Returned and Repossessed Inventory Sample Clauses
The Returned and Repossessed Inventory clause governs the handling of goods that are either returned by the buyer or repossessed by the seller, typically due to non-payment or breach of contract. This clause outlines the procedures for the physical return or repossession of inventory, including notification requirements, condition of goods, and any associated costs or credits. Its core function is to ensure both parties understand their rights and obligations regarding inventory that is no longer in the buyer’s possession, thereby reducing disputes and clarifying the process for reclaiming or accounting for such goods.
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Returned and Repossessed Inventory. If at any time prior to the occurrence of an Event of Default, any Account Debtor returns any Inventory to Debtor with a value in excess of $10,000.00, Debtor shall promptly determine the reason for such return and, if Debtor accepts such return, issue a credit memorandum (with a copy to be sent to Secured Party if Secured Party has so requested) in the appropriate amount to such Account Debtor. After the occurrence of an Event of Default, Debtor shall hold all returned Inventory in trust for Secured Party, shall segregate all returned Inventory from all other property of Debtor or in its possession and shall conspicuously label said returned Inventory as the property of Secured Party. Debtor shall, in all cases, immediately notify Secured Party of the return of any Inventory with a value in excess of $10,000.00 specifying the reason for such return and the location and condition of the returned Inventory.
Returned and Repossessed Inventory. If at any time prior to the occurrence of an Event of Default, any Account Debtor returns any Inventory to Borrower in excess of Ten Thousand and 00/100 ($10,000.00) Dollars, Borrower shall promptly determine the reason for such return and, if Borrower accepts such return, issue a credit memorandum (with a copy to be sent to Lender if Lender has so requested) in the appropriate amount to such Account Debtor. After the occurrence of an Event of Default, Borrower shall hold all returned Inventory in trust for Lender, shall segregate all returned Inventory from all other property of Borrower or in Borrower’s possession and shall conspicuously label said returned Inventory as the property of Lender. Borrower shall, at all times subsequent to the occurrence of an Event of Default, immediately notify Lender of the return of any Inventory, specifying the reason for such return and the location and condition of the returned Inventory.
Returned and Repossessed Inventory. If at any time prior to the occurrence of a Default, any Account Debtor returns any Inventory to Borrowers, Borrowers shall promptly determine the reason for such return and, if Borrowers accept such return, issue a credit memorandum (with a copy available for Lender) in the appropriate amount to such Account Debtor; provided, however, that, subsequent to the occurrence of a Default under this Agreement, Borrowers shall not, without the prior consent of Lender, accept on any single day, returned Inventory the sale price of which was in excess of $10,000 in the aggregate. After the occurrence of a Default, Borrowers shall hold all returned Inventory in trust for Lender, shall segregate Borrowers' possession and shall conspicuously label said returned cases, immediately notify Lender of the return of any Inventory, specifying the reason for such return and the location and condition of the returned Inventory.
Returned and Repossessed Inventory. If at any time prior to the occurrence of a Default, any Account Debtor returns any of the Inventory to Borrower, Borrower shall promptly determine the reason for such return and, if Borrower accepts such return, issue a credit memorandum (with a copy to be immediately sent to Lender) in the appropriate amount to such Account Debtor; provided, however, that Borrower shall not, without the prior consent of Lender, which consent shall not be unreasonably withheld when such consent is not inconsistent with protecting Lender's security interest in the Collateral, accept on any single day, returned Inventory the sale price of which was in excess of $75,000 in the aggregate or a total amount aggregating in excess of $150,000 in any thirty (30) day period. After the occurrence of a Default, and if Lender so directs, Borrower shall hold all returned Inventory in trust for Lender, shall segregate all returned Inventory from all other property of Borrower or in Borrower's possession and shall conspicuously label such returned Inventory as the property of Lender. Borrower shall, in all cases, immediately notify Lender of the return of any Inventory with a value in excess of $75,000, specifying the reason for such return and the location and condition of the returned Inventory.
Returned and Repossessed Inventory. If at any time prior to the occurrence of a Default, any Account Debtor returns any of the Inventory to Borrower or any of the Gaming Supply Inventory to Gaming Supply, Borrower shall promptly determine the reason for such return and, if Borrower or Gaming Supply accepts such return, issue (or cause Gaming Supply to issue) a credit memorandum (with a copy to be included in the Accounts Report) in the appropriate amount to such Account Debtor. Borrower shall, in all cases, immediately notify Lender of the return of any Inventory and any Gaming Supply Inventory in excess of Ten Thousand Dollars ($10,000), specifying the reason for such return and the location and condition of the returned Inventory or Gaming Supply Inventory. Borrower shall also immediately notify Lender Of any Inventory and any Gaming Supply Inventory that Borrower knows has ceased to be Eligible Inventory or Gaming Supply Eligible Inventory.
Returned and Repossessed Inventory. If at any time prior to the occurrence of a Default, any Account Borrower returns any Inventory to any Debtor with a value in excess of $25,000, such Debtor shall promptly determine the reason for such return and, if such Debtor accepts such return, issue a credit memorandum (with a copy to be sent to the Administrative Agent if the Administrative Agent has so requested) in the appropriate amount to such Account Borrower. After the occurrence of a Default, each Debtor shall hold all returned Inventory in trust for the Administrative Agent, shall segregate all returned Inventory from all other Property of such Debtor or in its possession and shall conspicuously label said returned Inventory as the Property of the Administrative Agent. Each Debtor shall, in all cases, immediately notify the Administrative Agent of the return of any Inventory with a value in excess of $25,000, specifying the reason for such return and the location and condition of the returned Inventory.
Returned and Repossessed Inventory. If at any time prior to the occurrence of a Default, any Account Debtor returns any of the Inventory to Borrower, Borrower shall promptly determine the reason for such return and, if Borrower accepts such return, issue a credit memorandum (with copies to be sent to Lender daily) in the appropriate amount to such Account Debtor. Borrower shall, in all cases, immediately notify Lender of the return of any Inventory on any day with an aggregate value of $50,000 or more, specifying the reason for such return and the location and condition of the returned Inventory.