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 owned by such Grantor by an amount in excess of $250,000 exists or (ii) if, to the knowledge of such Grantor, any dispute, setoff (other than in the ordinary course of business), claim, counterclaim or defense exists or has been asserted or threatened with respect to a Receivable, such Grantor will promptly disclose such fact to the Agent in writing in connection with the inspection by the Agent of any record of such Grantor relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Agent relating to such Receivable.

Disclosure of Counterclaims on Receivables. If (i) any discount, credit or credit, agreement to make a rebate or to otherwise reduce the amount owing on a Receivable owned by such Grantor by an amount in excess of $250,000 50,000 exists or (ii) if, to the knowledge of such any Grantor, any dispute, setoff (other than in the ordinary course of business)setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to a any such Receivable, the Grantor who pledged such Grantor Receivable will promptly disclose such fact to the Agent in writing in connection with the inspection by the Agent of any record of such Grantor relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Agent relating to such Receivable.

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 owned by such Grantor by an amount in excess of $250,000 exists or (ii) if, to the knowledge of such any Grantor, any dispute, setoff (other than in the ordinary course of business)setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to a Receivable, such each Grantor will promptly disclose such fact to the Agent Lender in writing in connection with the inspection by the Agent Lender of any record of such Grantor relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Agent Lender relating to such Receivable.

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 owned by such Grantor by an amount in excess of $250,000 exists or (ii) if, to the knowledge of such Grantor, any material dispute, setoff (other than in the ordinary course of business)setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to a Receivable, such Grantor will promptly disclose such fact to the Administrative Agent in writing in connection with the inspection by the Administrative Agent of any record of such Grantor relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Administrative Agent relating to such Receivable.

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 owned by such a Grantor by an amount in excess of $250,000 exists or (ii) if, to the knowledge of such a Grantor, any material dispute, setoff (other than in the ordinary course of business)setoff, claim, counterclaim or defense exists or has been asserted or threatened with respect to a Receivable, such Grantor will promptly disclose such fact to the Collateral Agent in writing in connection with the inspection by the Collateral Agent of any record the records of such Grantor relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Collateral Agent relating to such Receivable.