Common use of No Disposition of Collateral Clause in Contracts

No Disposition of Collateral. The Borrower will not in any way hypothecate or create or permit to exist any lien, security interest, charge or encumbrance on or other interest in any of the Collateral, except for the lien and security interest granted hereby, the security interests of SVB and Permitted Liens which, in the case of SVB and Permitted Liens, are junior to the lien and security interest of the Lender and judgments which have been stayed, vacated, bonded, or discharged, and the Borrower will not sell, transfer, assign, pledge, collaterally assign, exchange or otherwise dispose of any Collateral. In the event the Collateral, or any part thereof, is sold, transferred, assigned, exchanged, or otherwise disposed of in violation of these provisions, the security interest of the Lender shall continue in such Collateral or part thereof notwithstanding such sale, transfer, assignment, exchange or other disposition, and the Borrower will hold the proceeds thereof in a separate account for the benefit of the Lender. Following such a sale, the Borrower will transfer such proceeds to the Lender in kind.

No Disposition of Collateral. The Borrower will not in any way hypothecate or create or permit to exist any lien, security interest, charge or encumbrance on or other interest in any of the Collateral, except for the lien and security interest granted hereby, the security interests of SVB hereby and Permitted Liens which, in the case of SVB and Permitted Liens, which are junior to the lien and security interest of the Lender and judgments which have been stayed, vacated, bonded, or discharged, and the Borrower will not sell, transfer, assign, pledge, collaterally assign, exchange or otherwise dispose of (other than in the case of Tenant Improvements as provided in Section 5.8) any of the Collateral. In the event the Collateral, or any part thereof, is sold, transferred, assigned, exchanged, or otherwise disposed of in violation of these provisions, the security interest of the Lender shall continue in such Collateral or part thereof notwithstanding such sale, transfer, assignment, exchange or other disposition, and the Borrower will hold the proceeds thereof in a separate account for the benefit of the Lender. Following such a sale, the Borrower will transfer such proceeds to the Lender in kind.

No Disposition of Collateral. The Borrower will shall not in any way hypothecate or create or permit to exist any lien, security interest, charge charge, or encumbrance on or other interest in any of the Collateral, except for the lien and security interest granted hereby, the security interests of SVB hereby and Permitted Liens which, in the case of SVB and Permitted Liens, which are junior to the lien and security interest of the Lender and judgments which have been stayed, vacated, bonded, or dischargedLender, and the Borrower will shall not sell, transfer, assign, pledge, collaterally assign, exchange exchange, or otherwise dispose of any of the Collateral, except that (a) provided no Default or Event of Default has occurred or is continuing, (b) Lender maintains its first priority perfected security interest in the Collateral and (c) such affiliate is obligated to Lender for the Obligations, Borrower may transfer its Collateral to its wholly owned affiliates. In the event the Collateral, or any part thereof, is sold, transferred, assigned, exchanged, or otherwise disposed of in violation of these provisions, the security interest of the Lender shall continue in such Collateral or part thereof notwithstanding such sale, transfer, assignment, exchange exchange, or other disposition, and the Borrower will shall hold the proceeds thereof in a separate account for the benefit of the Lender. Following such a sale, the Borrower will shall transfer such proceeds to the Lender in kind.

No Disposition of Collateral. The Borrower will not in any way hypothecate or create or permit to exist any lien, security interest, charge charge, or encumbrance on or other interest in any of the Collateral, except for the lien and security interest granted hereby, the security interests of SVB hereby and Permitted Liens which, in the case of SVB and Permitted Liens, which are junior to the lien and security interest of the Lender and judgments which have been stayed, vacated, bonded, or dischargedLender, and the Borrower will not sell, transfer, assign, pledge, collaterally assign, exchange exchange, or otherwise dispose of any of the Collateral. Notwithstanding the foregoing, Borrower may dispose of items of (i) inventory in the ordinary course of business consistent with past practice and (ii) Collateral in the ordinary course of business consistent with past practice, so long as such dispositions do not exceed $50,000 in the aggregate in any twelve month period. In the event the Collateral, or any part thereof, is sold, transferred, assigned, exchanged, or otherwise disposed of in violation of these provisions, the security interest of the Lender shall continue in such Collateral or part thereof notwithstanding such sale, transfer, assignment, exchange exchange, or other disposition, and the Borrower will hold the proceeds thereof in a separate account for the benefit of the Lender. Following such a sale, the Borrower will transfer such proceeds to the Lender in kind.