Returned Inventory. If an Account Debtor returns any Inventory to the Grantor when no Event of Default exists, then the Grantor shall promptly determine the reason for such return and shall issue a credit memorandum to the Account Debtor in the appropriate amount. All returned Inventory shall be subject to the Subordinated Collateral Agent’s Liens thereon.
Appears in 4 contracts
Samples: Securities Purchase Agreement (Bluestem Brands, Inc.), Securities Purchase Agreement (Bluestem Brands, Inc.), Credit Agreement (Bluestem Brands, Inc.)
Returned Inventory. If an Account Debtor returns any Inventory to the Grantor when no Event of Default exists, then the Grantor shall promptly determine the reason for such return and shall issue a credit memorandum to the Account Debtor in the appropriate amount. All returned Inventory shall be subject to the Subordinated Collateral Administrative Agent’s Liens thereon. All returned Inventory shall not be Eligible Inventory.
Appears in 2 contracts
Samples: Pledge and Security Agreement, Pledge and Security Agreement (Bluestem Brands, Inc.)
