Common use of Limitations on Modifications, Waivers, Extensions of Contracts and Agreements Giving Rise to Accounts Clause in Contracts

Limitations on Modifications, Waivers, Extensions of Contracts and Agreements Giving Rise to Accounts. Except as otherwise set forth in the Credit Agreement, the Debtor will not (i) amend, modify, terminate or waive any provision of any Contract or any agreement giving rise to an account in any manner which could reasonably be expected to materially adversely affect the value of such Contracts or Accounts as Collateral when examined in the aggregate, (ii) fail to exercise promptly and diligently each and every material right which it may have under each Contract and each agreement giving rise to an Account (other than any right of termination) where such failure could have a material adverse effect on the value of such Contracts or Accounts when examined in the aggregate or (iii) fail to deliver to the Secured Party a copy of each material demand, notice or document received by it relating in any way to any Contract or any material agreement giving rise to an Account.

Appears in 1 contract

Sources: Security Agreement (Edac Technologies Corp)

Limitations on Modifications, Waivers, Extensions of Contracts and Agreements Giving Rise to Accounts. Except as otherwise set forth in the Credit Agreement, the Debtor Debtors will not (i) amend, modify, terminate or waive any provision of any Contract or any agreement giving rise to an account in any manner which could reasonably be expected to materially adversely affect the value of such Contracts or Accounts as Collateral when examined in the aggregate, (ii) fail to exercise promptly and diligently each and every material right which it may have under each Contract and each agreement giving rise to an Account (other than any right of termination) where such failure could have a material adverse effect on the value of such Contracts or Accounts when examined in the aggregate or (iii) fail to deliver to the Secured Party a copy of each material demand, notice or document received by it relating in any way to any Contract or any material agreement giving rise to an Account.

Appears in 1 contract

Sources: Security Agreement (Edac Technologies Corp)