Common use of Sale or Transfer of Assets Clause in Contracts

Sale or Transfer of Assets. Without the prior approval of 100% of the Issuer's Board of Directors, not sell, lease, assign, transfer or otherwise dispose of any Property (other than in the ordinary course of business) except for (i) the sale or disposition of (A) Property which is not material to or necessary for the continued operation of its business and (B) obsolete or unusable items of equipment which promptly are replaced with new items of equipment of like function and comparable value to the unusable items of equipment when the same were new or not obsolete or unusable, provided such replacement items of equipment shall become subject to the Security Interests, (ii) Permitted Asset Sales and (iii) sales of Property upon which the Agent (as defined in the Loan Agreement) has released its Permitted Senior Indebtedness Liens.