Common use of Special Provisions Regarding Inventory Clause in Contracts

Special Provisions Regarding Inventory. (a) Unless and until an Event of Default occurs and is continuing and the Agent instructs such Obligor otherwise, each Obligor may, without further consent or approval of the Agent, use, consume, sell, lease and exchange the Inventory in the ordinary course of its business as presently conducted. In the case of a sale or exchange of Inventory permitted by the Credit Agreement, the security interest created hereby in the Inventory so sold or exchanged (but not in any proceeds arising from such sale or exchange) shall cease immediately without any further action on the part of the Agent. (b) Upon the Lenders' making any Loan pursuant to the Credit Agreement or the Issuing Lender issuing any Letter of Credit pursuant to the Credit Agreement, each Obligor shall be deemed to have warranted that all warranties of such Obligor set forth in this Security Agreement with respect to its Inventory are true and correct in all material respects with respect to such Inventory, including without limitation that such Inventory is located at a location permitted by Section 3(b) or 4(d) hereof.

Special Provisions Regarding Inventory. (a) Unless Notwithstanding anything to the contrary contained in this Security Agreement, each Obligor may, unless and until an Event of Default occurs and is continuing and the Agent instructs such Obligor otherwise, each Obligor may, without further consent or approval of the Agent, use, consume, sell, rent, lease and exchange the Inventory in the ordinary course of its business as presently conducted. In , whereupon, in the case of such a sale or exchange of Inventory permitted by the Credit Agreementexchange, the security interest created hereby in the Inventory so sold or exchanged (but not in any proceeds arising from such sale or exchange) shall cease immediately without any further action on the part of the Agent. (b) Upon the Lenders' making any Loan pursuant to the Credit Agreement or the Issuing Lender Bank issuing any Letter of Credit pursuant to the Credit Agreement, each Obligor shall be deemed to have warranted that all warranties of such Obligor set forth in this Security Agreement with respect to its Inventory are true and correct in all material respects with respect to such Inventory, including without limitation that such Inventory is located at a location permitted by Section 3(b) or 4(d) hereof.

Special Provisions Regarding Inventory. (a) Unless and until an Event of Default occurs and is continuing and the Agent instructs such Obligor Borrower otherwise, each Obligor Borrower may, without further consent or approval of the Agent, use, consume, sell, lease and exchange the Inventory in the ordinary course of its business as presently conducted. In the case of a sale or exchange of Inventory permitted by the Credit Agreement, the security interest created hereby in the Inventory so sold or exchanged (but not in any proceeds arising from such sale or exchange) shall cease immediately without any further action on the part of the Agent. (b) Upon the Lenders' making any Loan pursuant to the Credit Agreement or the Issuing Lender Bank issuing any Letter of Credit pursuant to the Credit Agreement, each Obligor Borrower shall be deemed to have warranted that all warranties of such Obligor Borrower set forth in this Security Agreement with respect to its Inventory are true and correct in all material respects with respect to such Inventory, including without limitation that such Inventory is located at a location permitted by Section 3(b) or 4(d) hereof.

Special Provisions Regarding Inventory. (a) Unless Notwithstanding anything to the contrary contained in this Security Agreement, each Obligor may, unless and until an Event of Default occurs and is continuing and the Agent instructs such Obligor otherwise, each Obligor may, without further consent or approval of the Agent, use, consume, sell, rent, lease and exchange the Inventory in the ordinary course of its business as presently conducted. In , whereupon, in the case of such a sale or exchange of Inventory permitted by the Credit Agreementexchange, the security interest created hereby in the Inventory so sold or exchanged (but not in any proceeds arising from such sale or exchange) shall cease immediately without any further action on the part of the Agent. (b) Upon the Lenders' ’ making any Loan pursuant to the Credit Agreement or the Issuing Lender Bank issuing any Letter of Credit pursuant to the Credit Agreement, each Obligor shall be deemed to have warranted that all warranties of such Obligor set forth in this Security Agreement with respect to its Inventory are true and correct in all material respects with respect to such Inventory, including without limitation that such Inventory is located at a location permitted by Section 3(b) or 4(d) hereof.