Common use of Disclosure of Counterclaims on Receivables Clause in Contracts

Disclosure of Counterclaims on Receivables. If (i) any discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on a Receivable exists or (ii) if, to the knowledge of any Loan Party, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to a Receivable, the applicable Borrower will promptly disclose such fact to the Administrative Agent in writing. The applicable Borrower shall send the Administrative Agent a copy of each credit memorandum in excess of $250,000 as soon as issued by any Loan Party, and the Borrowers shall promptly report each credit memo and each of the facts required to be disclosed to the Administrative Agent in accordance with this Section 5.15(d) on the Borrowing Base Certificates delivered hereunder.

Disclosure of Counterclaims on Receivables. If (i) any material discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on a Receivable exists or (ii) if, to the knowledge of any Loan Party, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened in writing with respect to a Receivable, the applicable Borrower will promptly disclose such fact to the Administrative Agent Lender in writing. The applicable Borrower Borrowers shall send the Administrative Agent Lender a copy of each such credit memorandum in excess of $250,000 as soon as issued by any Loan Party, and the Borrowers applicable Borrower shall promptly report each such credit memo and each of the facts required to be disclosed to the Administrative Agent Lender in accordance with this Section 5.15(d) on the Borrowing Base Certificates delivered hereundersubmitted by it.

Disclosure of Counterclaims on Receivables. If (i) any discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on a Receivable exists or (ii) if, to the knowledge of any Loan Party, any dispute, setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to a Receivable, the applicable Borrower will promptly disclose such fact to the Administrative Agent Lender in writing. The applicable Borrower Borrowers shall send the Administrative Agent Lender a copy of each credit memorandum in excess of the $250,000 100,000 as soon as issued by any Loan Party, and the Borrowers applicable Borrower shall promptly report each credit memo and each of the facts required to be disclosed to the Administrative Agent Lender in accordance with this Section 5.15(d) on the Borrowing Base Certificates delivered hereundersubmitted by it.