POSSESSION OF COLLATERAL AND RELATED MATTERS. Unless an Event of Default has occurred and is continuing, Borrower shall have the right, in the ordinary course of Borrower's business, to (a) sell, lease or furnish under contracts of service any of Borrower's Inventory normally held by Borrower for any such purpose, and (b) use and consume any raw materials, work in process or other materials normally held by Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by Borrower to the purchaser.
Appears in 3 contracts
Samples: Loan and Security Agreement (Nematron Corp), Loan and Security Agreement (Nematron Corp), Loan and Security Agreement (Nematron Corp)
POSSESSION OF COLLATERAL AND RELATED MATTERS. Unless Until an Event of Default has occurred and is continuingoccurred, Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of Borrower's business, to (a) sell, lease or furnish under contracts of service any of Borrower's Inventory normally held by Borrower for any such purpose, ; and (b) use and consume any raw materials, work in process or other materials normally held by Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by Borrower to the purchaserBorrower.
Appears in 3 contracts
Samples: Loan and Security Agreement (Infinity Inc), Loan and Security Agreement (Tarpon Industries, Inc.), Loan and Security Agreement (Gibraltar Packaging Group Inc)
POSSESSION OF COLLATERAL AND RELATED MATTERS. Unless Until an Event of Default has occurred and is continuingoccurred, Borrower Debtor shall have the right, except as otherwise provided in this Agreement, in the ordinary course of BorrowerDebtor's business, to (a) sell, lease or furnish under contracts of service any of BorrowerDebtor's Inventory normally held by Borrower Debtor for any such purpose, and (b) use and consume any raw materials, work in process or other materials normally held by Borrower Debtor for such purpose; , provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by Borrower to the purchaserDebtor.
Appears in 2 contracts
Samples: Security Agreement (Antigua Enterprises Inc), Security Agreement (Antigua Enterprises Inc)
POSSESSION OF COLLATERAL AND RELATED MATTERS. Unless an Event of Until a Default has occurred and is continuingoccurred, Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of Borrower's business, to to: (a1) sell, lease or furnish under contracts of service any of Borrower's Inventory normally held by Borrower for any such purpose, and (b2) use and consume any raw materials, work in process or other materials normally held by Borrower for such purpose; , provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by Borrower to the purchaserBorrower. 9.
Appears in 1 contract
Samples: Loan and Security Agreement (Sport Supply Group Inc)
