Common use of Appointment of Customs Broker as Agent of Administrative Agent Clause in Contracts

Appointment of Customs Broker as Agent of Administrative Agent. The Customs Broker is hereby appointed as agent for the Administrative Agent to receive and retain possession of all bills of lading, waybills, documents, and any other documents of title or carriage constituting, evidencing, or relating to the Company’s goods, inventory or other property (collectively, the “Title Documents”) heretofore or at any time hereafter issued for any goods, inventory, or other property of the Company which are received by the Customs Broker for processing (collectively, the “Property”), such receipt and retention of possession being for the purpose of more fully perfecting and preserving the Administrative Agent’s security interests in the Title Documents and the Property. The Customs Broker will maintain possession of the Title Documents and the Property, subject to the security interest of the Administrative Agent, and will note the security interests of the Administrative Agent on the Customs Broker’s books and records. In the event that the Administrative Agent is designated as the consignor, co-consignor, consignee or co-consignee on any such Title Documents, subject to the terms and conditions hereof, the Administrative Agent hereby appoints the Customs Broker as its attorney-in-fact solely to execute and deliver any such Title Documents for and on behalf of the Administrative Agent pursuant to the terms of this Agreement.

Appointment of Customs Broker as Agent of Administrative Agent. The Customs Broker is hereby appointed as agent for the Administrative Agent to receive and retain possession of all bills of lading, waybills, documents, and any other documents of title or carriage constituting, evidencing, or relating to the CompanyBorrower’s goods, inventory or other property (collectively, the “Title Documents”) heretofore or at any time hereafter issued for any goods, inventory, or other property of the Company which are received by the Customs Broker for processing (collectively, the “Property”), such receipt and retention of possession being for the purpose of more fully perfecting and preserving the Administrative Agent’s security interests in the Title Documents and the Property. The Customs Broker will maintain possession of the Title Documents and the Property, subject to the security interest of the Administrative Agent, and will note the security interests interest of the Administrative Agent on the Customs Broker’s books and records. In the event that the Administrative Agent is designated as the consignor, co-consignor, consignee or co-consignee on any such Title Documents, subject to the terms and conditions hereof, the Administrative Agent hereby appoints the Customs Broker as its attorney-in-fact solely to execute and deliver any such Title Documents for and on behalf of the Administrative Agent pursuant to the terms of this Agreement.

Appointment of Customs Broker as Agent of Administrative Agent. The Customs Broker is hereby appointed as agent for the Administrative Agent to receive and retain possession of all bills of lading, waybills, documents, and any other documents of title or carriage constituting, evidencing, or relating to the Company’s goods, inventory or other property (collectively, the “Title Documents”) heretofore or at any time hereafter issued for any goods, inventory, or other property of the Company which are received by the Customs Broker for processing (collectively, the “Property”), such receipt and retention of possession being for the purpose of more fully perfecting and preserving the Administrative Agent’s security interests in the Title Documents and the Property. The Customs Broker will maintain possession of the Title Documents and the Property, subject to the security interest of the Administrative Agent, and will note the security interests of the Administrative Agent on the Customs Broker’s books and records. In the event that the Administrative Agent is designated as the consignor, co-consignor, consignee or co-consignee on any such Title Documents, subject to the terms and conditions hereof, the Administrative Agent hereby appoints the Customs Broker as its attorney-in-fact solely to execute and deliver any such Title Documents for and on behalf of the Administrative Agent pursuant to the terms of this Agreement.