No Sale/Encumbrances. Without prior consultation of the IP Committee at least thirty (30) days prior to entering into any binding agreement, Company shall not: (i) sell, lease, sublease, license, sublicense or dispose of in any manner; or (ii) pledge, assign or grant any security interest in and to, the Inventions and Patents, or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements to be filed with respect thereto (each, a, “Disposition”). The IP Committee shall have the right to consult with (and participate in Board meetings), the Board concerning any decision of the Board with respect to a Disposition. Notwithstanding the foregoing, statutory possessory liens incurred in the ordinary course of Company’s business and liens arising from the entry of any judgment against Company which is vacated or superseded within the time provided by any applicable Laws shall not be a violation of this covenant. The IP Committee shall consist of not less than three (3) members. Initially, the IP Committee shall consist of: (i) Xxxx Xxxxxx (“Board Committee Member”); (ii) Xxxxxxx X. Xxxxxx (“Legal Committee Member”); and (iii) Xxxxxx XxXxxxx (“Inventor Committee Member”).
No Sale/Encumbrances. Except as set forth in the Credit Agreement, Grantor agrees that the sale, conveyance, mortgage, grant, bargain, encumbrance, pledge, assignment, or other transfer of the Property and Improvements, or any part thereof, without the written consent of Lenders, shall constitute an event allowing Lender to declare the Obligations immediately due and payable without notice of intention to accelerate, notice of acceleration or any other notice or demand.
No Sale/Encumbrances. (a) Without prior consultation of the Board at least thirty (30) days prior to entering into any binding agreement, Buyer shall not: (i) sell, lease, sublease, license, sublicense or dispose of in any manner; or (ii) pledge, assign or grant any security interest in and to, the Technology, or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements to be filed with respect thereto (each, a, “Disposition”).
