Common use of Acknowledgment of Security Interest; Power of Attorney Clause in Contracts

Acknowledgment of Security Interest; Power of Attorney. The Freight Forwarder acknowledges, consents, and agrees that the Company has granted to the Administrative Agent, for its own benefit and the benefit of the other Secured Parties, a security interest and first priority lien on all of the Company’s right, title, and interest in, to and under all goods, inventory, documents, Documents of Carriage and any contracts or agreements with carriers, customs brokers, and/or freight forwarders for shipment or delivery of such goods and inventory. The Freight Forwarder further agrees that: (i) it shall act as the Company’s agent and bailee for the purpose of receiving any goods, inventory, Documents of Carriage or other property of the Company (collectively, the “Property”); (ii) the Company holds title to all Property while in the custody or control of the Freight Forwarder; (iii) upon receipt of any Property, the Freight Forwarder shall promptly notify the Company that is holding such Property on behalf of the Company; and (iv) the Freight Forwarder shall not deliver any Property to a third party for shipment and delivery unless any related Documents of Carriage reflect the Company as both “consignor/shipper” and “consignee” and such third party is advised of the Administrative Agent’s first priority lien on the Property and rights with respect thereto.

Acknowledgment of Security Interest; Power of Attorney. The Freight Forwarder acknowledges, consents, and agrees that each of the Company Companies has granted to the Administrative Security Agent, for its own benefit and the benefit of the other Secured PartiesCreditors, a security interest and first priority lien Lien (as defined in the Facility Agreement) on all of the such Company’s right, title, and interest in, to and under all goods, inventoryInventory, documents, Documents of Carriage and any contracts or agreements with carriers, customs brokers, and/or freight forwarders for shipment or delivery of such goods and inventory. The Freight Forwarder further agrees that: (i) it shall act as each of the Company’s Companies’ agent and bailee for the purpose of receiving any goods, inventory, Documents of Carriage or other property of the Company Companies (collectively, the “Property”); (ii) the Company holds Companies hold title to all Property while in the custody or control of the Freight Forwarder; (iii) upon receipt of any Property, the Freight Forwarder shall promptly notify the Company that is holding such Property on behalf of the such Company; and (iv) the Freight Forwarder shall not deliver any Property to a third party for shipment and delivery unless any related Documents of Carriage reflect the such Company as both “consignor/shipper” and “consignee” and such third party is advised of the Administrative Security Agent’s first priority lien on the Property and rights with respect thereto.

Acknowledgment of Security Interest; Power of Attorney. The Freight Forwarder acknowledges, consents, and agrees that the Company has granted to the Administrative Security Agent, for its own benefit and the benefit of the other Secured PartiesCreditors, a security interest and first priority lien Lien (as defined in the Facility Agreement) on all of the Company’s right, title, and interest in, to and under all goods, inventoryInventory, documents, Documents of Carriage and any contracts or agreements with carriers, customs brokers, and/or freight forwarders for shipment or delivery of such goods and inventory. The Freight Forwarder further agrees that: (i) it shall act as the Company’s agent and bailee for the purpose of receiving any goods, inventory, Documents of Carriage or other property of the Company (collectively, the “Property”); (ii) the Company holds title to all Property while in the custody or control of the Freight Forwarder; (iii) upon receipt of any Property, the Freight Forwarder shall promptly notify the Company that is holding such Property on behalf of the Company; and (iv) the Freight Forwarder shall not deliver any Property to a third party for shipment and delivery unless any related Documents of Carriage reflect the Company as both “consignor/shipper” and “consignee” and such third party is advised of the Administrative Security Agent’s first priority lien on the Property and rights with respect thereto.