Common use of Returns of Inventory Clause in Contracts

Returns of Inventory. No Borrower shall return any of its Inventory to a supplier or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (i) such return is in the ordinary course of business of such Borrower; (ii) no Default or Event of Default exists at the time of such return or would result therefrom; and (iv) any payments received by a Borrower in connection with any such return are promptly turned over to Agent for application to the Obligations.

Appears in 2 contracts

Samples: Loan and Security Agreement (Freedom Group, Inc.), Loan and Security Agreement (Freedom Group, Inc.)

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Returns of Inventory. No Borrower shall return any of its Inventory to a supplier supplier, vendor or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (ia) such return is in the ordinary course Ordinary Course of business of such BorrowerBusiness; (iib) no Default or Default, Event of Default or Overadvance exists at the time of such return or would result therefrom; and (iv) any payments received by a Borrower in connection with any such return are promptly turned over to Agent for application to the Obligations.;

Appears in 2 contracts

Samples: Loan and Security Agreement (Orion Energy Systems, Inc.), Loan and Security Agreement (Orion Energy Systems, Inc.)

Returns of Inventory. No Borrower shall return any of its Inventory to a supplier supplier, vendor or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (ia) such return is in the ordinary course Ordinary Course of business of such BorrowerBusiness; (iib) no Default or Default, Event of Default or Overadvance applicable to such Borrower or its Borrower Group exists at the time of such return or would result therefrom; and (ivc) any payments payment received by a Borrower in connection with any such for a return are is promptly turned over remitted to the Applicable Agent for application to the ObligationsObligations to the extent required under Section 8.2.4.

Appears in 1 contract

Samples: Loan Agreement (Superior Essex Inc)

Returns of Inventory. No Borrower shall return any of its Inventory to a supplier supplier, vendor or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (ia) such return is in the ordinary course Ordinary Course of business of such BorrowerBusiness; (iib) no Default or Default, Event of Default or Overadvance exists at the time of such return or would result therefrom; and (ivc) any payments payment received by a Borrower in connection with any such for a return are is promptly turned over remitted to Agent for application to the Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Adara Acquisition Corp.)

Returns of Inventory. No Borrower shall return any of its Inventory to a supplier supplier, vendor or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (ia) such return is in the ordinary course Ordinary Course of business of such BorrowerBusiness; (iib) no Default or Default, Event of Default or Overadvance exists at the time of such return or would result therefrom; and (ivc) any payments payment received by a Borrower in connection with any such for a return are is promptly turned over remitted to Agent for application to the ObligationsObligations to the extent required under Section 8.2.4.

Appears in 1 contract

Samples: Loan and Security Agreement (Superior Essex Inc)

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Returns of Inventory. No Borrower shall not return any of its Inventory to a supplier or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (i) such return is in the ordinary course of business of Borrower and such Borrower; (ii) no Default or Event of Default exists at the time of such return or would result therefrom; Person and (iv) any payments received by a Borrower in connection with any such return are is promptly turned over to Agent Lender for application to the Obligations.

Appears in 1 contract

Samples: Loan and Security Agreement (Miltope Group Inc)

Returns of Inventory. No Borrower shall return any of its Inventory to a supplier or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (i) such return is in the ordinary course Ordinary Course of business Business of such BorrowerBorrower and such Person; (ii) no Default or Event of Default exists at the time of such return or would result therefrom; and (iv) any payments received by a Borrower in connection with any such return are promptly turned over to Agent for application to the Obligations.;

Appears in 1 contract

Samples: Loan and Security Agreement (Cmi Industries Inc)

Returns of Inventory. No Borrower shall return any of its Inventory to a supplier supplier, vendor or vendor thereof, or any other Person, whether for cash, credit against future purchases or then existing payables, or otherwise, unless (ia) such return is in the ordinary course Ordinary Course of business of such BorrowerBusiness; and (iib) no Default or Event of Default or Overadvance exists at the time of such return or would result therefrom; and (iv) any payments received by a Borrower in connection with any such return are promptly turned over to Agent for application to the Obligations.

Appears in 1 contract

Samples: Guaranty and Security Agreement (BIG 5 SPORTING GOODS Corp)

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