Bailees. In the event that the fair market value of any Collateral at any time in the possession or control of any warehouseman, bailee or any Loan Party’s agents or processors exceeds $50,000 at any single location or $100,000 in the aggregate, such Loan Party, shall, upon the request of Agent, notify such warehouseman, bailee, agent or processor of the security interests in favor of Agent for the benefit of Lenders created hereby, shall instruct such Person to hold all such Collateral for Agent’s account subject to Agent’s instructions and shall cause such Person to execute an access and waiver agreement reasonably acceptable to Agent.
Appears in 4 contracts
Samples: Loan and Security Agreement (Intercloud Systems, Inc.), Loan and Security Agreement (Sebring Software, Inc.), Loan and Security Agreement (Genesis Group Holdings Inc)
