Asset Based Terms Clause Samples

Asset Based Terms. The provisions of Exhibit E hereto (the “Asset Based Terms”) and the applicable Asset Based Terms as otherwise set forth herein, are fully effective on the date hereof and shall continue in full force and effect hereafter.

Asset Based Terms. If, at such time while any Credit Extensions are outstanding, Borrower breaches any of the Financial Covenants (as defined in Schedule 2), the provisions of Exhibit E hereto (the “Asset Based Terms”) and the applicable Asset Based Terms as otherwise set forth herein, including, without limitation, as set forth in Schedule 2, shall be effective upon written notice by Bank to the Borrower. If Borrower breaches the Financial Covenants, and no Credit Extensions are outstanding at such time, such breach of the Financial Covenants shall not constitute an Event of Default, but Bank shall have no obligation to make any Advances to Borrower until such time as the Asset Based Terms shall have become effective. The foregoing institution of such Asset Based Terms does not diminish or otherwise derogate from all other rights and remedies of Bank upon the occurrence of an Event of Default, and all of such rights and remedies relating thereto are deemed reserved and not waived. Borrower acknowledges and agrees that Borrower’s breach of the Financial Covenants that are applicable while the Asset Based Terms are in effect shall constitute an Event of Default.

Asset Based Terms. Without limiting Bank's other rights and remedies, if an Event of Default occurs and is continuing, the provisions of Exhibit E hereto (the "Asset Based Terms") shall be effective, upon written notice by Bank to the Borrower.

Asset Based Terms