Common use of POSSESSION OF COLLATERAL AND RELATED MATTERS Clause in Contracts

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event of Default has occurred, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 3 contracts

Samples: Loan and Security Agreement (Amcon Distributing Co), Loan and Security Agreement (Hartville Group Inc), Loan and Security Agreement (Numatics Inc)

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POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event the commencement of Default has occurreda foreclosure or liquidation to realize upon the Collateral, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 3 contracts

Samples: Loan and Security Agreement (Empire of Carolina Inc), Loan and Security Agreement (Empire of Carolina Inc), Loan and Security Agreement (Empire of Carolina Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event of Default has occurred, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's ’s business, to (a) sell, lease or furnish under contracts of service any of such Borrower's ’s Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Hartville Group Inc), Loan and Security Agreement (Wells Gardner Electronics Corp)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until otherwise notified by Administrative Agent following the occurrence and during the continuance of an Event of Default has occurredDefault, each Borrower Borrowers shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's Borrowers’ business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Borrowers’ Inventory normally held by such Borrower Borrowers for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower Borrowers for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such BorrowerBorrowers.

Appears in 2 contracts

Samples: Loan and Security Agreement (WESTMORELAND COAL Co), Loan and Security Agreement (WESTMORELAND COAL Co)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until Unless an Event of Default has occurredoccurred and is continuing, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; providedPROVIDED, howeverHOWEVER, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

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

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until Unless an "Event of Default Default" has occurredoccurred and is continuing, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; , and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Friedmans Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an So long as no Event of Default has occurredexists, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's businessbusiness consistent with past practices, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Am Communications Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event the commencement of Default has occurreda foreclosure or liquidation to realize upon the Collateral, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; , and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower. 7.

Appears in 1 contract

Samples: Loan and Security Agreement (Plymouth Rubber Co Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event of Default has occurredoccurred and is continuing, each Borrower shall have the right, except as otherwise provided for in this Agreement, in the ordinary course of such Borrower's ’s business, to to: (a) sell, lease or furnish under contracts of service any of such Borrower's ’s Inventory normally held by such Borrower for any such purpose; , and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; , provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Impco Technologies Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an "Event of Default Default" (as hereinafter defined) has occurred, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; , and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (California Pro Sports Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event of Default has occurred, each Borrower shall have the right, except as otherwise provided in this Loan Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Lucille Farms Inc)

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POSSESSION OF COLLATERAL AND RELATED MATTERS. Until otherwise notified by Lender following the occurrence and during the continuance of an Event of Default has occurredDefault, each Borrower Borrowers shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's Borrowers’ business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Borrowers’ Inventory normally held by such Borrower Borrowers for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower Borrowers for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such BorrowerBorrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (WESTMORELAND COAL Co)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until Unless an Event of Default has occurredoccurred and is continuing, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Cobra Electronics Corp)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event the commencement of Default has occurreda foreclosure or liquidation to realize upon the Collateral, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; , and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: And Consolidated Loan and Security Agreement (Empire of Carolina Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until an Event of Default has occurred, each Borrower shall have the right, except as otherwise provided in this Agreement, in the ordinary course of such each Borrower's business, to (a) sell, lease or furnish under contracts of service any of such each Borrower's Inventory normally held by such each Borrower for any such purpose; , and (b) use and consume any raw materials, work in process or other materials normally held by such each Borrower for such purpose; provided, however, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such any Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Interplay Entertainment Corp)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until Unless an Event of Default has occurredoccurred and is continuing, each Borrower shall have the right, except as otherwise expressly provided in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; providedPROVIDED, howeverHOWEVER, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (DHB Industries Inc)

POSSESSION OF COLLATERAL AND RELATED MATTERS. Until Unless an Event of Default has occurredoccurred and be continuing, each Borrower shall have the right, except as otherwise provided for in this Agreement, in the ordinary course of such Borrower's business, to (a) sell, lease or furnish under contracts of service any of such Borrower's Inventory normally held by such Borrower for any such purpose; , and (b) use and consume any raw materials, work in process or other materials normally held by such Borrower for such purpose; provided, howeverPROVIDED, HOWEVER, that a sale in the ordinary course of business shall not include any transfer or sale in satisfaction, partial or complete, of a debt owed by such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Security Capital Corp/De/)

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