Common use of Limitation on Modification of Accounts Clause in Contracts

Limitation on Modification of Accounts. None of the Grantors will, without the Collateral Agent's prior written consent, which, prior to the occurrence and continuance of any Default or Event of Default, will not be unreasonably withheld, grant any extension of the time of payment of any of the Accounts Receivable, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which such Grantor is engaged.

Limitation on Modification of Accounts. None of the Grantors will, without the prior written consent of the Credit Agent (or, if the Discharge of Senior Lender Claims (as defined in the Intercreditor Agreement) has occurred, the Collateral Agent's prior written consent, which, prior to the occurrence and continuance of any Default or Event of Default, will not be unreasonably withheld, grant any extension of the time of payment of any of the Accounts Receivable, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person Person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which such Grantor is engaged.

Limitation on Modification of Accounts. None of the Grantors will, without the prior written consent of the Credit Agent (or, if the Discharge of Senior Lender Claims (as defined in the Intercreditor Agreement) has occurred), the Collateral Agent's prior written consent, which, prior to the occurrence and continuance of any Default or Event of Default, will not be unreasonably withheld, grant any extension of the time of payment of any of the Accounts Receivable, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person Person liable for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and consistent with its current practices and in accordance with such prudent and standard practices used in industries that are the same as or similar to those in which such Grantor is engaged.