Account Covenants Sample Clauses

Account Covenants. (a) The Obligors may grant such allowances or other adjustments to the Obligors’ Account Debtors, Credit Card Processors and Credit Card Issuers as the Obligors may reasonably deem to accord with sound business practice, provided, however, the authority granted the Obligors pursuant to this Section 7.2 may be limited or terminated by the Lender at any time in the Lender’s discretion following the occurrence and during the continuance of an Event of Default. (b) The Borrower shall notify Lender in writing promptly of the assertion of (i) any claims, offsets, defenses or counterclaims by any Account Debtor, Credit Card Issuer or Credit Card Processor or any disputes with any of such Persons or any settlement, adjustment or compromise thereof, to the extent any of the foregoing exceeds $100,000 in any one case or $500,000 in the aggregate in any Fiscal Year and (ii) all information relating to the financial condition of any Account Debtor, Credit Card Issuer or Credit Card Processor known to the Obligors that would reasonably be expect to have a Material Adverse Effect on the Obligors. (c) After the occurrence and during the continuance of an Event of Default, the Lender from time to time may verify the Receivables Collateral directly with the Obligors’ Account Debtors, Credit Card Issuer or Credit Card Processor, such verification to be undertaken in keeping with commercially reasonable commercial lending standards. (d) The Borrower shall notify Lender in writing promptly of: (i) any notice of a material default by the Obligors under any Credit Card Agreements or of any default which has a reasonable likelihood of resulting in the Credit Card Issuer or Credit Card Processor ceasing to make payments or suspending payments to Obligors, (ii) any notice from any Credit Card Processor or Credit Card Issuer that such Person is ceasing or suspending, or will cease or suspend, any present or future payments generally due or to become due to Obligors from such Person, or that such Person is terminating or will terminate any of the Credit Card Agreements, and (iii) the failure of the Obligors to comply with any material terms of the Credit Card Agreements or any terms thereof which has a reasonable likelihood of resulting in the Credit Card Issuer or Credit Card Processor ceasing or suspending payments to the Obligors.

Account Covenants. The Borrower shall promptly upon its learning thereof: (a) inform the Administrative Agent in writing of any delay in the Borrower’s performance of any of its obligations to any Account Debtor or of any assertion of any claims, offsets or counterclaims by any Account Debtor of the Borrower other than made in the ordinary course of business, either of which could have a Material Adverse Effect; (b) furnish to and inform the Administrative Agent of all adverse information relating to the financial condition of any Account Debtor of the Borrower which could have a Material Adverse Effect; and (c) notify the Administrative Agent in writing if any of Borrower’s then existing Accounts scheduled to the Administrative Agent with respect to which the Administrative Agent for the Lenders has made an advance are no longer Eligible Accounts.

Account Covenants. The Borrower shall promptly upon the Borrower’s learning thereof: (i) inform the Lender in writing of any material delay in the Borrower’s performance of any of its material obligations to any Account Debtor or of any assertion of any material claims, setoff or counterclaims by any Account Debtor; (ii) furnish to and inform the Lender of all material adverse information of which the Borrower obtains knowledge relating to the financial condition of any Person who is then an Account Debtor as to open Accounts with a face amount, in the aggregate, in excess of $1,000,000.00.

Account Covenants. Unless the Lender notifies Borrower in writing that Lender suspends any one or more of the following requirements, Borrower shall (a) promptly upon Borrower’s learning thereof, inform the Lender, in writing, of any material delay in Borrower’s performance of any of its obligations to any Account Debtor and of any assertion of any material claims, offsets or counterclaims by any Account Debtor and of any allowances, credits and/or other monies granted by Borrower to any Account Debtor outside of the ordinary course of Borrower’s business, and (b) not permit or agree to any compromise or settlement with respect to Accounts which constitute, in the aggregate, more than five percent (5%) of all Accounts then owing to Borrower.

Account Covenants. Each Borrower shall promptly upon learning thereof (except as to Accounts not to exceed $500,000 in the aggregate for all Borrowers at any time outstanding): (i) inform Agent in writing of any material violation of such Borrower's contractual obligations to any Account Debtor or of any assertion of any claims, offsets or counterclaims by any Account Debtor; (ii) furnish to and inform Agent of all material adverse information relating to the financial condition of any Account Debtor; and (iii) notify Agent in writing if any of its then existing Accounts scheduled to Agent with respect to which Agent or any Lender has made an advance are no longer Eligible Accounts as to which Agent and each Lender has not previously received notice from such Borrower that the same have ceased to be Eligible Accounts hereunder.

Account Covenants. Borrower shall promptly upon its learning thereof: (a) inform Administrative Agent in writing of any material delay in Borrower’s performance of any of its obligations to any Account Debtor in excess of Two Hundred Fifty Thousand Dollars ($250,000) or of any assertion of any claims, offsets or counterclaims in excess of Two Hundred Fifty Thousand Dollars ($250,000) by any Account Debtor of Borrower other than made in the ordinary course of business; and (b) furnish to and inform Administrative Agent of all material adverse information relating to the financial condition of any Account Debtor of Borrower.

Account Covenants. The Borrower shall promptly upon its learning thereof: (a) inform the Lender in writing of any delay in the Borrower’s performance of any of its obligations to any Account Debtor or of any assertion of any claims, offsets or counterclaims by any Account Debtor of the Borrower other than made in the ordinary course of business, either of which could have a Material Adverse Effect; (b) furnish to and inform the Lender of all adverse information relating to the financial condition of any Account Debtor of the Borrower which could have a Material Adverse Effect; and (c) notify the Lender in writing if any of its then existing Accounts scheduled to the Lender with respect to which the Lender has made an advance are no longer Eligible Accounts.

Account Covenants. The Guarantor shall: (i) promptly upon the Guarantor's learning thereof, inform the Lender, in writing, of any material delay in the Guarantor's performance of any of its obligations to any Account Debtor or of any assertion of claims, offsets or counterclaims by any Account Debtor; (ii) not permit or agree to any extension, compromise or settlement or make any change or modification of any kind or nature with respect to any Account, including, without limitation, any of the terms relating thereto without the Lender's prior written consent; and (iii) promptly upon the Guarantor's learning thereof, furnish to and inform the Lender of all material adverse information relating to the financial condition of any Account Debtor.

Account Covenants. Until the expiration or termination of the Program, Pier 1 covenants to do the following with respect to the Accounts: (i) maintain a policy for the exchange and return of goods and adjustments for services rendered or not rendered that is communicated in accordance with Applicable Law and shall promptly deliver applicable Pier 1 Charge Transaction Data to the Cardholder and include credit for such returns or adjustments in the Pier 1 Charge Transaction Data in accordance with the terms of this Agreement and the Operating Procedures; and (ii) comply with all warranties, if any, with respect to all Pier 1 Goods and Services.