Common use of Bailees; Consignees; Warehousemen Clause in Contracts

Bailees; Consignees; Warehousemen. If any Collateral is in the possession or control of any warehouseman or any of any Borrower’s consignees, agents, processors, customers or other bailees, Borrowers shall notify such warehousemen, consignee, agents, processors, customers or other bailees of Bank’s security interest and Lien therein, and upon Bank’s request, Borrowers will use commercially reasonable efforts to obtain a bailee letter agreement and financing statements acceptable to Bank from such warehousemen, consignees, agents, processors, customers or other bailees, pursuant to which each such warehousemen, consignee, agent, processor, customer or other bailee acknowledges in an authenticated record that such Person is holding the Collateral for Bank’s benefit, and such documentation from any secured creditor or lessor of such Person as Bank may reasonably request in good faith.

Bailees; Consignees; Warehousemen. If any Collateral is in the possession or control of any warehouseman or any of any Borrower’s consignees, agents, processors, customers or other bailees, Borrowers in each case of a value in excess of $100,000, Borrower shall notify such warehousemen, consignee, agents, processors, customers or other bailees of Bank’s security interest and Lien therein, and upon Bank’s request, Borrowers Borrower will use commercially reasonable efforts to obtain a bailee letter agreement and financing statements acceptable to Bank from such warehousemen, consignees, agents, processors, customers or other bailees, pursuant to which each such warehousemen, consignee, agent, processor, customer or other bailee acknowledges in an authenticated record that such Person is holding the Collateral for Bank’s benefit, subject to Permitted Liens, and such documentation from any secured creditor or lessor of such Person as Bank may reasonably request in good faithrequest.

Bailees; Consignees; Warehousemen. If any Collateral is in the possession or control of any warehouseman or any of any BorrowerDebtor’s consignees, agents, processors, customers or other bailees, Borrowers in each case of a value in excess of $100,000, Debtor shall notify such warehousemen, consignee, agents, processors, customers or other bailees of Bank’s security interest and Lien therein, and upon Bank’s request, Borrowers Debtor will use commercially reasonable efforts to obtain a bailee letter agreement and financing statements acceptable to Bank from such warehousemen, consignees, agents, processors, customers or other bailees, pursuant to which each such warehousemen, consignee, agent, processor, customer or other bailee acknowledges in an authenticated record that such Person is holding the Collateral for Bank’s benefit, subject to Permitted Liens, and such documentation from any secured creditor or lessor of such Person as Bank may reasonably request in good faithrequest.