Common use of No Modification of Accounts Clause in Contracts

No Modification of Accounts. After written notice by Lender to Borrower, and automatically, without notice, after an Event of Default, no Credit Party will, without the prior written consent of Lender in each instance, (a) grant any extension of time for payment of any account, (b) compromise or settle any account for less than the full amount thereof, (c) release in whole or in part any Obligated Party or (d) grant any credits, discounts, allowances, deductions, return authorizations or the like with respect to any account.

No Modification of Accounts. After written notice by Lender to Borrower, and automatically, without notice, after an Event of Default, no Credit Party willBorrower will not, without the prior written consent of Lender in each instance, (a) grant any extension of time for payment of any account, (b) compromise or settle any account for less than the full amount thereof, (c) release in whole or in part any Obligated Party or (d) grant any credits, discounts, allowances, deductions, return authorizations or the like with respect to any account.