Credit Terms/Security Interest. Flextronics shall provide LumiraDx with an initial credit limit, which shall be reviewed (and, if necessary, adjusted) periodically, but not more than once in every quarter. LumiraDx shall provide information reasonably requested by Flextronics, in support of such credit reviews. In Flextronics’ reasonably exercised discretion and based upon reasonably complete financial information, Flextronics shall have the right to reduce LumiraDx’s credit limit and/or require LumiraDx to obtain an escrow account; in such case, the bank chosen by LumiraDx shall be reasonably acceptable to Flextronics, the escrow account shall be in force for a minimum period of time of [***] and shall be in an amount equal to Flextronics’s entire exposure, including without limitation the risks associated with Inventory, Special Inventory, and the accounts receivable from LumiraDx in accordance with LumiraDx’s forecasts. Alternatively, LumiraDx may, in its sole discretion, prepay an amount equal to the relevant price in the Fee List for Products ordered in the Forecast in substitution for its obligation to provide an escrow account, subject to LumiraDx settling all of due or past due invoices Flex issued earlier based on this Agreement (including but not limited to the accounts receivables for the Products, Inventory, Special Inventory or Monthly Charges). The prepayment is to be made within [***] from the date of acceptance of the purchase order. Notwithstanding the foregoing, nothing in this clause 3.7 shall oblige LumiraDx to provide any financial information to Flextronics that is not generally available to the public after the Admission of LumiraDx Limited. The draw down procedures under the escrow account shall be agreed between Flextronics and LumiraDx. Flextronics shall have the right to suspend performance (e.g., cease ordering Materials based on LumiraDx’s Forecast and/or cease making Product deliveries) until LumiraDx either makes a payment to bring its account within the revised credit limit and/or makes other arrangements satisfactory to Flextronics. Flextronics shall have the right to retain ownership in the Products until LumiraDx has paid for the Products and all Product-related charges to the extent such Products remain within the control of LumiraDx.
Credit Terms/Security Interest. Flex shall provide Customer with an initial credit limit, which shall be reviewed (and, if necessary, adjusted) periodically. Customer shall provide information reasonably requested by Flex in support of such credit reviews. In Flex’s reasonably exercised discretion and based upon reasonably complete financial information, Flex shall have the right to reduce Customer’s credit limit and/or require Customer to obtain and maintain a standby letter of credit or escrow account on behalf of Flex; in such case, the bank chosen by Customer shall be reasonably acceptable to Flex, the letter of credit or escrow account shall be in force for a minimum period of time of six (6) months and shall be in an amount equal to Flex’s entire exposure, including the risks associated with Design Materials Inventory and the accounts receivable from the Customer in accordance with the Design Services and Design Statements of Work. The draw down procedures under the standby letter of credit or the escrow account shall be determined solely by Flex. Flex shall have the right to suspend performance (e.g., cease ordering Materials and/or cease making deliveries), until Customer either makes a payment to bring its account within the revised credit limit and/or makes other arrangements satisfactory to Flex. Customer grants Flex a security interest in the Deliverables delivered to Customer, until Customer has paid for the Design Services and all related charges. Customer agrees to promptly execute any documents requested by Flex to perfect and protect such security interest.
Credit Terms/Security Interest. Flextronics shall provide Customer with an initial credit limit, which shall be reviewed (and, if necessary, adjusted) [***]. Customer shall provide information reasonably requested by Flextronics in support of such credit reviews. In Flextronics’s reasonably exercised discretion and based upon reasonably complete financial information, Flextronics shall have the right to reduce Customer’s credit limit and/or require Customer to obtain and maintain a standby letter of credit or escrow account on behalf of Flextronics; in such case, the bank chosen by Customer shall be reasonably acceptable to Flextronics, the letter of credit or escrow account shall be in force for a minimum period of time of [***] and shall be in an amount equal to Flextronics’s entire exposure, [***] accordance with Customer’s forecasts. The draw down procedures under the standby letter of credit or the escrow account shall be determined solely by Flextronics. Flextronics shall have the right to suspend performance (e.g., cease ordering Materials based on Customer’s Forecast and/or cease making Product deliveries) until Customer either makes a payment to bring its account within the revised credit limit and/or makes other arrangements satisfactory to Flextronics. Customer grants Flextronics a security interest in the Products delivered to Customer until Customer has paid for the Products and all Product-related charges. Customer agrees to promptly execute any documents requested by Xxxxxxxxxxx to perfect and protect such security interest.
