Notice of Diminution of Value. The Borrowers shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the actual or potential diminution in excess of $150,000 in the value of any of their Collateral, except for any diminution in the value of any Receivables or Inventory in the ordinary course of business which has been appropriately reserved against, as reflected in the financial statements previously delivered to the Lenders pursuant to ARTICLE 11.
Appears in 1 contract
Sources: Loan and Security Agreement (Supreme International Corp)
Notice of Diminution of Value. The Borrowers Borrowers' Agent shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the actual or potential diminution in excess of $150,000 in the value of any of their Collateralthe Collateral or any other collateral for the Secured Obligations, except for any diminution in the value of any Receivables or Inventory in the ordinary course of business which has been appropriately reserved against, as reflected in the financial statements previously delivered to the Lenders pursuant to ARTICLE 11.
Appears in 1 contract
Sources: Loan and Security Agreement (Perry Ellis International Inc)