Returned Merchandise. Borrower shall notify the Agent as soon as reasonably practicable, but no later than by the delivery of next required Borrowing Base Certificate of the return, rejection, repossession, stoppage in transit, loss, damage, or destruction of any Inventory having a value individually or in the aggregate of greater than $1,000,000; provided however, Borrower shall notify the Agent immediately of any such action with respect to a material portion of the Inventory. The Agent shall make appropriate adjustments to the Receivables Borrowing Base and the Inventory Borrowing Base to reflect the return of such Inventory.
Appears in 3 contracts
Sources: Loan and Security Agreement (WireCo WorldGroup Poland Holdings Sp. z.o.o.), Loan and Security Agreement (1295728 Alberta ULC), Loan and Security Agreement (1295728 Alberta ULC)