Settling of Accounts. Except for discount for prompt payment in the ordinary course of business, the Borrowers shall not settle or adjust any Account identified by the Borrowers as an Eligible Account, except that if no Event of Default has occurred and is continuing, the Borrowers may settle or adjust any Eligible Account upon providing notice to Administrative Agent of such settlement or adjustment, at which time the Eligible Account will be removed from the Revolving Loan Availability. Following the occurrence and during the continuance of an Event of Default, the Borrowers shall not settle or adjust any Account without the consent of Administrative Agent.
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Samples: Loan and Security Agreement (WESTMORELAND COAL Co), Loan and Security Agreement (WESTMORELAND COAL Co)
Settling of Accounts. Except for discount for prompt payment in the ordinary course of business, the Borrowers shall not settle or adjust any Account identified by the Borrowers as an Eligible Account, except that if no Event of Default has occurred and is continuing, the Borrowers may settle or adjust any Eligible Account upon providing notice to Administrative Agent of such settlement or adjustment, at which time the Eligible Account will be removed from the Revolving Loan Availability. Following the occurrence and during the continuance of an Event of Default, the Borrowers shall not settle or adjust any Account without the consent of Administrative Agent.. CHICAGO/#2647830.13
Appears in 1 contract
Samples: Loan and Security Agreement (Westmoreland Resource Partners, LP)
Settling of Accounts. Except for discount for prompt payment in the ordinary course of business, the Borrowers shall not settle or adjust any Account identified by the Borrowers as an Eligible Account, except that if no Event of Default has occurred and is continuing, the Borrowers may settle or adjust any Eligible Account upon providing notice to Administrative Agent Lender of such settlement or adjustment, at which time the Eligible Account will be removed from the Revolving Loan Availability. Following the occurrence and during the continuance of an Event of Default, the Borrowers shall not settle or adjust any Account without the consent of Administrative AgentLender.
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