Common use of Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods Clause in Contracts

Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods. The BORROWER shall promptly report to the LENDER: (a) any reclamation, return or repossession of goods; (b) all claims or disputes asserted by any ACCOUNT DEBTOR or other obligor involving in excess of Twenty-Five Thousand Dollars ($25,000.00); and (c) all matters materially affecting the value, enforceability or collectibility of any of the COLLATERAL. Without the LENDER'S consent, the BORROWER shall not compromise or adjust any of the RECEIVABLES which have been included by the BORROWER in the determination of the BORROWING BASE, extend the time for payment thereof, or grant any additional discounts, allowances or credits thereon; provided, however, that the BORROWER may grant, in the ordinary course of business, to any party obligated on any of the RECEIVABLES, any rebate, refund, or adjustment to which such party may be lawfully entitled, and may accept, in connection therewith, the return of goods, sale, or lease of which shall have given rise to such RECEIVABLES. If any goods, the sale of which has resulted in RECEIVABLES included in determining the BORROWING BASE, are returned by the ACCOUNT DEBTOR for credit or repossessed by the BORROWER, the BORROWER shall receive and hold such goods as trustee for the LENDER and as additional security for the payment of the OBLIGATIONS, and make disposition thereof as required by the LENDER.

Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods. The BORROWER Each of the BORROWERS shall promptly report to the LENDER: (a) any reclamation, return or repossession of goods; (b) all claims or disputes asserted by any ACCOUNT DEBTOR or other obligor involving in excess of Twenty-Five Thousand Dollars ($25,000.00525,000.00); and (c) termination or other material change in the BORROWER’S supplier agreement with Autodesk, Inc.; (d) all matters materially affecting the value, enforceability or collectibility of any of COLLATERAL having a value, in the COLLATERALaggregate, exceeding Twenty-Five Thousand Dollars ($25,000.00). Without the LENDER'S ’S consent, none of the BORROWER BORROWERS shall not compromise or adjust any of the RECEIVABLES which have been included by any of the BORROWER BORROWERS in the determination of the BORROWING BASE, extend the time for payment thereof, or grant any additional discounts, allowances or credits thereon; provided, however, that any of the BORROWER BORROWERS may grant, in the ordinary course of business, to any party obligated on any of the RECEIVABLES, any rebate, refund, or adjustment to which such party may be lawfully entitled, and may accept, in connection therewith, the return of goods, sale, or lease of which shall have given rise to such RECEIVABLES. If any goods, the sale of which has resulted in RECEIVABLES included in determining the BORROWING BASE, are returned by the ACCOUNT DEBTOR for credit or repossessed by any of the BORROWERBORROWERS, the BORROWER BORROWERS shall receive and hold such goods as trustee for the LENDER and as additional security for the payment of the OBLIGATIONS, and make disposition thereof as required by the LENDER.

Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods. The BORROWER Each of the BORROWERS shall promptly report to the LENDER: (a) any reclamation, return or repossession of goods; (b) all claims or disputes asserted by any ACCOUNT DEBTOR or other obligor involving in excess of Twenty-Five Thousand Dollars ($25,000.00); and (c) termination or other material change in the BORROWER’S supplier agreement with Autodesk, Inc.; (d) all matters materially affecting the value, enforceability or collectibility of any of COLLATERAL having a value, in the COLLATERALaggregate, exceeding Twenty-Five Thousand Dollars ($25,000.00). Without the LENDER'S ’S consent, none of the BORROWER BORROWERS shall not compromise or adjust any of the RECEIVABLES which have been included by any of the BORROWER BORROWERS in the determination of the BORROWING BASE, extend the time for payment thereof, or grant any additional discounts, allowances or credits thereon; provided, however, that any of the BORROWER BORROWERS may grant, in the ordinary course of business, to any party obligated on any of the RECEIVABLES, any rebate, refund, or adjustment to which such party may be lawfully entitled, and may accept, in connection therewith, the return of goods, sale, or lease of which shall have given rise to such RECEIVABLES. If any goods, the sale of which has resulted in RECEIVABLES included in determining the BORROWING BASE, are returned by the ACCOUNT DEBTOR for credit or repossessed by any of the BORROWERBORROWERS, the BORROWER BORROWERS shall receive and hold such goods as trustee for the LENDER and as additional security for the payment of the OBLIGATIONS, and make disposition thereof as required by the LENDER.

Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods. The BORROWER Each of the BORROWERS shall promptly report to the LENDER: (a) any reclamation, return or repossession of goods; (b) all claims or disputes asserted by any ACCOUNT DEBTOR or other obligor involving in excess of Twenty-Seven Thousand Five Thousand Hundred Dollars ($25,000.007,500.00); and (c) all matters materially affecting the value, enforceability or collectibility of any of the COLLATERAL. Without the LENDER'S =S consent, neither of the BORROWER BORROWERS shall not compromise or adjust any of the RECEIVABLES which have been included by either of the BORROWER BORROWERS in the determination of the BORROWING BASE, extend the time for payment thereof, or grant any additional discounts, allowances or credits thereon; provided, however, that either of the BORROWER BORROWERS may grant, in the ordinary course of business, to any party obligated on any of the RECEIVABLES, any rebate, refund, or adjustment to which such party may be lawfully entitled, and may accept, in connection therewith, the return of goods, sale, or lease of which shall have given rise to such RECEIVABLES. If any goods, the sale of which has resulted in RECEIVABLES included in determining the BORROWING BASE, are returned by the ACCOUNT DEBTOR for credit or repossessed by either of the BORROWERBORROWERS, the BORROWER BORROWERS shall receive and hold such goods as trustee for the LENDER and as additional security for the payment of the OBLIGATIONS, and make disposition thereof as required by the LENDER.

Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods. The BORROWER Each of the BORROWERS shall promptly report to the LENDER: (a) any reclamation, return or repossession of goods; (b) all claims or disputes asserted by any ACCOUNT DEBTOR or other obligor involving in excess of Twenty-Five One Hundred Thousand Dollars ($25,000.00100,000.00); provided, however, the BORROWER shall report all claims or disputes asserted by any ACCOUNT DEBTOR affecting COLLATERAL included in the BORROWING BASE; and (c) all matters materially affecting the value, enforceability or collectibility of any of the COLLATERAL. Without the LENDER'S LENDERS consent, none of the BORROWER BORROWERS shall not compromise or adjust any of the RECEIVABLES which have been included by any of the BORROWER BORROWERS in the determination of the BORROWING BASE, extend the time for payment thereof, or grant any additional discounts, allowances or credits thereon; provided, however, that any of the BORROWER BORROWERS may grant, in the ordinary course of business, to any party obligated on any of the RECEIVABLES, any rebate, refund, or adjustment to which such party may be lawfully entitled, and may accept, in connection therewith, the return of goods, sale, or lease of which shall have given rise to such RECEIVABLES. If any goods, the sale of which has resulted in RECEIVABLES included in determining the BORROWING BASE, are returned by the ACCOUNT DEBTOR for credit or repossessed by any of the BORROWERBORROWERS, the BORROWER BORROWERS shall receive and hold such goods as trustee for the LENDER and as additional security for the payment of the OBLIGATIONS, and make disposition thereof as required by the LENDER.

Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods. The BORROWER Borrower shall promptly report to the LENDERLender: (a) any reclamation, return or repossession of goodsgoods constituting Collateral; (b) all claims or disputes asserted by any ACCOUNT DEBTOR Account Debtor or other obligor involving in excess of Twenty-Five Two Hundred Fifty Thousand Dollars ($25,000.00250,000); and (c) all matters materially affecting the value, enforceability or collectibility of any of the COLLATERALCollateral. Without the LENDER'S Lender’s consent, the BORROWER Borrower shall not compromise or adjust any of the RECEIVABLES Receivables which have been included by the BORROWER Borrower in the determination of the BORROWING BASEBorrowing Base, extend the time for payment thereof, or grant any additional discounts, allowances or credits thereon; provided, however, that (x) if no Event of Default shall have occurred and be continuing, the BORROWER Borrower may, with respect to any Receivable, take any of the actions described in the foregoing provisions of this sentence if the exclusion of such Receivable from the Borrowing Base would not cause the Outstanding Credit Amount to exceed the limits set forth in this Agreement, and (y) the Borrower may grant, in the ordinary course of business, to any party obligated on any of the RECEIVABLESReceivables, any rebate, refund, or adjustment to which such party may be lawfully entitled, and may accept, in connection therewith, the return of goods, sale, or lease of which shall have given rise to such RECEIVABLESReceivables. If any goods, the sale of which has resulted in RECEIVABLES Receivables included in determining the BORROWING BASEBorrowing Base, are returned by the ACCOUNT DEBTOR Account Debtor for credit or repossessed by the BORROWERBorrower, the BORROWER Borrower shall receive and hold such goods as trustee for the LENDER Lender and as additional security for the payment of the OBLIGATIONSObligations, and make disposition thereof as required by the LENDERLender.

Notice Of Events Affecting Collateral; Compromise Of Receivables; Returned Or Repossessed Goods. The BORROWER shall promptly report to the LENDER: (a) any reclamation, return or repossession of goods; (b) all claims or disputes asserted by any ACCOUNT DEBTOR or other obligor involving in excess of Twenty-Five Fifty Thousand Dollars ($25,000.0050,000.00); and (c) all matters materially affecting the value, enforceability or collectibility of any of the COLLATERAL. Without the LENDER'S consent, the BORROWER shall not compromise or adjust any of the RECEIVABLES which have been included by the BORROWER in the determination of the BORROWING BASE, extend the time for payment thereof, or grant any additional discounts, allowances or credits thereon; provided, however, that the BORROWER may grant, in the ordinary course of business, to any party obligated on any of the RECEIVABLES, any rebate, refund, or adjustment to which such party may be lawfully entitled, and may accept, in connection therewith, the return of goods, sale, or lease of which shall have given rise to such RECEIVABLES. If any goods, the sale of which has resulted in RECEIVABLES included in determining the BORROWING BASE, are returned by the ACCOUNT DEBTOR for credit or repossessed by the BORROWER, the BORROWER shall receive and hold such goods as trustee for the LENDER and as additional security for the payment of the OBLIGATIONS, and make disposition thereof as required by the LENDER.