about the scheduled sale or transfer of property. This notice is often utilized in legal and financial contexts, particularly concerning secured transactions and foreclosure proceedings. It specifies important details such as the property to be disposed of, the method of disposition (sale, auction, etc.), and the date, time, and location of the event.
A Notice of Disposition should be used when a secured party, such as a lender or creditor, intends to sell or dispose of collateral after a borrower has defaulted on payment obligations. It is particularly relevant in:
The notice ensures compliance with legal requirements and gives all interested parties a fair chance to attend the sale or rectify the default.
Writing a Notice of Disposition requires clarity and adherence to legal standards. Here are guidelines for drafting one:
Example:
Notice of Disposition
Secured Party: [Name and Address]
Debtor: [Name and Address]
Description of Property: A black 2018 Ford Mustang
Reason for Disposition: Default on loan dated [Date]
Date and Time of Sale: [Date and Time]
Location of Sale: [Location]
Redemption Rights: The debtor has the right to redeem the property before the sale date.
Contact: [Contact Information]
Contracts that typically include a Notice of Disposition are those involving secured transactions where the borrower provides collateral to secure a loan. These may include:
The inclusion of a Notice of Disposition clause in these contracts ensures transparency and legal compliance in case of a default-leading sale.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The Notice Period clause specifies the amount of time that must be given by one party to the other before terminating or making significant changes to an agreement. It ensures all parties have adequate time to prepare for any transitions or adjustments resulting from the termination or modification of the contract.
A notice provision in a contract specifies the requirements and procedures for delivering formal communications between the parties involved. It ensures that all parties are informed in a timely and consistent manner, often detailing acceptable methods of delivery, addresses, and timeframes for these communications.
The "Notices" clause in a contract stipulates the procedures and requirements for delivering formal communications between parties, including acceptable methods, designated addresses, and timelines for receipt. This clause ensures that both parties are informed in a clear and timely manner about any relevant updates, changes, or obligations under the contract.
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