Common use of Collateral Held by Warehouseman, Bailee, etc Clause in Contracts

Collateral Held by Warehouseman, Bailee, etc. If any Collateral is at any time in the possession or control of a warehouseman, bailee or any agent, processor or repairman of such Obligor other than in the ordinary course of the Obligor's business, (i) notify the Agent of such possession, (ii) notify such Person of the Agent's security interest for the benefit of the Lenders in such Collateral, (iii) instruct such Person to hold all such Collateral for the Agent's account subject to the Agent's instructions and (iv) obtain an acknowledgment from such Person that it is holding such Collateral for the benefit of the Agent.

Collateral Held by Warehouseman, Bailee, etc. If an Event of Default has occurred and is continuing and any Collateral is at any time in the possession or control of a warehouseman, bailee bailee, agent or any agent, processor or repairman of such Obligor other than Grantor and is expected to remain in the ordinary course possession and control of the Obligor's businesssuch third party, (i) notify the Administrative Agent of such possessionpossession or control, (ii) notify such Person of the Administrative Agent's ’s security interest for the benefit of the Lenders in such Collateral, (iii) instruct such Person to hold all such Collateral for the Administrative Agent's ’s account and subject to the Administrative Agent's ’s instructions and (iv) obtain an acknowledgment from such Person that it is holding such Collateral for the benefit of the Administrative Agent.

Collateral Held by Warehouseman, Bailee, etc. If any Collateral with a value greater than $250,000 is at any time in the possession or control of a warehouseman, bailee bailee, agent or any agent, processor or repairman of such Obligor other than Grantor and is expected to remain in the ordinary course possession and control of the Obligor's businesssuch third party, (i) notify the Administrative Agent of such possessionpossession or control and (ii) upon the Administrative Agent’s request, (iiA) notify such Person of the Administrative Agent's ’s security interest for the benefit of the Lenders in such Collateral, (iiiB) instruct such Person to hold all such Collateral for the Administrative Agent's ’s account and, upon the occurrence of an Event of Default and during the continuation thereof, subject to the Administrative Agent's ’s instructions and (ivC) use commercially reasonable efforts to obtain an acknowledgment from such Person that it is holding such Collateral for the benefit of the Administrative Agent.

Collateral Held by Warehouseman, Bailee, etc. If any Collateral is at any time in the possession or control of a warehouseman, bailee or any agent, agent or processor or repairman of such Obligor other than in the ordinary course of the Obligor's business, (i) notify the Administrative Agent of such possession, (ii) upon the request of the Administrative Agent, notify such Person of the Administrative Agent's security interest for the benefit of the Lenders in such Collateral, (iii) upon the request of the Administrative Agent, instruct such Person to hold all such Collateral for the Administrative Agent's account and subject to the Administrative Agent's instructions and (iv) upon the request of the Administrative Agent, obtain an acknowledgment from such Person that it is holding such Collateral for the benefit of the Administrative Agent.