Common use of Dispositions of Equipment Clause in Contracts

Dispositions of Equipment. Borrowers shall not, and shall not permit any of their Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their respective Equipment or other fixed assets or any part thereof, without the prior written consent of Agent; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists and is continuing, (i) to dispositions of Equipment or other fixed assets with a book value not in excess of $50,000 in the aggregate in any fiscal year and (ii) to replacements of Equipment or other fixed assets that are substantially worn, damaged or obsolete with Equipment or other fixed assets which are useful in the business of Borrowers or one of their Subsidiaries, provided that the replacement Equipment or other fixed assets shall be acquired within 90 days after any disposition of the Equipment or other fixed assets that are to be replaced and the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are Purchase Money Liens.

Dispositions of Equipment. Borrowers Borrower shall not, and shall not permit any of their its Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their its respective Equipment or other fixed assets or any part thereof, thereof without the prior written consent of Agent; 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) to dispositions of Equipment or and other fixed assets with a book value not in excess of $50,000 which, in the aggregate during any consecutive twelve-month period, have a fair market value or a book value, whichever is less, of $750,000 or less, provided that all proceeds thereof are remitted to Agent for application to the Loans as provided in any fiscal year and subsection 3.3.1, or (ii) to replacements of Equipment or other fixed assets that are substantially worn, damaged or obsolete with Equipment or other fixed assets which are useful in the business of Borrowers or one of their Subsidiarieslike kind, function and value, provided that the replacement Equipment or other fixed assets shall be acquired within 90 days after any disposition of the Equipment or other fixed assets that are to be replaced and the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens.

Dispositions of Equipment. Borrowers shall not, and shall not permit any of their Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their respective Equipment or other fixed assets or any part thereof, thereof without the prior written consent of Agent; 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) to dispositions of Equipment or and other fixed assets with a book value not in excess of $50,000 which, in the aggregate during any consecutive twelve-month period, have a fair market value or a book value, whichever is less, of One Million ($1,000,000) or less, provided that all proceeds thereof are remitted to Agent for application to the Loans as provided in any fiscal year and subsection 3.3.1, or (ii) to replacements of Equipment or other fixed assets that are substantially worn, damaged or obsolete with Equipment or other fixed assets of like kind, function and value which are useful in the business of Borrowers any Borrower or one of their its Subsidiaries, provided that the replacement Equipment or other fixed assets shall be acquired within 90 ninety (90) days after any disposition of the Equipment or other fixed assets that are to be replaced and the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens.

Dispositions of Equipment. Borrowers Borrower shall not, and shall not permit any of their its Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their its respective Equipment or other fixed assets or any part thereof, thereof without the prior written consent of Agent; 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) to dispositions of Equipment or and other fixed assets with a book value not in excess of $50,000 which, in the aggregate during any consecutive twelve-month period, have a fair market value or a book value, whichever is less, of $250,000 or less, provided that all proceeds thereof are remitted to Agent for application to the Loans as provided in any fiscal year and subsection 3.3.1, or (ii) to replacements of Equipment or other fixed assets that are substantially worn, damaged or obsolete with Equipment or other fixed assets which are useful in the business of Borrowers or one of their Subsidiarieslike kind, function and value, provided that the replacement Equipment or other fixed assets shall be acquired within 90 days after any disposition of the Equipment or other fixed assets that are to be replaced and the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens.

Dispositions of Equipment. Borrowers Each Borrower shall not, and shall not permit any of their its Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their its respective Equipment or other fixed assets or any part thereof, thereof without the prior written consent of Agent; 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) to dispositions of Equipment or and other fixed assets with which, in the aggregate during any consecutive twelve-month period, have a book value not in excess of $50,000 100,000 or less, provided that all proceeds thereof are remitted to Agent for application to the Loans as provided in the aggregate in any fiscal year and subsection 3.3.1, or (ii) to replacements of Equipment or other fixed assets that are substantially worn, damaged or obsolete with Equipment or other fixed assets which are useful in the business of Borrowers Borrower or one of their its Subsidiaries, provided that the replacement Equipment or other fixed assets shall be acquired within 90 180 days after any disposition of the Equipment or other fixed assets that are to be replaced and the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are Purchase Money Liens. SECTION 7.

Dispositions of Equipment. Borrowers shall not, and shall not permit any of their Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their its respective Equipment or other fixed assets or any part thereof, thereof without the prior written consent of Agent; 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) to dispositions of Equipment or and other fixed assets with which, in the aggregate during any consecutive twelve-month period, have a fair market value or a book value not in excess value, whichever is less, of $50,000 or less, provided that all proceeds thereof are remitted to Agent for application to the Loans as provided in the aggregate in any fiscal year and subsection 3.3.1, or (ii) to replacements of Equipment or other fixed assets that are substantially worn, damaged or obsolete with Equipment or other fixed assets which are useful in the business of Borrowers or one of their Subsidiarieslike kind, function and value, provided that the replacement Equipment or other fixed assets shall be acquired within 90 days after any disposition of the Equipment or other fixed assets that are to be replaced and the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens.

Dispositions of Equipment. Borrowers shall not, and shall Borrower will not permit any of their Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their respective the Equipment or other fixed assets or any part thereof, thereof without the prior written consent of AgentLender; 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) to dispositions of Equipment or other fixed assets with a book value not in excess which, for an individual sale of Equipment is less than $50,000 100,000, or, which in the aggregate during any consecutive twelve-month period is less than $500,000, which, in any fiscal year and either case shall be calculated at the fair market value or book value, whichever is less provided that all proceeds thereof are remitted to Lender for application to the Loans, or (ii) to replacements of Equipment or other fixed assets that are is substantially worn, damaged or obsolete with Equipment or other fixed assets which are useful in the business of Borrowers or one of their Subsidiarieslike kind, function and value, provided that the replacement Equipment or other fixed assets shall be acquired within 90 120 days after of any disposition of the Equipment or other fixed assets that are is to be replaced and replaced, the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given Lender at least 5 days prior written notice of such disposition.

Dispositions of Equipment. Borrowers shall not, and shall not permit any of their Subsidiaries to, sell, lease or otherwise dispose of or transfer any of their respective Equipment or other fixed assets or any part thereof, thereof without the prior written consent of Agent; 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) to dispositions of Equipment or and other fixed assets with a book value not in excess of $50,000 which, in the aggregate during any consecutive twelve-month period, have a fair market value or a book value, whichever is more, of $500,000 or less, provided that all proceeds thereof are remitted to Agent for application to the Loans as provided in any fiscal year and subsection 3.3.1, or (ii) to replacements of Equipment or other fixed assets that are substantially worn, damaged or obsolete with Equipment or other fixed assets of like kind, function and value which are useful in the business of Borrowers any Borrower or one of their its Subsidiaries, provided that the replacement Equipment or other fixed assets shall be acquired within 90 days after any disposition of the Equipment or other fixed assets that are to be replaced and the replacement Equipment or other fixed assets shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens.