Common use of Records, Collections, Etc Clause in Contracts

Records, Collections, Etc. The Borrower shall promptly report all customer credits to the Agent. The Borrower shall notify the Agent of all returns and of all claims asserted with respect to merchandise, in each case with a value in excess of $5,000,000. The Borrower shall promptly report to the Agent each such return, providing the Agent with a description of the returned item. The Borrower shall not, without the Agent's prior written consent, settle or adjust any dispute or claim, or grant any discount (except ordinary trade discounts), credit or allowance or accept any return of merchandise, except in the ordinary course of its business. During the continuance of an Event of Default, the Agent may (i) settle or adjust disputes or claims directly with account debtors for amounts and upon terms which it considers advisable and (ii) notify account debtors on the Borrower's Receivables that such Receivables have been assigned to the Agent, and that payments in respect thereof shall be made directly to the Agent. Where the Borrower receives collateral of any kind or nature by reason of transactions between itself and its customers or account debtors, the Borrower will hold the same on the Agent's behalf, subject to the Agent's instructions, and as property forming part of the Borrower's Receivables. Where the Borrower sells goods or services to a customer which also sells goods or services to it or which may have other claims against it, the Borrower will so advise the Agent immediately to permit the Agent to establish a reserve therefor. The Borrower shall maintain a record of its electronic chattel paper that identifies the Agent as the assignee thereof and otherwise in a manner such that the Agent has control over such chattel paper for purposes of the Code.

Records, Collections, Etc. The Borrower shall promptly report all customer credits to the Agent. The Borrower shall notify the Agent of all returns and of all claims asserted with respect to merchandise, in each case with a value in excess of $5,000,000. The Borrower Borrowers shall promptly report to the Agent each such returnall customer credits in an amount over $1,000,000, providing the Agent with a description of the returned itemthereof. The Borrower Borrowers shall not, without the Agent's ’s prior written consent, settle or adjust any dispute or claim, or grant any discount (except ordinary trade discounts), credit or allowance or accept any return of merchandise, except in the ordinary course of its business. During Upon the occurrence and during the continuance of an Event of Default, the Agent may (i) settle or adjust disputes or claims directly with account debtors for amounts and upon terms which it considers reasonably advisable and (ii) notify account debtors on the Borrower's Borrowers’ Receivables that such Receivables have been assigned to the Agent, and that payments in respect thereof shall be made directly to the Agent. Where If an Event of Default exists and at the direction of the Agent, where a Borrower receives collateral of any kind or nature by reason of transactions between itself and its customers or account debtors, the such Borrower will hold the same on the Agent's ’s behalf, subject to the Agent's ’s instructions, and as property forming part of the Borrower's Borrowers’ Receivables. Where the Borrower sells goods or services to a customer which also sells goods or services to it or which may have other claims against it, the Borrower will so advise The Borrowers hereby irrevocably authorizes and appoints the Agent immediately as their attorney-in-fact, at the Borrowers’ sole cost and expense, to permit exercise, solely if an Event of Default has occurred and is continuing, all of the following powers, which being coupled with an interest, shall be irrevocable until all of the Obligations have been Paid in Full: (A) to receive, take, endorse, sign, assign and deliver, all in the name of the Agent or the Borrowers, any and all checks, notes, drafts, and other documents or instruments relating to establish the Collateral; (B) to receive, open and dispose of all mail addressed to the Borrowers and to notify postal authorities to change the address for delivery thereof to such address as the Agent may designate; and (C) to take or bring, in the name of the Agent or the Borrowers, all steps, actions, suits or proceedings deemed by the Agent necessary or desirable to enforce or effect collection of the Borrowers’ Receivables or file and sign a reserve thereforBorrower’s name on a proof of claim in bankruptcy or similar document against any obligor of the Borrowers. The Borrower Borrowers shall maintain a record of its electronic chattel paper that identifies the Agent as the assignee thereof and otherwise in a manner such that the Agent has control over such chattel paper in an amount greater than $1,000,000 for purposes of the CodeUCC.

Records, Collections, Etc. The Borrower shall promptly report all customer credits to the Agent. The Borrower shall notify the Agent of all returns and of all claims asserted with respect to merchandise, in each case with a value in excess of $5,000,000. The Borrower shall promptly report to the Agent each such return, providing the Agent with a description of the returned item. The Borrower shall not, without the Agent's ’s prior written consent, settle or adjust any dispute or claim, or grant any discount (except ordinary trade discounts), credit or allowance or accept any return of merchandise, except in the ordinary course of its business. During the continuance of an Event of Default, the Agent may (i) settle or adjust disputes or claims directly with account debtors for amounts and upon terms which it considers advisable and (ii) notify account debtors on the Borrower's ’s Receivables that such Receivables have been assigned to the Agent, and that payments in respect thereof shall be made directly to the Agent. Where the Borrower receives collateral of any kind or nature by reason of transactions between itself and its customers or account debtors, the Borrower will hold the same on the Agent's ’s behalf, subject to the Agent's ’s instructions, and as property forming part of the Borrower's ’s Receivables. Where the Borrower sells goods or services to a customer which also sells goods or services to it or which may have other claims against it, the Borrower will so advise the Agent immediately to permit the Agent to establish a reserve therefor. The Borrower shall maintain a record of its electronic chattel paper that identifies the Agent as the assignee thereof and otherwise in a manner such that the Agent has control over such chattel paper for purposes of the Code.