Common use of Asset Swaps Clause in Contracts

Asset Swaps. Grand Parent and the Borrower shall not, and ----------- shall not permit any other Omnipoint Entity to, enter into any agreement for or effect the exchange of its telecommunication assets for the telecommunication assets of another Person, unless (i) such Omnipoint Entity receives like telecommunication assets of a fair market value at least equal to the telecommunication assets it disposes of, as appraised by an independent third party appraiser acceptable to the Administrative Agent, and (ii) no Default is in existence or would result therefrom; provided that no such swap may be made of any material License of any Omnipoint Loan Party.

Asset Swaps. Grand Parent and the Borrower Company shall not, ----------- and ----------- shall not permit any other Omnipoint Entity to, enter into any agreement for or effect the exchange of its telecommunication assets for the telecommunication assets of another Person, unless (i) such Omnipoint Entity receives like telecommunication assets of a fair market value at least equal to the telecommunication assets it disposes of, as appraised by an independent third party appraiser acceptable to the Administrative AgentRequired Holders, and (ii) no Default is in existence or would result therefrom; provided that no such swap may be made of any material License of any Omnipoint Loan Note Party.