Contesting Charges. Notwithstanding anything to the contrary herein, Borrower may dispute any Charges without prior payment thereof, even if such non-payment may cause a lien to attach to Borrower's assets, provided that Borrower shall give Lender prompt notice of such dispute and shall be diligently contesting the same in good faith and by an appropriate proceeding and there is no danger of a loss or forfeiture of any of the Collateral and provided further that, if the same are potentially or actually in excess of $50,000 in the aggregate at any time hereafter, Borrower shall give Lender such additional collateral and assurances as Lender, in its reasonable discretion, deems necessary under the circumstances, immediately upon demand by Lender.
Appears in 2 contracts
Sources: Loan and Security Agreement (Reuter Manufacturing Inc), Revolving Loan and Security Agreement (Tro Learning Inc)