Transfers of Equipment. Borrower may from time to time substitute Equipment, provided that (a) the substituted Equipment is not subject to any lien or other encumbrance and has a fair market value at least equal to the fair market of the Equipment for which it is substituted; (b) the marketability and operating integrity of Borrower's Equipment after such substitution is not impaired; (c) the Equipment substituted for is no longer used or useful in the operation of Borrower's business and is sold in arm's length transaction in exchange for money or monies' worth at least equal to the fair market value of such Equipment substituted for; and (d) no Default or Unmatured Default has occurred and is continuing.
Appears in 3 contracts
Samples: Credit Agreement (Anthony Clark International Insurance Brokers LTD), General Security Agreement (Amcast Industrial Corp), Credit Agreement (Obsidian Enterprises Inc)
Transfers of Equipment. Borrower may from time to time substitute Equipment, provided that (a) the substituted Equipment is not subject to any lien or other encumbrance and has a fair market value at least equal to the fair market of the Equipment for which it is substituted; (b) the marketability and operating integrity of Borrower's ’s Equipment after such substitution is not impaired; (c) the Equipment substituted for is no longer used or useful in the operation of Borrower's ’s business and is sold in arm's ’s length transaction in exchange for money or monies' money’s worth at least equal to the fair market value of such Equipment substituted for; and (d) no Default or Unmatured Default has occurred and is continuing.
Appears in 2 contracts
Samples: General Security Agreement (Bioanalytical Systems Inc), General Security Agreement (Bioanalytical Systems Inc)
