Proceeds of Equipment Sample Clauses

Proceeds of Equipment. Maker shall not, without the prior written consent of Holder, sell, lease or grant a security interest in, or otherwise dispose of or encumber, any equipment, or any part thereof. Upon any disposition of equipment, Maker shall, unless otherwise agreed to by Xxxxxx, deliver all of the cash proceeds to Holder or his designee, which proceeds shall be applied to payments under the Note. Notwithstanding the foregoing, Maker shall have the right to trade in obsolete, redundant or unnecessary equipment in connection with the purchase of any new equipment, provided that such new equipment is subject to Holder's security interest free and clear of all other liens and encumbrances.
Sample 1
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Proceeds of Equipment. Maker shall not, without the prior written consent of Holder, sell, lease, grant a security interest in or otherwise dispose of or encumber any Equipment, or any part thereof, provided that Maker may sell obsolete, redundant or unnecessary Equipment in the ordinary course of business upon written notice to Holder. Upon any disposition of Equipment, Maker shall, unless otherwise agreed to by Holder, deliver all the cash proceeds to Holder or its designee, which proceeds shall be applied to paymxxxx xnder the Note. The foregoing notwithstanding, Maker shall have the right to trade in obsolete, redundant or unnecessary Equipment in connection with the purchase of new Equipment, provided that such new Equipment is subject to Holder’s security interest free and clear of all other liens and encumbrances.
Sample 1
Proceeds of Equipment. Borrowers shall not, without the prior written consent of Lender which consent shall not be unreasonably withheld, sell, lease, grant a security interest in or otherwise dispose of or encumber the Equipment or any part thereof; provided, however, that in any fiscal year of Borrowers, Borrowers may sell or otherwise dispose of Equipment with an aggregate net book value not to exceed $50,000 without the prior written consent of Lender. In the event any Equipment is sold, transferred, or otherwise disposed of as permitted in this Section 8.3, Borrowers shall deliver all of the Net Proceeds of such sale, transfer, or disposition to Lender, which Net Proceeds shall be applied to the repayment of the Liabilities; provided, however, that with Lender's prior written consent, which consent shall not be unreasonably withheld, Borrowers may use the proceeds of such sale, transfer, or disposition to finance the purchase of replacement Equipment. Borrowers shall deliver to Lender written evidence of the use of the proceeds for such purchase; all replacement Equipment purchased by Borrowers shall be free and clear of all liens, claims, security interests, and other encumbrances, except for such liens, claims, security interests, and other encumbrances that (i) do not apply to property of such Borrower other than the replacement Equipment so acquired, and the Indebtedness secured thereby and does not exceed the cost of the replacement Equipment so acquired, (ii) are granted to Lender or (iii) are otherwise permitted in this Agreement.
Sample 1
Proceeds of Equipment. Neither Borrower shall, without the prior written consent of Lender, sell, lease, grant a security interest in or otherwise dispose of or encumber the Equipment or any part thereof without, in each case, the prior written consent of Lender (which consent shall not be unreasonably withheld). In the event any Equipment is sold, transferred, or otherwise disposed of as permitted in this Section 8.3, Borrowers shall deliver all of the cash proceeds of such sale, transfer, or disposition to Lender, which proceeds shall be applied to the repayment of the Liabilities; provided, however, such Borrower may use the proceeds of such sale, transfer, or disposition to finance the purchase of replacement Equipment in which Lender will be provided with a valid perfected security interest therein. Such Borrower shall deliver to Lender written evidence of the use of the proceeds for such purchase; all replacement Equipment purchased by such Borrower shall be free and clear of all liens, claims, security interests, and other encumbrances, except for the liens, claims, security interests, and other encumbrances granted to Lender or the Permitted Liens.
Sample 1
Proceeds of Equipment. Borrower shall not, without the prior written consent of the Lender, sell, lease, grant a security interest in or otherwise dispose of or encumber any Equipment, or any part thereof; provided that Borrower may sell obsolete, redundant or unnecessary Equipment in the ordinary course of business upon written notice to the Lender. Upon any disposition of Equipment, Borrower shall, unless otherwise agreed to by the Lender, deliver all of the cash proceeds to the Lender or its designee, which proceeds shall be applied to the repayment of the Obligations. The foregoing notwithstanding, Borrower shall have the right to trade in obsolete, redundant or unnecessary Equipment in connection with the purchase of new Equipment, provided that such new Equipment is subject to Lender’s security interest free and clear of all other liens and encumbrances.
Sample 1

Related to Proceeds of Equipment

  • Dispositions of Equipment No Borrower shall sell, lease or otherwise dispose of any Equipment, without the prior written consent of Agent, other than (a) a Permitted Asset Disposition; and (b) replacement of Equipment that is worn, damaged or obsolete with Equipment of like function and value, if the replacement Equipment is acquired substantially contemporaneously with such disposition and is free of Liens.

