Loss of Value of Collateral. Each Borrower shall immediately notify Agent of any loss or damage or destruction (other than ordinary wear and tear), in excess of $500,000 in the aggregate for all Borrowers in the value of the Collateral in any Fiscal Year.
Appears in 3 contracts
Samples: Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp), Loan and Security Agreement (Abc Rail Products Corp)
Loss of Value of Collateral. Each Borrower shall immediately notify Agent of any loss or damage or destruction (other than ordinary wear and tear), in excess of $500,000 100,000 in the aggregate for all Borrowers in the value of the Collateral in any Fiscal Year, other than loss or depreciation occurring in the ordinary course of business.
Appears in 2 contracts
Samples: Loan and Security Agreement (Webco Industries Inc), Loan and Security Agreement (Webco Industries Inc)
Loss of Value of Collateral. Each Promptly upon becoming aware thereof, Borrower shall immediately notify Agent Lender of any loss loss, damage, destruction or damage or destruction depreciation (other than ordinary wear and tear), in excess of $500,000 50,000 in the aggregate for all Borrowers in the value of the Collateral in any Fiscal Year.
Appears in 1 contract
Samples: Loan and Security Agreement (Allied Digital Technologies Corp)
