Common use of Notice of Diminution of Value Clause in Contracts

Notice of Diminution of Value. Each Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10.

Appears in 4 contracts

Samples: Loan and Security Agreement (Trism Inc /De/), Loan and Security Agreement (Trism Inc /De/), Loan and Security Agreement (Trism Inc /De/)

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Notice of Diminution of Value. Each Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 150,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables Accounts or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 104 of the Credit Agreement.

Appears in 2 contracts

Samples: Loan Agreement (Bti Telecom Corp), Loan Agreement (Bti Telecom Corp)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10ARTICLE 9.

Appears in 2 contracts

Samples: Loan and Security Agreement (Burke Industries Inc /Ca/), Loan and Security Agreement (Burke Industries Inc /Ca/)

Notice of Diminution of Value. Each Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 in the value of 500,000 with respect to Inventory and any of its other Collateral, except for any such diminution (i) in the value of any Receivables Accounts or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Section 6.1(m) or Article 10.

Appears in 2 contracts

Samples: And Security Agreement (Tropical Sportswear International Corp), Loan and Security Agreement (Tropical Sportswear International Corp)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent Lender of any matter or event which has resulted in, or may result in, the actual or potential diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in the financial statements previously delivered to the Agent and the Lenders Lender pursuant to Article 10.9. (e)

Appears in 2 contracts

Samples: Loan and Security Agreement (International Comfort Products Corp), Loan and Security Agreement (International Comfort Products Corp)

Notice of Diminution of Value. Each Borrower shall give prompt notice to the Administrative Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Administrative Agent and the Lenders pursuant to Article 10ARTICLE 11.

Appears in 2 contracts

Samples: Loan and Security Agreement (Winston Furniture Co of Alabama Inc), Loan and Security Agreement (Winsloew Furniture Inc)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10ARTICLE 11.

Appears in 1 contract

Samples: Loan and Security Agreement (Texfi Industries Inc)

Notice of Diminution of Value. Each Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of Twenty-Five Thousand Dollars ($100,000 25,000) in the value of any of its the Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 1012.

Appears in 1 contract

Samples: Loan and Security Agreement (Gni Group Inc /De/)

Notice of Diminution of Value. Each Borrower The Borrowers shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the actual or potential diminution in excess of $100,000 150,000 in the value of any of its their Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in the financial statements previously delivered to the Agent and the Lenders pursuant to Article 10ARTICLE 11.

Appears in 1 contract

Samples: Loan and Security Agreement (Supreme International Corp)

Notice of Diminution of Value. Each Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 150,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10.

Appears in 1 contract

Samples: Loan and Security Agreement (Collins Industries Inc)

Notice of Diminution of Value. Each Borrower The Borrowers shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 200,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article ARTICLE 10.

Appears in 1 contract

Samples: Loan and Security Agreement (Kellstrom Industries Inc)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 1,000,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 1011.

Appears in 1 contract

Samples: Loan and Security Agreement (Synthetic Industries Inc)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article ARTICLE 10.

Appears in 1 contract

Samples: Loan and Security Agreement (Texfi Industries Inc)

Notice of Diminution of Value. Each Borrower The Borrowers shall give prompt notice to the Administrative Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Administrative Agent and the Lenders pursuant to Article ARTICLE 10.

Appears in 1 contract

Samples: Loan and Security Agreement (Heafner Tire Group Inc)

Notice of Diminution of Value. Each Borrower The Borrowers shall give prompt notice to the Administrative Agent of any matter or event which has resulted in, or may is reasonably likely to result in, the diminution in excess of $100,000 5,000,000 in any Fiscal Year in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Administrative Agent and the Lenders pursuant to Article 10.

Appears in 1 contract

Samples: Credit and Security Agreement (Mastec Inc)

Notice of Diminution of Value. Each Borrower The Borrowers shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 1,000,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10.

Appears in 1 contract

Samples: Loan and Security Agreement (American Aircarriers Support Inc)

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Notice of Diminution of Value. Each Borrower The Borrowers shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10.been

Appears in 1 contract

Samples: Loan and Security Agreement (Phoenix Racing Inc)

Notice of Diminution of Value. Each Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 150,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables Accounts or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10.

Appears in 1 contract

Samples: Loan and Security Agreement (Collins Industries Inc)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent and to each Lender of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 1 million in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10ARTICLE 11.

Appears in 1 contract

Samples: Loan and Security Agreement (Meadowcraft Inc)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 50,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10ARTICLE 11.

Appears in 1 contract

Samples: Loan and Security Agreement (Ridgeview Inc)

Notice of Diminution of Value. Each Borrower The Borrowers shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the actual or potential diminution in excess of $100,000 250,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables Collateral in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in the financial statements previously delivered to the Agent and the Lenders pursuant to Article 10ARTICLE VIII.

Appears in 1 contract

Samples: Loan Agreement (Offshore Tool & Energy Corp)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may could reasonably be expected to result in, the diminution in excess of $100,000 500,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10ARTICLE 9.

Appears in 1 contract

Samples: Loan and Security Agreement (Nabi /De/)

Notice of Diminution of Value. Each Borrower shall give prompt notice to the Administrative Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 5,000,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables Accounts or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Administrative Agent and the Lenders pursuant to Article 10ARTICLE 11.

Appears in 1 contract

Samples: Loan and Security Agreement (Russell Corp)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent and each Lender of any matter or event which has resulted in, or may result in, the actual or potential diminution in excess of $100,000 200,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 10.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Synthetic Industries Inc)

Notice of Diminution of Value. Each The Borrower shall give prompt notice to the Agent of any matter or event which has resulted in, or may result in, the diminution in excess of $100,000 200,000 in the value of any of its Collateral, except for any such diminution (i) in the value of any Receivables or Inventory in the ordinary course of business or (ii) which has been appropriately reserved against, as reflected in financial statements previously delivered to the Agent and the Lenders pursuant to Article 1011.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Commercial Corp)

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