SALE OF EQUIPMENT COLLATERAL. 19 7.2 Insurance............................................19 7.3
SALE OF EQUIPMENT COLLATERAL. Borrower will not make any Asset Sale without the prior written consent of Lender. Notwithstanding anything to the contrary in this Section 6.1, promptly upon receipt by Borrower or any Subsidiary of the proceeds of any Asset Sale after the Closing Date, an amount equal to 100% of the Net Cash Proceeds of such Asset Sale shall become due and payable and Borrower shall prepay the Term Loan by such amount.
SALE OF EQUIPMENT COLLATERAL. 22- 6.2. Insurance. -22- 6.3.
SALE OF EQUIPMENT COLLATERAL. Borrower will not sell, ------------------------------- lease, exchange, or otherwise dispose of any of the Equipment Collateral without the prior written consent of Lender; provided, however, that, so long as no -------- ------- ---- Event of Default exists at such time or would result therefrom, (i) Borrower may dispose of Equipment Collateral having an aggregate net book value of not more than $25,000 during any Fiscal Year of Borrower, (ii) after notice to Lender, Borrower may dispose of Equipment Collateral used in the manufacturing operations of Borrower having an aggregate net book value of not more than $200,000 in the aggregate during any Fiscal Year of Borrower, and any proceeds received from such disposition shall be delivered to Lender for application to the Obligations, and (iii) in the ordinary course of Borrower's business, Borrower may sell, exchange or otherwise dispose of portions of its Equipment Collateral which are obsolete, worn-out or unsuitable for continued use by Borrower if such Equipment Collateral is replaced promptly upon its disposition with equipment constituting Equipment Collateral having a market value equal to or greater than the Equipment Collateral so disposed of and in which Lender shall obtain and have a first priority security interest pursuant hereto.
SALE OF EQUIPMENT COLLATERAL. No Borrower will sell, lease, rent, exchange, or otherwise dispose of any of the Equipment Collateral other than in the ordinary course of such Borrower's business without the prior written consent of Lender.
SALE OF EQUIPMENT COLLATERAL. 22 6.2. INSURANCE...............................................................................................22 6.3.
SALE OF EQUIPMENT COLLATERAL. It will not sell, lease, exchange, or otherwise dispose of any of its Equipment Collateral without the prior written consent of Lender; provided, however, that, with notice to, but without the necessity of consent of, Lender, from time to time hereafter, in the ordinary course of its business, it may sell, exchange, or otherwise dispose of portions of the Equipment Collateral which are obsolete, worn out or unsuitable for continued use if such Equipment Collateral is replaced promptly upon its disposition with equipment constituting Equipment Collateral having a market value equal to or greater than the Equipment Collateral so disposed of and in which Lender shall obtain and have a first priority security interest pursuant hereto.
SALE OF EQUIPMENT COLLATERAL. The Company will not sell, lease, exchange, or otherwise dispose of any of the Equipment Collateral without the prior written consent of the Bank; provided, however, that, with notice to, but without the necessity of consent of, the Bank, from time to time hereafter, in the ordinary course of the Company's business, the Company may sell, exchange or otherwise dispose of portions of the Equipment Collateral which are obsolete, worn-out or unsuitable for continued use by the Company; provided, further, that, unless such Equipment Collateral is no longer necessary in the operation of the Company's business, such Equipment Collateral is replaced promptly upon its disposition with equipment constituting Equipment Collateral having a market value equal to or greater than the Equipment Collateral so disposed of and in which the Bank shall obtain and have a security interest pursuant hereto.
SALE OF EQUIPMENT COLLATERAL. Obligor will not sell, lease, exchange, or otherwise dispose of any of the Equipment Collateral without the prior written consent of Agent; provided, however, that, with notice to, but without the necessity of consent of, Agent, from time to time hereafter, in the ordinary course of Obligor's business, Obligor may sell, exchange or otherwise dispose of portions of its Equipment Collateral which are obsolete, worn-out or unsuitable for continued use by Obligor if such Equipment Collateral is replaced promptly upon its disposition with equipment constituting Equipment Collateral having a market value equal to or greater than the Equipment Collateral so disposed of and in which Agent shall obtain and have a first priority security interest pursuant hereto.
SALE OF EQUIPMENT COLLATERAL. Borrower will not make any Asset Sale without the prior written consent of Lender. Notwithstanding anything to the contrary in this Section 6.1, promptly upon receipt by the Borrower or any Subsidiary of the proceeds of any Asset Sale after the Closing Date, an amount equal to 100% of the Net Cash Proceeds of such Asset Sale shall become due and payable and the Borrower shall prepay (i) the Term Loan and (ii) after the Term Loan has been repaid in full, the Line of Credit (with a corresponding reduction in the amount of the Line of Credit) and (iii) after the Line of Credit has been repaid in full, to a cash collateral account in respect of Letter of Credit Obligations.
