Common use of Settling of Accounts Clause in Contracts

Settling of Accounts. Borrower shall not settle or adjust any Account identified by Borrower as an Eligible Account (other than settlements of Accounts in accordance with normal business practices, provided that no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, provided, that upon the occurrence and during the continuance of an Event of Default, Borrower shall not settle or adjust any Account without the consent of Agent.

Appears in 2 contracts

Sources: Loan and Security Agreement (Apac Customer Service Inc), Loan and Security Agreement (Apac Customer Service Inc)

Settling of Accounts. Each Borrower shall not settle or adjust any Account identified by such Borrower as an Eligible Account (other than settlements of Accounts in accordance with normal business practices, provided that no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, providedprovided that such consent shall not be required to the extent that the aggregate amount settled or adjusted by all Borrowers is less than $100,000.00, provided further that upon following the occurrence and during the continuance of an Event of Default, no Borrower shall not settle or adjust any Account without the consent of Agent.

Appears in 2 contracts

Sources: Loan and Security Agreement (Amcon Distributing Co), Loan and Security Agreement (Amcon Distributing Co)

Settling of Accounts. No Borrower shall not settle or adjust any Account identified by Borrower Borrowers as an Eligible Account (other than settlements insubstantial credits issued in the ordinary course of Accounts in accordance with normal business practices, provided that if no settlement Event of any individual Account shall exceed 3.5% of the amount of that Account without the consent of AgentDefault exists) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, provided, that upon the occurrence and during the continuance of an Event of Default, Borrower shall not settle or adjust any Account without the consent of AgentLender.

Appears in 1 contract

Sources: Loan and Security Agreement (Am Communications Inc)

Settling of Accounts. No Borrower shall not settle or adjust any Account identified by Borrower other than in the ordinary course of business consistent with past practices and, as an Eligible permitted pursuant to Section 11.01; provided, however, (a) during any Default Period, no Account may be settled or adjusted without the consent of the Lender (other than settlements and adjustments for which a binding agreement was entered into prior to the inception of Accounts in accordance with normal business practices, provided that such Default Period) and (b) no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, provided, that upon the occurrence and during the continuance of an Event of Default, any Borrower shall not settle may be settled or adjust any Account without the consent of Agentadjusted.

Appears in 1 contract

Sources: Credit and Security Agreement (LIVE VENTURES Inc)

Settling of Accounts. Each Borrower shall not settle or adjust any Account identified by such Borrower as an Eligible Account (other than settlements of Accounts in accordance with normal business practices, provided that no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, providedprovided that such consent shall not be required to the extent that the aggregate amount settled or adjusted by all Borrowers is less than $100,000, provided further that upon following the occurrence and during the continuance of an Event of Default, no Borrower shall not settle or adjust any Account without the consent of Agent.

Appears in 1 contract

Sources: Loan and Security Agreement (Amcon Distributing Co)

Settling of Accounts. Borrower shall not settle or adjust any Account identified by Borrower as an Eligible Account (other than settlements in the ordinary course of Accounts in accordance business consistent with normal business past practices; provided, provided that however, (a) during any Default Period, no settlement of any individual Account shall exceed 3.5% of the amount of that may be settled or adjusted and (b) no Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, provided, that upon the occurrence and during the continuance of an Event of Default, Borrower shall not settle may be settled or adjust any Account without the consent of Agentadjusted.

Appears in 1 contract

Sources: Credit and Security Agreement (Singing Machine Co Inc)

Settling of Accounts. Borrower shall not settle or adjust any Account identified by Borrower as an Eligible Account (other than settlements of Accounts in accordance with normal business practices, provided that no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, except for ordinary course discounts, credits or allowances which reduce the availability set forth in Subsection (2)(a) of this Agreement provided, that upon following the occurrence and during the continuance of an Event of Default, Borrower shall not settle or adjust any Account without the consent of Agent.

Appears in 1 contract

Sources: Loan and Security Agreement (Perry-Judds Inc)

Settling of Accounts. No Borrower shall not settle or adjust any Account identified by a Borrower as an Eligible Account (other than settlements of Accounts in accordance with normal business practices, provided that no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agentexcept in a manner consistent with its prior practices and reasonable business judgment, provided, that upon following the occurrence and during the continuance of an Event of Default, no Borrower shall not settle or adjust any Account without the consent of Administrative Agent. (d) Annex I to the Agreement is hereby replaced with Annex I hereto.

Appears in 1 contract

Sources: Loan and Security Agreement (Manitex International, Inc.)

Settling of Accounts. No Borrower shall not settle or adjust any Account identified by a Borrower as an Eligible Account (other than settlements of Accounts in accordance with normal business practices, provided that no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate Affiliate, in an aggregate amount exceeding $100,000 per calendar month, without the consent of Administrative Agent, provided, that upon following the occurrence and during the continuance of an Event of Default, no Borrower shall not settle or adjust any Account without the consent of Administrative Agent.

Appears in 1 contract

Sources: Loan and Security Agreement (Manitex International, Inc.)

Settling of Accounts. Borrower shall not settle or adjust any Account identified by Borrower other than in the ordinary course of business consistent with past practices and, as an Eligible permitted pursuant to Section 11.01; provided, however, (a) during any Default Period, no Account may be settled or adjusted without the consent of the Lender (other than settlements and adjustments for which a binding agreement was entered into prior to the inception of Accounts in accordance with normal business practices, provided that such Default Period) and (b) no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, provided, that upon the occurrence and during the continuance of an Event of Default, Borrower shall not settle may be settled or adjust any Account without the consent of Agentadjusted.

Appears in 1 contract

Sources: Credit and Security Agreement (LIVE VENTURES Inc)

Settling of Accounts. Borrower shall not settle or adjust any Account identified by Borrower as an Eligible Account (other than except for such settlements and adjustments made in the ordinary course of Accounts business and in accordance a manner consistent with normal business past practices, provided that no settlement of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, provided, that upon following the occurrence and during the continuance of an Event of Default, Borrower shall not settle or adjust any Account without the consent of Agent.

Appears in 1 contract

Sources: Loan and Security Agreement (Cobra Electronics Corp)

Settling of Accounts. Borrower shall not settle or adjust any Account identified by Borrower as an Eligible Account (other than settlements or adjustments of Accounts in accordance with normal business practices, provided that no settlement or adjustment of any individual Account shall exceed 3.5% of the amount of that Account without the consent of Agent) or with respect to which the Account Debtor is an Affiliate without the consent of Agent, provided, that upon the occurrence and during the continuance of an Event of Default, Borrower shall not settle or adjust any Account without the consent of Agent.

Appears in 1 contract

Sources: Loan and Security Agreement (Apac Customer Service Inc)