Encumbrance or Sale. Encumber, sell, pledge, mortgage, lease, or otherwise dispose of or transfer, whether by merger, consolidation or otherwise, any of Borrower’s assets, except (1) Permitted Liens, (2) sales of Inventory in the ordinary course of Borrower’s businesses, and (3) sales of worn or obsolete Equipment, provided the proceeds thereof are remitted to Agent pursuant to Section 3.1(B).
Appears in 2 contracts
Samples: Loan and Security Agreement (Agritech Worldwide, Inc.), Loan and Security Agreement (Agritech Worldwide, Inc.)
Encumbrance or Sale. Encumber, sell, pledge, mortgage, lease, or otherwise dispose of or transfer, whether by merger, consolidation or otherwise, any of Borrower’s assets, except (1) Permitted Liens, (2) sales of Inventory in the ordinary course of Borrower’s businesses, Liens and (3) sales of worn or obsolete Equipment, provided the proceeds thereof are remitted to Agent pursuant to Section 3.1(B)as otherwise expressly permitted herein.
Appears in 1 contract
Samples: Loan and Security Agreement (United American Healthcare Corp)
Encumbrance or Sale. Encumber, sellsell (other than the sale of Inventory in the ordinary course of business), pledge, mortgage, lease, or otherwise dispose of or transfer, whether by merger, consolidation or otherwise, any of Borrower’s assets, except (1) Permitted Liens, (2) sales of Inventory in the ordinary course of Borrower’s businesses, Liens and (3) sales of worn or obsolete Equipment, provided the proceeds thereof are remitted to Agent pursuant to Section 3.1(B)as otherwise expressly permitted herein.
Appears in 1 contract
Samples: Loan and Security Agreement (Total Apparel Group , Inc.)
