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

Limitations on Modifications of Accounts, Etc. Upon the occurrence and during the continuance of any Event of Default, the Company shall not, without Secured 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 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 the Company’s business.

Limitations on Modifications of Accounts, Etc. Upon the occurrence and during the continuance continuation of any Event of DefaultDefault (as defined in the Note), the Company shall not, without the Secured Party’s 's prior written consent, grant any extension of the time of payment of any of the Accountsaccounts, Chattel Paperchattel paper, Instruments instruments or amounts due under any Contract contract or Documentdocument, 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 and rebates or payment extensions granted in the ordinary course of the Company’s 's business.