Credit Terms/Security Interest. At the Company's option, and if agreed in writing by the Company with BSC, shipments of Products hereunder may be made on such credit terms, beyond the [ ** ] terms provided for in this Agreement, as will be specified in such written agreement. The Company reserves the right at all times either generally or with respect to any specific order by BSC to vary, change or limit the amount or duration of credit to be allowed to BSC pursuant to this Section 11.6.2. BSC agrees that if and when the Company, pursuant to any such written agreement, establishes a line of credit for BSC or permits BSC to obtain Products on open account, BSC concurrently grants the Company a continuing security interest in the Collateral (as defined below) in order to secure payment of the Indebtedness (as defined below). The "Collateral" means any the Products now or hereafter acquired by BSC and all proceeds therefrom and accessions thereto, and "Indebtedness" means any and all debts, obligations or liabilities of BSC to the Company, now or hereafter existing, including without limitation, any late payment charges due from BSC hereunder and any expenses incurred by the Company in enforcing its rights hereunder (including without limitation reasonable attorneys' fees, court costs and the costs of retaking and holding the Collateral, preparing it for resale or other disposition, or selling or otherwise disposing of it). BSC acknowledges that this Section 11.6.2 constitutes a security agreement and hereby authorizes the Company to file any financing statement or other documents necessary to perfect the Company's security interest in the Collateral in any public office in any jurisdiction deemed necessary by the Company, but only if credit is extended under this Section 11.6.2. BSC hereby grants the Company a limited power of attorney for the sole purpose of executing, in BSC's name, any financing statements and related documents deemed necessary by the Company to perfect the security interest granted herein. Upon the occurrence of any event specified in Section 13.2 hereof permitting termination of this Agreement, the Company, in addition to all other rights and remedies under this Agreement, will be entitled to all rights, powers and remedies available to a secured party under the Uniform Commercial Code with respect to the Collateral.
Credit Terms/Security Interest. Flex shall provide Customer with an initial credit limit, which shall be reviewed (and, if necessary, adjusted) periodically. Customer shall provide information reasonably requested by Flex in support of such credit reviews, including without limitation, full annually audited and quarterly reviewed financial statements (P&L, BS and Cash Flow statements). In Flex’s reasonably exercised discretion , Flex shall have the right to reduce Customer’s credit limit and/or require Customer to obtain and maintain a standby letter of credit or escrow account on behalf of Flex; in such case, the bank chosen by Customer shall be reasonably acceptable to Flex, the letter of credit or escrow account shall be in force for a minimum period of time of twelve (12) months and shall be in an amount equal to Flex’s entire exposure, including without limitation the risks associated with Inventory, Special Inventory, and the accounts receivable from the Customer in accordance with Customer’s forecasts. The draw down procedures under the standby letter of credit or the escrow account shall be determined solely by Flex. Flex shall have the right to suspend performance (e.g., cease ordering Materials required to fulfill accepted purchase orders and/or cease manufacturing or making Product deliveries and/or providing NPI Services) until Customer either makes a payment to bring its account within the revised credit limit and/or makes other arrangements satisfactory to Flex. At Flex request, Customer shall forthwith grant Flex a security interest in the Products delivered to Customer until Customer has paid for the Products and all Product-related charges. Customer agrees to promptly execute any documents requested by Flex to perfect and protect such security interest. FLEX CONFIDENTIAL
Credit Terms/Security Interest. 8.1 Flextronics shall provide Kornit with an initial credit limit, which shall be reviewed (and, if necessary, adjusted) periodically. Kornit shall provide information reasonably requested by Flextronics in support of such credit reviews. In Flextronics's reasonably exercised discretion, Flextronics shall have the right to reduce Kornir's credit limit and/or require Kornit to obtain and maintain a standby letter of credit or escrow account on behalf of Flextronics; in such case, the bank chosen by Kornit shall be reasonably acceptable to Flextronics, the letter of credit or escrow account shall be in force for a minimum period of time of [* * *] and shall be in an amount equal to [* * *]. The draw down procedures under the standby letter of credit or the escrow account shall be mutually agreed by Flextronics and Kornit. Flextronics shall have the right to suspend performance (e.g., cease ordering Components required to fulfill the Purchase Orders and/or cease manufacturing or making Product deliveries and/or providing Design Services) until Kornit either makes a payment to bring its account within the revised credit limit and/or makes other arrangements satisfactory to Flextronics. Kornit agrees to promptly execute any documents reasonably requested by Flextronics to perfect and protect such security interest.