  • Proceeds of Sale The proceeds of any collection, recovery, receipt, appropriation, realization or sale of the Collateral shall be applied by the Pledgee as follows:

  • Sale of Equipment During the period from the date of such notice given pursuant to Section 10.1 to the Termination Date, Lessee, as non-exclusive agent for Lessor and, except as provided in Section 10.3, at Lessee's sole cost and expense, shall use reasonable best efforts to obtain bids from Persons other than Lessee, the Manager or any of their respective Affiliates for the cash purchase of the Terminated Units, and Lessee shall promptly, and in any event at least five Business Days prior to the proposed date of sale, certify to Lessor in writing the amount and terms of each such bid, the proposed date of such sale and the name and address of the party submitting such bid. Unless Lessor shall have elected to retain the Terminated Units in accordance with Section 10.3, on the Termination Date: (i) Lessee shall deliver the Terminated Units (excluding any optional Severable Modifications removed by Lessee pursuant to Section 9.2) to the bidder (which shall not be Lessee or Manager or an Affiliate of Lessee or Manager (for the avoidance of doubt the bidder may be a Customer, or a customer of the Manager, and neither the Manager nor any Affiliate shall be prohibited from managing the Units for such bidder after the purchase by such bidder)) that shall have submitted the highest cash bid prior to such date (or to such other bidder as Lessee and Lessor shall agree) and (ii) subject to the prior or concurrent receipt (x) by Lessor of all amounts owing to Lessor pursuant to the next sentence and (y) by the Persons entitled thereto of all unpaid Supplemental Rent due on or before the Termination Date, Lessor shall, without recourse or warranty (except as to the absence of any Lessor's Lien) simultaneously therewith transfer all of its right, title and interest in and to the Terminated Units to such bidder. The net proceeds of sale realized at such sale shall be paid to Lessor and, in addition, on the Termination Date, Lessee shall pay to Lessor (A) all Basic Rent with respect to such Terminated Units due and payable prior to the Termination Date (exclusive of any Basic Rent with respect to the Terminated Units due on such date), (B) the excess, if any, of (1) the Termination Amount for the Terminated Units computed as of the Termination Date over (2) the net cash sales proceeds (after the deduction of all applicable sales, transfer or similar taxes) of the Terminated Units, (C) an amount equal to any unpaid Late Payment Interest in respect of any Rent in respect of the Terminated Units not paid when due (including, for the avoidance of doubt, Rent corresponding to the principal amount of the Equipment Notes to be prepaid in accordance with Section 2.10(a) of the Indenture) and (D) all other Rent in respect of the Terminated Units (exclusive of any Basic Rent on the Terminated Units due on such date) then due and payable hereunder (which shall include, without limitation, a portion of the Policy Provider Amounts and Policy Provider Reimbursement Costs, if any, equal to the product obtained by multiplying the unpaid Policy Provider Amounts and Policy Provider Reimbursement Costs by a fraction, the numerator of which shall be the Equipment Cost of the Terminated Units and the denominator of which shall be the aggregate Equipment Costs of all Units then subject to this Lease and Late Payment Interest related thereto), so that, after receipt and application of all such payments, but without withdrawal from any CAA Accounts other than the applicable Non-Shared Payments Account, (i) Lessor shall be entitled under the terms of the Collateral Agency Agreement to receive, and does receive, taking into account all payments of Basic Rent, in respect of all such Units, the sum of the portion of the Accumulated Equity Deficiency Amount allocable to the Terminated Units and Late Payment Interest related thereto and any other amounts then due to Lessor and (ii) the Policy Provider has received the portion of Policy Provider Amounts and Policy Provider Reimbursement Costs calculated above. If no sale shall have occurred, whether as a result of Lessee's failure to pay all of the amounts hereinabove required or otherwise, this Lease shall continue in full force and effect with respect to such Units and Lessee agrees to reimburse Lessor, Policy Provider and the Indenture Trustee for all reasonable costs and expenses (including reasonable legal fees and expenses) incurred by any thereof in connection therewith. Lessee, in acting as agent for Lessor, shall have no liability to Lessor for failure to obtain the best price, shall act in its sole discretion and shall be under no duty to solicit bids publicly or in any particular market. Owner Participant shall have the right, but not the obligation, to obtain bids either directly or through agents other than Lessee.

  • Proceeds of Collateral Borrowers shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account). If any Borrower or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

  • Use of Equipment Lessee shall use the Equipment solely in the conduct of its business, in a manner and for the use contemplated by the manufacturer thereof, and in compliance with all laws, rules and regulations of every governmental authority having jurisdiction over the Equipment or Lessee and with the provisions of all policies of insurance carried by Lessee pursuant to Section 3.6.

  • LEASE OF EQUIPMENT Lessor leases to Lessee, and Lessee leases from Lessor, all the property described in the Lease Schedules which are signed from time to time by Lessor and Lessee.

  • Location of Equipment and Inventory All Equipment and Inventory are (i) located at the locations indicated on Schedule 4 (ii) in transit to such locations or (iii) in transit to a third party purchaser which will become obligated on a Receivable to the Debtor upon receipt. Except for Equipment and Inventory referred to in clauses (ii) and (iii) of the preceding sentence, the Debtor has exclusive possession and control of the Inventory and Equipment.

  • Proceeds and Products All proceeds, including insurance proceeds, and products of the items of Credit Security described or referred to in Sections 2.1.1 through 2.1.14 and, to the extent not included in the foregoing, all Distributions with respect to the Pledged Securities.

  • Location of Equipment The Equipment of Borrower and its Subsidiaries is not stored with a bailee, warehouseman, or similar party and is located only at, or in-transit between, the locations identified on Schedule 5.14 (as such Schedule may be updated pursuant to Section 5.14).

  • Proceeds of Notes The Borrower will not permit the proceeds of the Notes to be used for any purpose other than those permitted by Section 7.21. Neither the Borrower nor any Person acting on behalf of the Borrower has taken or will take any action which might cause any of the Loan Documents to violate Regulations T, U or X or any other regulation of the Board or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same may hereinafter be in effect. If requested by the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U-1 or such other form referred to in Regulation U, Regulation T or Regulation X of the Board, as the case may be.

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