Common use of Asset Swaps Clause in Contracts

Asset Swaps. Engage in any Asset Swap unless all of the following conditions are met: (i) if the fair market value of the assets transferred exceeds $25,000,000, the board of directors of the Borrower approves such exchange and the Borrower secures an appraisal given by an unaffiliated third party in form and substance reasonably satisfactory to the Administrative Agent, (ii) the fair market value of all assets of the Borrower and the Subsidiaries transferred pursuant to Asset Swaps since the Closing Date shall not exceed $100,000,000 in the aggregate and (iii) the fair market value of any property or assets received is at least equal to the fair market value of the property or assets so transferred.