Returned Inventory. In the event any Account Debtor returns Inventory to such Grantor when an Event of Default exists, such Grantor shall upon the request of the Agent (i) hold the returned Inventory in trust for the Agent, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according to the Agent’s written instructions and (iv) not issue any credits or allowances with respect thereto without the Agent’s prior written consent. All returned Inventory shall be subject to the Agent’s Liens thereon.
Appears in 3 contracts
Samples: Foreign Facility Guarantee and Collateral Agreement, Foreign Facility Guarantee and Collateral Agreement (Horizon Global Corp), Loan Agreement (Horizon Global Corp)
Returned Inventory. In the event any Account Debtor returns Inventory to such Grantor when an Event of Default exists, such Grantor shall Grantor, upon the request of the Agent Agent, shall: (i) hold the returned Inventory in trust for the Agent, ; (ii) segregate all returned Inventory from all of its other property, ; (iii) dispose of the returned Inventory solely according to the Agent’s written instructions instructions; and (iv) not issue any credits or allowances with respect thereto without the Agent’s prior written consent. All returned Inventory shall be subject to the Agent’s Liens thereon.
Appears in 2 contracts
Samples: Security Agreement (Pinstripes Holdings, Inc.), Pledge and Security Agreement (Banyan Acquisition Corp)
