Disposition or Encumbrance of Collateral. The Issuer will not without the prior written consent of the Collateral Agent (A) surrender or lose possession of (other than to the Investors), sell, lease, rent or otherwise dispose of or transfer (collectively, a “Transfer”) any of its property including without limitation its intellectual property or any right or interest therein, other than: (i) Transfers of inventory in the ordinary course of business, (ii) Transfers of non-exclusive licenses and similar arrangements for the use of the property of Issuer in the ordinary course of business, or (iii) Transfers of worn-out or obsolete equipment; (B) create, incur, assume or allow any Lien with respect to any of the Collateral, outside the ordinary course of business; or (C) remove any material portion of the Collateral from its present location within the State of California.
Disposition or Encumbrance of Collateral. Grantor will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior written consent of Lender except as provided in this Section or for Permitted Liens. Until a Default or Event of Default has occurred and is continuing, Grantor may: (a) sell Collateral consisting of: (i) Inventory in the ordinary course of business provided that Grantor receives as consideration for such sale an amount not less than the fair market value of the Inventory at the time of such sale; and (ii) Equipment and Fixtures which in the judgment of Grantor have become obsolete or unusable in the ordinary course of business, provided that all net Proceeds of such sales of Equipment and Fixtures are delivered directly to Lender for application to the Obligations in such order as the Lender may elect; and (b) grant security interests in Equipment and Fixtures in order to secure permitted by the proviso clause to Section 8(b) of the Loan Agreement.
Disposition or Encumbrance of Collateral. Grantor will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior written consent of Secured Party except as provided in this Section or for Permitted Liens. Until a Default or Event of Default has occurred and is continuing, Grantor may sell Collateral consisting of: (a) Inventory in the ordinary course of business provided that Grantor receives as consideration for such sale an amount not less than the fair market value of the Inventory at the time of such sale; and (b) Equipment and Fixtures which in the judgment of Grantor have become obsolete or unusable in the ordinary course of business, provided that all net Proceeds of such sales of Equipment and Fixtures are (i) used to acquire replacement Equipment or Fixtures or (ii) delivered directly to Secured Party for application to the Obligations in such order as the Secured Party may elect.
Disposition or Encumbrance of Collateral. Grantor will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior written consent of Lender except as provided in this paragraph or for Permitted Liens. Until a Default or Event of Default has occurred and is continuing, Grantor may sell Collateral consisting of:
(a) Inventory in the ordinary course of business to the extent permitted by SECTION 9.2 of the Credit Agreement;
(b) Equipment or other property to the extent permitted by SECTION 9.2 of the Credit Agreement; and
(c) License any Patents, Trademarks, Copyrights or applications therefor, trade secrets, know-how and other intellectual property in the ordinary course of business, provided the Borrower receives as consideration an amount not less than the fair value of such license and provided further that if such license is an exclusive license, then Borrower retains such rights as may be necessary to allow Borrower to perform its obligations to the licensee or others under applicable manufacturing contracts and that such license does not restrict the assignment of such rights to the Lender.
Disposition or Encumbrance of Collateral. Except for the Inventory in the ordinary course of business, the Company will not sell, exchange or otherwise dispose of, or encumber (except pursuant to this Security Agreement) or incur or permit to exist any Liens with respect to any of the Collateral, or any rights thereto, without having obtained the Secured Partys prior written consent in each instance.
Disposition or Encumbrance of Collateral. Debtor will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior written consent of the Agents except as provided in this paragraph. Until a Default or Event of Default has occurred and is continuing, Debtor may sell Collateral consisting of: (a) Inventory in the ordinary course of business provided that Debtor receives as consideration for such sale an amount not less than the fair market value of the Inventory at the time of such sale; and (b) Equipment and Fixtures which in the judgment of Debtor have become obsolete or unusable in the ordinary course of business, provided that all net Proceeds greater than $20,000 of such sales of Equipment and Fixtures are delivered directly to the Agents for application to the Obligations in an amount prorated among the Secured Notes in proportion to the outstanding principal balance of each of the Secured Notes.
Disposition or Encumbrance of Collateral. Grantor will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior written consent of Lender except as provided in this Section or for Permitted Liens. Until a Default or Event of Default has occurred and is continuing, Grantor may sell Collateral consisting of: (a) Inventory in the ordinary course of business provided that Grantor receives as consideration for such sale an amount not less than the fair market value of the Inventory at the time of such sale; and (b) Equipment and Fixtures which in the judgment of Grantor have become obsolete or unusable in the ordinary course of business, provided that all net Proceeds of such sales of Equipment and Fixtures are delivered directly to Lender for application to the Obligations in such order as the Lender may elect.
Disposition or Encumbrance of Collateral. Borrower will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior written consent of the Lender, except as provided in this Section 2.3 and except for the liens permitted by Section 2.2 above. Until an Event of Default (as defined in Article V below) has occurred and is continuing, Borrower may sell Inventory in the ordinary course of business and may sell Equipment and Fixtures which in the judgment of Borrower have become obsolete or unusable in the ordinary course of Borrower's business.
Disposition or Encumbrance of Collateral. No Grantor will encumber, sell or otherwise transfer or dispose of any Collateral without the prior written consent of Lender except as provided in Section 7.05 of the Credit Agreement or Permitted Liens.
Disposition or Encumbrance of Collateral. Debtor will not encumber, sell or otherwise transfer or dispose of the Collateral without the prior written consent of Bank except in the ordinary course of business or as provided in this Agreement and the Loan Agreement and except for obsolete, damaged or unneeded Equipment or Equipment which may be replaced or disposed of in the ordinary course of business.
