Without limiting the obligation of Borrower. to deliver any other information to Lender, Borrower shall promptly report to Lender any return of Inventory by any one account debtor if the Inventory so returned in such case has a value in excess of $250,000. At any time that Inventory is returned, reclaimed or repossessed, the Account (or portion thereof) which arose from the sale of such returned, reclaimed or repossessed Inventory shall not be deemed an Eligible Account. In the event any account debtor returns Inventory when an Event of Default exists or has occurred and is continuing, Borrower shall, upon the request of Collateral Agent or Lender, (i) hold the returned Inventory in trust for Collateral Agent and Lender, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according to
Appears in 3 contracts
Samples: Loan Agreement (RBX Corp), Loan Agreement (RBX Corp), Loan Agreement (RBX Industries Inc)
Without limiting the obligation of Borrower. to deliver any other information to Lender, Borrower shall promptly report to Lender any return of Inventory by any one account debtor if the Inventory inventory so returned in such case has a value in excess of $250,00010,000. At any time that Inventory is returned, reclaimed or repossessed, the Account (or portion thereof) which arose from the sale of such returned, reclaimed or repossessed Inventory shall not be deemed an Eligible Account. In the event any account debtor returns Inventory when an Event of Default exists or has occurred and is continuing, Borrower shall, upon the request of Collateral Agent or Lender's request, (i) hold the returned Inventory in trust for Collateral Agent and Lender, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according toto Lender's instructions, and (iv) not issue any credits, discounts or allowances with respect thereto without Lender's prior written consent.
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Samples: Loan and Security Agreement (Inyx Inc), Extension and Modification and Security Agreement (Nutritional Sourcing Corp)
Without limiting the obligation of Borrower. Representative to deliver any other information to Lender, Borrower shall promptly report to Lender any return of Inventory by any one account debtor if the Inventory so returned in such case has a value in excess of $250,000100,000. At any time that Inventory is returned, reclaimed or repossessed, the Account (or portion thereof) which arose from the sale of such returned, reclaimed or repossessed Inventory shall not be deemed an Eligible Account. In the event any account debtor returns Inventory when an Event of Default exists or has occurred and is continuing, Borrower Representative shall, upon the request of Collateral Agent or Lender's request, (i) hold the returned Inventory in trust for Collateral Agent and Lender, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according toto Lender's instructions, and (iv) not issue any credits, discounts or allowances with respect thereto without Lender's prior written consent.
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Samples: Loan and Security Agreement (Sport Supply Group Inc)
Without limiting the obligation of Borrower. to deliver any other information to Lender, Borrower shall promptly report to Lender any return of Inventory by any one account debtor if the Inventory so returned in such case has a value in excess of $250,000. At any time that Inventory is returned, reclaimed or repossessed, the Account (or portion thereof) which arose from the sale of such returned, reclaimed or repossessed Inventory shall not be deemed an Eligible Account. In the event any account debtor returns Inventory when an Event of Default exists or has occurred and is continuingexists, Borrower shall, upon the request of Collateral Agent or Lender’s request, (i) hold the returned Inventory in trust for Collateral Agent and Lender, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according toto Lender’s instructions, and (iv) not issue any credits, discounts or allowances with respect thereto without Lender’s prior written consent.
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Without limiting the obligation of Borrower. to deliver any other information to Lender, Borrower shall promptly report to Lender any return of Inventory by any one account debtor if the Inventory inventory so returned in such case has a value in excess of $250,00050,000. At any time that Inventory is returned, reclaimed or repossessed, the Account (or portion thereof) which arose from the sale of such returned, reclaimed or repossessed Inventory shall not be deemed an Eligible Account. In the event any account debtor returns Inventory when an Event of Default exists or has occurred and is continuing, Borrower shall, upon the request of Collateral Agent or Lender's request, (i) hold the returned Inventory in trust for Collateral Agent and Lender, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according toto Lender's instructions, and (iv) not issue any credits, discounts or allowances with respect thereto without Lender's prior written consent.
Appears in 1 contract
Samples: Financing Agreement and Security Agreement (Imperial Industries Inc)
Without limiting the obligation of Borrower. to deliver any other information to Lender, Borrower shall promptly report to Lender any return of Inventory by any one account debtor if the Inventory so returned in such case has a value in excess of $250,000. At any time that Inventory is returned, reclaimed or repossessed, the Account (or portion thereof) which arose from the sale of such returned, reclaimed or repossessed Inventory shall not be deemed an Eligible Account. In the event any account debtor returns Inventory when an Event of Default exists or has occurred and is continuingexists, Borrower and each Obligor shall, upon the request of Collateral Agent or Lender’s request, (i) hold the returned Inventory in trust for Collateral Agent and Lender, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according toto Lender’s instructions, and (iv) not issue any credits, discounts or allowances with respect thereto without Lender’s prior written consent.
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Without limiting the obligation of Borrower. to deliver any other information to Lender, Borrower shall promptly report to Lender any return of Inventory by any one account debtor if the Inventory inventory so returned in such case has a value in excess of $250,000100,000. At any time that Inventory is returned, reclaimed or repossessed, the Account (or portion thereof) which arose from the sale of such returned, reclaimed or repossessed Inventory shall not be deemed an Eligible Account. In the event any account debtor returns Inventory when an Event of Default exists or has occurred and is continuing, Borrower shall, upon the request of Collateral Agent or Lender's request, (i) hold the returned Inventory in trust for Collateral Agent and Lender, (ii) segregate all returned Inventory from all of its other property, (iii) dispose of the returned Inventory solely according toto Lender's instructions, and (iv) not issue any credits, discounts or allowances with respect thereto without Lender's prior written consent.
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