Common use of Inventory; Returns Clause in Contracts

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00).

Appears in 3 contracts

Samples: Loan and Security Agreement (Mind Medicine (MindMed) Inc.), Loan and Security Agreement (Alto Neuroscience, Inc.), Loan and Security Agreement (Alto Neuroscience, Inc.)

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Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party or any Subsidiary, on the one hand, and its Account Debtors Debtors, on the other hand, shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent Lender of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00)250,000 individually or in the aggregate in any calendar year.

Appears in 3 contracts

Samples: Loan and Security Agreement (Pulmonx Corp), Loan and Security Agreement (Pulmonx Corp), Loan and Security Agreement (Pulmonx Corp)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00250,000).

Appears in 2 contracts

Samples: Loan and Security Agreement (Surface Oncology, Inc.), Loan and Security Agreement (Surface Oncology, Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing DateDate or which are otherwise reasonable and in accordance with industry standards at the applicable time. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00250,000).

Appears in 1 contract

Samples: Loan and Security Agreement (Tracon Pharmaceuticals, Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing DateDate (or as such practices are amended or adjusted based on customary market practice). Other than any returns, recoveries, disputes and claims in the Ordinary Course of Business, Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve individually or in the aggregate more than Two Hundred Fifty Thousand Dollars ($250,000.00)500,000.

Appears in 1 contract

Samples: Loan and Security Agreement (Brilliant Earth Group, Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred and Fifty Thousand Dollars ($250,000.00250,000).

Appears in 1 contract

Samples: Loan and Guaranty Agreement (VBI Vaccines Inc/Bc)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Five Hundred Fifty Thousand Dollars ($250,000.00500,000.00).

Appears in 1 contract

Samples: Loan and Security Agreement (Oncorus, Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00250,000), individually, or that involve collectively an amount more than Five Hundred Thousand Dollars ($500,000).

Appears in 1 contract

Samples: Loan and Security Agreement (Colonnade Acquisition Corp.)

Inventory; Returns. Keep all marketable Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Five Hundred Fifty Thousand Dollars ($250,000.00500,000.00).

Appears in 1 contract

Samples: Loan and Security Agreement (Aptinyx Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Five Hundred Fifty Thousand Dollars ($250,000.00500,000).

Appears in 1 contract

Samples: Loan and Security Agreement (Porch Group, Inc.)

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Inventory; Returns. Keep all Inventory in all material respects in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing DateDate or as is standard in the industry. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00).

Appears in 1 contract

Samples: Guaranty, and Security Agreement (ASLAN Pharmaceuticals LTD)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices substantially as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00).. 6.4

Appears in 1 contract

Samples: Loan and Security Agreement (Acumen Pharmaceuticals, Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date, subject to reasonable extensions thereof. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00)500,000.

Appears in 1 contract

Samples: Loan and Security Agreement (Molecular Templates, Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall Loan Parties must promptly notify Administrative Agent Lender of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.0050,000).

Appears in 1 contract

Samples: Loan and Security Agreement (Aspen Group, Inc.)

Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between a Loan Party and its Account Debtors shall follow such Loan Party’s customary practices as they exist at the Closing Date. Borrower Representative shall promptly notify Administrative Agent of all returns, recoveries, disputes and claims that involve more than Two Hundred Fifty Thousand Dollars ($250,000.00)250,000.

Appears in 1 contract

Samples: Loan and Security Agreement (89bio, Inc.)

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