Common use of Returns Clause in Contracts

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 10 contracts

Samples: Loan and Security Agreement (Cragar Industries Inc /De), Loan and Security Agreement (Raytech Corp), Loan and Security Agreement (Athey Products Corp)

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Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless of whether an Event of Default has occurred, Borrower will will, until such time as Borrower has issued a credit memorandum to the Account Debtor, (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 3 contracts

Samples: Loan and Security Agreement (Fields Aircraft Spares Inc), Loan and Security Agreement (Fields Aircraft Spares Inc), Loan and Security Agreement (Fields Aircraft Spares Inc)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to LenderLender for any return that exceeds U.S.$5,000). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless Upon Lender's demand, regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.. Greystone Business Credit II LLC Loan and Security Agreement

Appears in 1 contract

Samples: Loan and Security Agreement (Thomas Equipment, Inc.)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to any Borrower in the ordinary course of its business, such Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence and during the continuation of an Event of Default, no Borrower will not accept any return without Lender's prior written consent. Regardless Upon Lender's written demand after the occurrence of whether an Event of Default has occurredDefault, each Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of such Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Security Agreement (Franklin Electronic Publishers Inc)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the BANC OF AMERICA COMMERCIAL FUNDING LOAN AND SECURITY AGREEMENT ------------------------------------------------------------------------------ returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Urban Juice & Soda Co LTD /Wy/)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventoryinventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Enherent Corp)

Returns. Provided that no Event of Default has occurred oc­curred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will shall promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to LenderREMINGTON). After In the event any attempted return oc­curs after the occurrence of an any Event of Default, Borrower will shall (i) not accept any return without Lender's REMINGTON’s prior written consent. Regardless of whether an Event of Default has occurred, Borrower will (iii) hold the returned Inventory in trust for Lender; REMINGTON, (iiiii) segregate all returned Inventory from all of Borrower's ’s other property; , (iiiiv) conspicuously label the returned Inventory as LenderREMINGTON's property; , and (ivv) immediately notify Lender REMINGTON of the return of such any Inventory, specifying the reason for such return, the location loca­tion and condition of the returned Inventory andInventory, at Lenderand on REMINGTON's request, request deliver such returned Inventory to Lender at an address specified by LenderREMINGTON.

Appears in 1 contract

Samples: Loan and Security Agreement (Broadcaster Inc)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender upon Lender's request). After the occurrence and during the continuance of an Event of Default, Borrower will not accept any return not, without Lender's prior written consent, accept any returns which are equal to or greater than (i) $20,000 in the aggregate if such Inventory is unmerchantable and (ii) $100,000 in the aggregate if such Inventory is merchantable. Regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (National Home Centers Inc)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender; provided that should no Event of Default have occurred and be continuing, Borrower can sell such Inventory in the ordinary course of its business.

Appears in 1 contract

Samples: Loan and Security Agreement (Big Smith Brands Inc)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless Upon the occurrence and continuation of whether a Default or an Event of Default has occurredDefault, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Sparta Surgical Corp)

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Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence and during the continuance of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless After the occurrence and during the continuance of whether an Event of Default has occurredDefault, Borrower will will, upon Lender's request (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Golden Books Family Entertainment Inc)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum in an amount in excess of $10,000 to the Account Debtor in the an appropriate amount (sending and send a copy thereof to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless of whether If an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and the condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Titan Global Holdings, Inc.)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to a Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a upon issuing any credit memorandum in an amount in excess of $10,000 to the Account Debtor in the an appropriate amount (sending amount, send a copy thereof to Lender). After the occurrence of an Event of Default, no Borrower will not accept any return without Lender's prior written consent. Regardless of whether If an Event of Default has occurred, Borrower Borrowers will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's Borrowers' other property; and (iii) conspicuously label the returned Inventory as Lender's property; and (iv) . Regardless of whether an Event of Default has occurred, Borrowers will immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and the condition of the returned Inventory and, at Lender's request, deliver such returned Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Titan Global Holdings, Inc.)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to LenderAgent). After the occurrence of an Event of Default, Borrower will not accept any return without LenderAgent's prior written consent. Regardless Upon Agent's demand, regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lenderthe Agent and the Lenders; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lenderthe Agent's and the Lenders' property; and (iv) immediately notify Lender Agent of the return of such Inventory, specifying the reason for such return, the location and the condition of the returned Inventory and, at LenderAgent's request, deliver such returned Inventory to Lender Agent at an address specified by LenderAgent.

Appears in 1 contract

Samples: Loan and Security Agreement (Titan Global Holdings, Inc.)

Returns. Provided that no Event of Default has occurred and is continuing, if any Account Debtor returns any Inventory to Borrower in the ordinary course of its business, Borrower will promptly determine the reason for such return and promptly issue a credit memorandum to the Account Debtor in the appropriate amount (sending a copy to Lender). After the occurrence of an Event of Default, Borrower will not accept any return without Lender's prior written consent. Regardless of whether an Event of Default has occurred, Borrower will (i) hold the returned Inventory in trust for Lender; (ii) segregate all returned Inventory from all of Borrower's other property; (iii) conspicuously label the returned Inventory as Lender's property; and (iv) immediately notify Lender of the return of such Inventory, specifying the reason for such return, the location and condition of the returned Inventory and, at Lender's request, deliver such returned retained Inventory to Lender at an address specified by Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Obsidian Enterprises Inc)

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