Sales of Equipment. The Companies may sell Equipment from time to time, provided that in each such instance: (i) no Event of Default shall have occurred and remain outstanding at the time of such sale; (ii) the aggregate book value of the Equipment subject to sale, taken together with any other assets sold during the term of this Agreement under the proviso contained in Section 7.4(c) hereof, does not exceed $25,000,000 in the aggregate; and (iii) all net proceeds of such sales are either (x) promptly delivered by the Companies to the Agent by deposit to the Depository Account, for application first against the then outstanding Revolving Loans and second against any other Obligations in such manner and in such order as the Required Lenders may elect in the exercise of their reasonable business judgment), or (y) within 90 days of such sale, used to purchase replacement Equipment that the Companies determine in their reasonable business judgment to have a value at least equal to the Equipment sold. Upon the sale, transfer, lease or other disposition of Equipment, the Agent’s security interest in the Equipment shall, without break in continuity and without further formality or act, continue in, and attach to, all Proceeds. Such Proceeds shall not be commingled with the Companies’ other property, but shall be segregated and held by the Companies in trust for the Agent as the Agent’s property, for the benefit of the Agent and the Lenders. As to any such sale, transfer, lease or other disposition, the Agent shall have all of the rights of an unpaid seller, including stoppage in transit, replevin, rescission and reclamation.
Sales of Equipment. (If applicable)
Sales of Equipment. The Company may sell or lease Equipment from time to time, provided that in each such instance: (i) no Event of Default shall have occurred and remain outstanding at the time of such sale; (ii) the aggregate book value of the Equipment sold or leased (excluding (A) sales or leases of Equipment that is worn out or obsolete or no longer used or useful in the conduct of the Company’s business and (B) sales or leases of Equipment in exchange for or in connection with the purchase or replacement of Equipment of reasonably equivalent or greater value) does not exceed $250,000 in any fiscal year of the Company. Except as set forth above, the Company agrees not to sell, transfer, lease or otherwise dispose of any item of Equipment without the Required Lenders’ prior written consent. Upon the sale, transfer, lease or other disposition of Equipment, the Agent’s security interest in the Equipment shall, without break in continuity and without further formality or act, continue in, and attach to, all Proceeds; provided that the Company may retain such Proceeds and use the same (in accordance with the Budget, in the case of Proceeds other than Non-Operating Collections) so long as no Event of Default shall have occurred and remain outstanding. If an Event of Default shall have occurred and remain outstanding at the time of any sale of Equipment, such Proceeds shall not be commingled with the Company’s other property, but shall be segregated, held by the Company in trust for the Agent as the Agent’s property, for the benefit of the Lenders, and shall be promptly delivered by the Company to the Agent for application to the Obligations in such manner and such order as the Required Lenders may elect in the exercise of their reasonable business judgment. As to any such sale, transfer, lease or other disposition, the Agent shall have all of the rights of an unpaid seller, including stoppage in transit, replevin, rescission and reclamation.
Sales of Equipment. The Companies and their Subsidiaries may sell obsolete Equipment or surplus Equipment from time to time in the ordinary course of business, provided that in each instance (i) no Default or Event of Default shall have occurred and remain outstanding at the time of such sale; and (ii) in the case of sales by the Companies, all of the Net Proceeds of such sales are either (x) no later than 180 days after such sale, used to purchase replacement Equipment that the Companies determine in their reasonable business judgment to have a value at least equal to the Equipment sold or (y) if not specifically identified for use by the Companies and so used pursuant to the foregoing clause (x), promptly paid by the Companies to the Agent, for application against the Obligations in such manner and in such order as the Required Lenders may elect in the exercise of their reasonable discretion. Pending the use by the Companies of the Proceeds as herein authorized, such Proceeds shall not be commingled with the Companies’ other property, but shall be segregated and held by the Companies in trust for the Agent, for the benefit of the Lenders.
Sales of Equipment. Borrower may Transfer or dispose of equipment which is being replaced or which is no longer necessary in connection with the operation of the Property free from the Lien of the Security Instrument; provided that such Transfer or disposal is in the ordinary course of business, will not have a Material Adverse Effect, will not materially impair the utility of the Property, and will not result in a reduction or abatement of, or right of offset against, the Rents payable under any Lease, in either case as a result thereof, and provided further that any new equipment acquired by Borrower (and not so disposed of) shall be subject to the Lien of the Security Instrument. Lender shall, from time to time, upon receipt of an Officer’s Certificate requesting the same and confirming satisfaction of the conditions set forth above, execute a written instrument in form reasonably satisfactory to Lender to confirm that such equipment which is to be, or has been, sold or disposed of is free from the Lien of the Security Instrument.
Sales of Equipment. 13.1 In respect of any sale of any Equipment made by the Manager on behalf of the Owner, except for sales to the Manager or to any Affiliate of the Manager, the Manager shall be entitled to collect from the owner a fee of ****.
Sales of Equipment. Each Company agrees not to sell, transfer, lease or otherwise dispose of any item of Equipment without the Required Lenders’ prior written consent except for sales, transfers, leases or other disposals in an amount less than $500,000 individually or in the aggregate. Such Proceeds shall not be commingled with the Companies’ other property, for such sale, transfer, lease or other disposition.
Sales of Equipment. Notice is hereby given that Lessor may assign its rights to sell equipment (and to purchase trade-in property, if applicable) described herein to Lessor.
Sales of Equipment
