Common use of Dispositions of Equipment Clause in Contracts

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent and each Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuing, to (i) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of $250,000 or less, provided that all net cash proceeds thereof are remitted to the Lenders for application to prepayment of the Loans, to the extent required pursuant to Section 3.3 (b) or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given Agent and each Lender at least 5 days prior written notice of such disposition.

Dispositions of Equipment. No Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent and each Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuingexists, to (i) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of $250,000 or less, provided that all net cash proceeds thereof are remitted to the Lenders Lender for application to prepayment the outstanding principal balance of the LoansTerm Loan (which proceeds shall be applied to regularly schedule installments of principal in inverse order of maturity), to the extent required pursuant to Section 3.3 (b) or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower Borrowers shall have given Agent and each Lender at least 5 days prior written notice of such disposition.

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent and each LenderAgent; providedPROVIDED, howeverHOWEVER, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuingexists, to (i) dispositions of Equipment which, in the aggregate during any consecutive twelve12-month period, has a fair market value or book value, whichever is less, of $250,000 or less, provided that all net cash proceeds Net Proceeds thereof are remitted to the Lenders Agent for application first to prepayment any Pre-Petition Debt outstanding in such order of the Loans, application as Agent may elect and then to the extent required pursuant to Section 3.3 (b) Obligations, or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given Agent and each Lender at least 5 10 days prior written notice of such disposition.

Dispositions of Equipment. Neither Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent and each Lender; providedPROVIDED, howeverHOWEVER, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuingexists, to (i) 1. dispositions of Equipment in the Ordinary Course of Business, 1. dispositions of Equipment of Borrowers which, in the aggregate during any consecutive twelve-month period, has have a fair market value or book value, whichever is less, of $250,000 50,000 or less, provided that all net cash proceeds Net Proceeds thereof are remitted to the Lenders Lender for application to prepayment of the LoansObligations, to the extent required pursuant to Section 3.3 (b) or (ii) 1. replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower Borrowers shall have given Agent and each Lender at least 5 10 days prior written notice of such disposition.

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment not in the ordinary course or any part thereof without the prior written consent of Agent and each Lender, which consent will not be unreasonably withheld or delayed; providedPROVIDED, howeverHOWEVER, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuingexists, to (iI) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of $250,000 25,000 or less, provided that all net cash proceeds thereof are remitted to the Lenders Lender for application to prepayment of the Loans, to the extent required pursuant to Section 3.3 (b) or (iiII) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given Agent and each Lender at least 5 five (5) days prior written notice of such disposition.

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent and each Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuingexists, to (i) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of $250,000 or less, provided that all net cash proceeds thereof are remitted to the Lenders Lender for application to prepayment the outstanding principal balance of the LoansTerm Loan (which proceeds shall be applied to regularly scheduled installments of principal in inverse order of maturity), to the extent required pursuant to Section 3.3 (b) or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given Agent and each Lender at least 5 days prior written notice of such disposition.

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent and each Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuingexists, to (i) dispositions of Equipment which, for an individual sale of Equipment is less than $100,000, or, which in the aggregate during any consecutive twelve-month periodperiod is less than $500,000, has a which, in either case shall be calculated at the fair market value or book value, whichever is less, of $250,000 or less, less provided that all net cash proceeds thereof are remitted to the Lenders Lender for application to prepayment of the Loans, to the extent required pursuant to Section 3.3 (b) or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with within 120 days of any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given Agent and each Lender at least 5 days prior written notice of such disposition.

Dispositions of Equipment. Borrower will not sell, lease lease, or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent and each Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuingexists, to (ia) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of One Hundred Thousand Dollars ($250,000 100,000) or less, provided that all net cash proceeds thereof are remitted to the Lenders Lender for application to prepayment of the Loans, to the extent required pursuant to Section 3.3 16 or (b) or (ii) replacements dispositions of Equipment that is substantially worn, damaged damaged, or obsolete and that is replaced with Equipment of like kind, function function, and value, provided that the replacement Equipment shall be acquired prior to or concurrently with within thirty (30) days of any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given Agent and each Lender at least 5 days prior written notice of such disposition.