Common use of Limitations on Modifications of Accounts, Etc Clause in Contracts

Limitations on Modifications of Accounts, Etc. Upon the occurrence and during the continuation of any Event of Default, the Grantor shall not, without the Agent's prior written consent, grant any extension of the time of payment of any of the Accounts, Chattel Paper, Instruments or amounts due under any Contract or Document, 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 trade discounts granted in the ordinary course of business of the Grantor.

Limitations on Modifications of Accounts, Etc. Upon the occurrence and during the continuation continuance of any Event of Default, the Grantor shall not, without the AgentSecured Party's prior written consent, grant any extension of the time of payment of any of the Accounts, Chattel Paper, Instruments or amounts due under any Contract or Document, 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 trade discounts and rebates granted in the ordinary course of business of the Grantor's business.

Limitations on Modifications of Accounts, Etc. Upon the occurrence and during the continuation of any Event of Default, the Grantor shall not, without the Agent's prior written consent, grant any extension of the time of payment of any of the Accounts, Chattel Paper, Instruments or amounts due under any Contract or Document, 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 trade discounts granted in the ordinary course of business of the Grantor.