Common use of Dispositions of Equipment Clause in Contracts

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists, to (i) dispositions of Equipment which, in the aggregate during any consecutive 12-month period, has a fair market value or book value, whichever is more, of $10,000 or less, provided that all Net Proceeds thereof are remitted to Lender for application to the Obligations in such order of application as Lender shall elect, or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment 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 10 days prior written notice of such disposition. Nothing herein shall be construed to authorize Borrower to sell any Equipment subject to a lease between Lender and Borrower without Lender's prior written consent.

Dispositions of Equipment. Borrower will not sell, lease or -------------------------- otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Lender; provided, however, that the -------- ------- foregoing restriction shall not apply, for so long as no Default or Event of Default exists, to (i) dispositions of Equipment which, in the aggregate during any consecutive 12twelve-month period, has a fair market value or book value, whichever is moreless, of $10,000 150,000.00 or less, provided that all Net Proceeds proceeds thereof are remitted to Lender for application to the Obligations in such order of application as Lender shall electLoans, or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment 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 10 5 days prior written notice of such disposition. Nothing herein shall be construed to authorize Borrower to sell any Equipment subject to a lease between Lender and Borrower without Lender's prior written consent.

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of LenderAgent; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists, to (i) dispositions of Equipment which, in the aggregate during any consecutive 12twelve-month period, has a fair market value or book value, whichever is moreless, of One Hundred Fifty Thousand Dollars ($10,000 150,000) or less, provided that all Net Proceeds proceeds thereof are remitted to Lender Agent for application to the Obligations in such order of application as Lender shall electLoans, or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with within thirty (30) days of any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and or (iii) lease (as lessor) Equipment, so long as the Equipment subject to any such lease is not necessary for the conduct of Borrower's business, provided, further, however, that no such disposition or lease shall be permitted unless Borrower shall have given Lender Agent at least 10 days five (5) days' prior written notice of such disposition. Nothing herein shall be construed to authorize Borrower to sell any Equipment subject to a lease between Lender and Borrower without Lender's prior written consentdisposition or lease.

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists, to (i) dispositions of Equipment which, in the aggregate during any consecutive 12-month period, has a fair market value or book value, whichever is more, of $10,000 50,000 or less, provided that all Net Proceeds thereof are remitted to Lender for application to the Obligations in such order of application as Lender shall elect, or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment 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 10 days prior written notice of such disposition. Nothing herein shall be construed to authorize Borrower to sell any Equipment subject to a lease between Lender and Borrower without Lender's ’s prior written consent.

Dispositions of Equipment. Borrower will not sell, lease or otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Lender; provided, however, that the foregoing restriction on the sale, lease, disposition or other transfer of any Equipment shall not apply, for so long as no Default or Event of Default exists, to (i) dispositions of Equipment which, in the aggregate during any consecutive 12twelve-month period, has a fair market value or book value, whichever is moreless, of $10,000 100,000 or less, provided that all Net Proceeds proceeds thereof are remitted turned over to Lender for application to the Obligations be applied by Lender in such order of application as Lender shall electaccordance with Section 3.5 hereof, or (ii) replacements replacement of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens Liens, other than Permitted Liens that are not Purchase Money Liens, and Borrower shall have given give Lender at least 10 five (5) days prior written notice of such disposition. Nothing herein shall be construed to authorize Borrower to sell any Equipment subject to a lease between Lender , and Borrower without Lender's prior written consentshall turn over to Lender all proceeds realized from any such disposition to be applied by Lender in accordance with Section 3.5 hereof.

Dispositions of Equipment. No Borrower will not sell, lease or otherwise dispose of or transfer any of the its Equipment or any part thereof without the prior written consent of Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default exists, to (i) dispositions of Equipment which, in the aggregate as to all Borrowers during any consecutive 12-month period, has a fair market value or book value, whichever is more, of $10,000 50,000 or less, provided that all Net Proceeds thereof are remitted to Lender for application to the Loans (which application shall be first to the Term Loan or Equipment Loans in accordance with Section 4.3.4 hereof,, to the extent of the Net Proceeds thereof, and the balance, if any, to any other Obligations in such order of application as Lender shall electoutstanding), or (ii) replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like kind, function and value, provided that the replacement Equipment shall be acquired prior to or concurrently with any disposition of the Equipment that is to be replaced, the replacement Equipment shall be free and clear of Liens other than Permitted Liens that are not Purchase Money Liens, and Borrower . Borrowers shall have given give Lender at least 10 days prior written notice of any disposition of Equipment that is authorized pursuant to this Section 7.4.2 at least 5 Business Days prior to the date of such disposition. Nothing herein shall be construed to authorize Borrower to sell any Equipment subject to a lease between Lender and Borrower without Lender's prior written consent.