Common use of Receivables Reports Clause in Contracts

Receivables Reports. The Servicer agrees to provide to Agent and Lender Group Agents notice of: (i) any material delay in the Originator’s or Servicer’s performance of any of its obligations to any Obligor or the assertion of any material claims, offsets, defenses or counterclaims by any Obligor, or any material disputes with Obligors, or any material settlement, adjustment or compromise thereof, (ii) all material adverse information known to the Servicer relating to the financial condition of any Obligor and (iii) any event or circumstance which, to the Servicer’s knowledge, would be reasonably likely to cause Agent to consider any then existing Receivable as no longer constituting an Eligible Receivable. No credit, discount, allowance or extension, or agreement with respect to any credit, discount, allowance or extension, shall be granted by the Servicer to any Obligor without the Agent’s consent, except in the ordinary course of the Servicer’s business consistent with the practices of the Servicer as of the date hereof and as to any such agreement so long as the Agent and the Lender Group Agents shall have received notice thereof to the extent required hereunder.