Common use of Dispositions of Properties Clause in Contracts

Dispositions of Properties. A Loan Party shall not, and shall not permit any of its Subsidiaries to, sell, convey, assign, lease, transfer, abandon or otherwise dispose of, voluntarily or involuntarily, any of its properties, except: (a) Each Loan Party and each Subsidiary of each Loan Party may sell inventory in the ordinary course of business; (b) Each Loan Party and each Subsidiary of each Loan Party may license or otherwise reasonably convey its intellectual property and other intangible assets to the extent and in the manner that is characteristic of the industry of the Loan Parties provided that such Loan Party or Subsidiary of a Loan Party shall do nothing to prevent a collateral assignment of any such license agreement to the Agent, for the benefit of the Lenders; and (c) Each Loan Party and each Subsidiary of each Loan Party may dispose of property which is obsolete or no longer useful in the business of the Borrowers or such Subsidiary.

Dispositions of Properties. A Loan Party shall not, and shall not permit any of its Subsidiaries to, sell, convey, assign, lease, transfer, abandon or otherwise dispose of, voluntarily or involuntarily, any of its properties, except: (a) Each Loan Party and each Subsidiary of each Loan Party may sell inventory in the ordinary course of business; (b) Each Loan Party and each Subsidiary of each Loan Party may license or otherwise reasonably convey its intellectual property and other intangible assets to the extent and in the manner that is characteristic of the industry of the Loan Parties provided that such Loan Party or Subsidiary of a Loan Party shall do nothing to prevent a collateral assignment of any such license agreement to the Agent, for the benefit of the Lenders; and (c) Each Loan Party and each Subsidiary of each Loan Party may dispose of property which is obsolete or no longer useful in the business of the Borrowers Borrower or such Subsidiary.