Common use of Dispositions of Equipment Clause in Contracts

Dispositions of Equipment. Borrower will not sell, lease or voluntarily otherwise dispose of or transfer any of the Equipment 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, to (i) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of Five Hundred Thousand Dollars ($500,000) or less, provided that all proceeds thereof are remitted to Agent for application to the Revolving Credit Loans, or (ii) in connection with replacements of Equipment with Equipment of like or better kind, function or value, provided that the replacement Equipment shall be acquired prior to, concurrently with or within 180 days (or such longer period as reasonably consented to by Agent) after 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 Agent at least five (5) days prior written notice of any such disposition.

Dispositions of Equipment. Borrower will not sell, lease or voluntarily otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent; providedPROVIDED, howeverHOWEVER, 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 twelve12-month period, has a fair market value or book value, whichever is lessmore, of Five Hundred Thousand Dollars ($500,000) 100,000 or less, provided PROVIDED that all proceeds Net Proceeds thereof are remitted to Agent for application to the Revolving Credit LoansObligations, or (ii) in connection with replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like or better kind, function or and value, provided PROVIDED that the replacement Equipment shall be acquired prior to, to or concurrently with or within 180 days (or such longer period as reasonably consented to by Agent) after 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 Agent at least five (5) 10 days prior written notice of any such disposition.

Dispositions of Equipment. Borrower will not sell, lease or voluntarily otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of AgentAgent and each Lender; provided, however, that the foregoing restriction shall not apply, for so long as no Default or Event of Default existsexists and is continuing, to (i) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of Five Hundred Thousand Dollars ($500,000) 250,000 or less, provided that all net cash proceeds thereof are remitted to Agent the Lenders for application to prepayment of the Revolving Credit Loans, to the extent required pursuant to Section 3.3 (b) or (ii) in connection with replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like or better kind, function or and value, provided that the replacement Equipment shall be acquired prior to, to or concurrently with or within 180 days (or such longer period as reasonably consented to by Agent) after 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 Agent and each Lender at least five (5) 5 days prior written notice of any such disposition.

Dispositions of Equipment. Borrower will not sell, lease or voluntarily otherwise dispose of or transfer any of the Equipment or any part thereof without the prior written consent of Agent; providedPROVIDED, howeverHOWEVER, 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 twelve12-month period, has a fair market value or book value, whichever is less, of Five Hundred Thousand Dollars ($500,000) 250,000 or less, provided that all proceeds Net Proceeds thereof are remitted to Agent for application first to any Pre-Petition Debt outstanding in such order of application as Agent may elect and then to the Revolving Credit LoansObligations, or (ii) in connection with replacements of Equipment that is substantially worn, damaged or obsolete with Equipment of like or better kind, function or and value, provided that the replacement Equipment shall be acquired prior to, to or concurrently with or within 180 days (or such longer period as reasonably consented to by Agent) after 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 Agent at least five (5) 10 days prior written notice of any such disposition.

Dispositions of Equipment. Borrower will not sell, lease lease, or voluntarily otherwise dispose of or transfer any of the Equipment or any part 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, to (ia) dispositions of Equipment which, in the aggregate during any consecutive twelve-month period, has a fair market value or book value, whichever is less, of Five One Hundred Thousand Dollars ($500,000100,000) or less, provided that all proceeds thereof are remitted to Agent Lender for application to the Revolving Credit Loans, 16 or (iib) in connection with replacements dispositions of Equipment that is substantially worn, damaged, or obsolete and that is replaced with Equipment of like or better kind, function or function, and value, provided that the replacement Equipment shall be acquired prior to, concurrently with or within 180 thirty (30) days (or such longer period as reasonably consented to by Agent) after 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 Borrower shall have given Agent at least five (5) days Lender prior written notice of any such disposition.