LIMITATION ON SALE OF PROPERTIES. Borrowers shall not, and shall not permit any of the other Companies to (a) sell, assign, exchange, lease, or otherwise dispose of any of its properties, rights, assets, or business, whether now owned or hereafter acquired, except in the ordinary course of its business and for a fair consideration, or (b) sell, assign, or discount any accounts receivable.
LIMITATION ON SALE OF PROPERTIES. Borrower shall not, and shall not permit its Subsidiaries to, (i) sell, assign, convey, exchange, lease or otherwise dispose of any of its properties, rights, assets or business (including the capital stock of its operating Subsidiaries), whether now owned or hereafter acquired, without the consent of the Lenders, except in the ordinary course of business, or (ii) sell, assign or discount any accounts receivable, except in the ordinary course of business (which shall include receivable financing or securitization), in each case without the consent of the Lenders; provided, however, that Borrower may sell its securities to unaffiliated third parties for fair market value and to employees under its existing stock option plan.
LIMITATION ON SALE OF PROPERTIES. Neither Borrower nor any Guarantor shall sell, assign, convey, exchange, lease or otherwise dispose of any of its properties, rights, assets or business, whether now owned or hereafter acquired, except in the ordinary course of its business.
LIMITATION ON SALE OF PROPERTIES. Company will not, and will not permit any of the Subsidiaries to, (a) sell, assign, convey, exchange, lease or otherwise dispose of any of its properties, rights, or assets, whether now owned or hereafter acquired, except for sales of severed hydrocarbons or used, obsolete or worn-out equipment which are made in the ordinary course of its business and for a fair consideration; provided, however, that Company or any Subsidiary may, for fair consideration, sell, assign, convey, exchange, lease or otherwise dispose of (i) properties, rights, assets or business which are not included for purpose of determining the Borrowing Base, and (ii) provided no Event of Default exists hereunder, Mineral Properties which are included for the purpose of determining the Borrowing Base if the net aggregate proceeds (cash or otherwise) received by Company and its Subsidiaries from all such sale or sales of such Mineral Properties do not exceed $35,000,000 during any calendar year or (b) sell, assign or discount, except for fair consideration, any accounts receivable. As to such permitted sales of Mineral Properties, (i) the initial $5,000,000 in net sales proceeds per any calendar year shall be retained by Company without any obligation for payment to Banks of any portion of such proceeds as a mandatory principal payment on the Loan, and there shall be no reduction to the Borrowing Base under Section 5.05 hereof on account of such sales, and (ii) for all permitted sales in excess of $5,000,000 per any calendar year, the Borrowing Base shall be reduced by excluding the Mineral Properties that are subject to such sales according to Section 5.05 and Company shall pay to Banks as a mandatory principal payment on the Loan such portion of the net proceeds derived from such sales as is necessary to cause the then Total Outstandings to not exceed the Borrowing Base then in effect after redetermination under Section 5.05 on account of -63- such sales. The provisions of this Section 9.07 shall not apply to Company's transfer or assignment of Mineral Properties to the Proposed Royalty Trust upon formation of the Proposed Royalty Trust or Company's transfer or sale of any of its units in the Proposed Royalty Trust; provided, however, that Section 5.05(b) shall apply upon Company's transfer or sale of any of its units in the Proposed Royalty Trust.
LIMITATION ON SALE OF PROPERTIES. Borrower shall not, and shall not permit any of its Subsidiaries to (a) sell, assign, exchange, lease, or otherwise dispose of any of its properties, rights, assets or business, whether now owned or hereafter acquired, in excess of $500,000 in the aggregate in any fiscal year outside the ordinary course of its business, or (b) sell, assign, or discount any Receivable.
LIMITATION ON SALE OF PROPERTIES. Neither Borrower nor any Subsidiary shall sell, assign, convey, exchange, lease or otherwise dispose of any of its properties, rights, assets or business, whether now owned or hereafter acquired, except (a) in the ordinary course of its business, and (b) obsolete or worn out property, or equipment sold in contemplation of the acquisition of replacement equipment of at least equal value or utility.
LIMITATION ON SALE OF PROPERTIES. The Company will not, and will not permit any Subsidiary to, sell, assign, convey, exchange, lease or otherwise dispose of any of its Properties (including accounts receivable and pawn loans), whether now owned or hereafter acquired, except in the ordinary course of its business; provided, however, that the Company and the Subsidiaries may sell Properties having an aggregate net book value (at the time of the disposition thereof) not in excess of $5,000,000 during any Fiscal Year and, provided further, that this Section 9.15 shall not operate to prevent the transactions permitted by Section 9.14 or Section 9.16 or any sale, transfer or lease of Property by a Wholly-Owned Subsidiary to the Company or to another Wholly-Owned Subsidiary and, provided further, that the Company will not, and will not permit any Subsidiary to, sell, assign, discount or otherwise dispose of any accounts receivable, except in the ordinary course of business consistent with the Company's collection practices as in effect from time to time and not a part of a financing.
LIMITATION ON SALE OF PROPERTIES. Borrower shall not, and shall not permit its Subsidiaries to, (i) pledge, sell, assign, convey, exchange, lease or otherwise dispose of any of the Collateral, or any interest therein, or any of the capital stock of its Subsidiaries, in either case whether now owned or hereafter acquired, without the consent of the Lender, except in the ordinary course of business, or (ii) sell, assign or discount any accounts receivable, except in the ordinary course of business (which shall include receivable financing or securitization), in each case without the consent of the Lender.
LIMITATION ON SALE OF PROPERTIES. Borrower shall not (i) sell, assign, convey, exchange, lease or otherwise dispose of any of its properties, rights, assets or business, whether now owned or hereafter acquired, without the consent of the Lender, except in the ordinary course of business, or (ii) sell, assign or discount any accounts receivable, except in the ordinary course of business (which shall include receivable financing or securitization), in each case without the consent of the Lender; provided, however, that Borrower may sell its securities to unaffiliated third parties at the current trading price, but not less than the conversion price and to employees under its existing stock option plan.
LIMITATION ON SALE OF PROPERTIES. Borrower will not, and will ensure each REO Affiliate does not, sell, assign, convey, exchange, lease or otherwise dispose of any of its properties, rights, assets or business, whether now owned or hereafter acquired, except in the ordinary course of its business and for a fair consideration, and in such event shall immediately pay such proceeds into the Lockbox Account to be applied pursuant to Section 3.06.
