Common use of Collateral in Possession of Third Party Clause in Contracts

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each Pledgor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the Bank’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank in writing that it is holding such Collateral for the benefit of the Bank and subject to such security interest and to the instructions of the Bank) and such Pledgor shall have exercised its reasonable best efforts to obtain from such bailee or other Person, at such Pledgor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the Bank’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or parts.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each Pledgor the Debtor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time (except for relocations of Collateral with an aggregate fair market value not to exceed $250,000 at any time, in the ordinary course of business, including, without limitation, for testing or evaluation purposes) unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the BankSecured Party’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank Secured Party in writing that it is holding such Collateral for the benefit of the Bank Secured Party and subject to such security interest and to the instructions of the BankSecured Party) and such Pledgor the Debtor shall have exercised its commercially reasonable best efforts to obtain from such bailee or other Person, at such Pledgorthe Debtor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the BankSecured Party’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or partsSecured Party.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each the Pledgor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the Bank’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank in writing that it is holding such Collateral for the benefit of the Bank and subject to such security interest and to the instructions of the Bank) and such the Pledgor shall have exercised its reasonable best efforts to obtain from such bailee or other Person, at such the Pledgor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the Bank’s security interest) and agreement to waive and release any Lien lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or parts.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each the Pledgor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the Bank’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank in writing that it is holding such Collateral for the benefit of the Bank and subject to such security interest and to the instructions of the Bank) and such the Pledgor shall have exercised its reasonable best efforts to obtain from such bailee or other Person, at such the Pledgor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the Bank’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or partsBank.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each Pledgor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the BankCollateral Agent’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank Collateral Agent in writing that it is holding such Collateral for the benefit of the Bank Collateral Agent and subject to such security interest and to the instructions of the BankCollateral Agent) and such Pledgor shall have exercised its reasonable best efforts to obtain from such bailee or other Person, at such Pledgor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the BankCollateral Agent’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or partsAgent.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Security Agreement, each Pledgor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time unless (i) such bailee or other Person shall have been notified of the security interest created by this Security Agreement (or, if required under applicable law in order to perfect the Bank’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank in writing that it is holding such Collateral for the benefit of the Bank and subject to such security interest and to the instructions of the Bank) and such Pledgor shall have exercised its reasonable best efforts to obtain from such bailee or other Person, at such Pledgor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the Bank’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or partsBank.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each Pledgor the Grantor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the BankCollateral Agent’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank Collateral Agent in writing that it is holding such Collateral for the benefit of the Bank Collateral Agent and subject to such security interest and to the instructions of the BankCollateral Agent) and such Pledgor the Grantor shall have exercised its reasonable best efforts to obtain from such bailee or other Person, at such Pledgorthe Grantor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law Applicable Law to perfect the BankCollateral Agent’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to a Majority in Interest of the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or partsHolders.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each Pledgor the Debtor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time (except for relocations of Collateral with an aggregate fair market value not to exceed $250,000 at any time, in the ordinary course of business, including, without limitation, for testing or evaluation purposes) unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the BankSecured Parties’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank Secured Parties in writing that it is holding such Collateral for the benefit of the Bank Secured Parties and subject to such security interest and to the instructions of the BankSecured Parties) and such Pledgor the Debtor shall have exercised its commercially reasonable best efforts to obtain from such bailee or other Person, at such Pledgorthe Debtor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the BankSecured Parties’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or partsSecured Parties.

Collateral in Possession of Third Party. Without limiting the generality of any other provision of this Agreement, each Pledgor the Debtor agrees that it shall not permit any Collateral to be in the possession of any bailee, warehouseman, agent, processor or other third party at any time (except for relocations of Collateral with an aggregate fair market value not to exceed $100,000 at any time, in the ordinary course of business, including, without limitation, for testing or evaluation purposes) unless (i) such bailee or other Person shall have been notified of the security interest created by this Agreement (or, if required under applicable law in order to perfect the BankSecured Party’s security interest in such Collateral, such bailee or other Person shall have acknowledged to the Bank Secured Party in writing that it is holding such Collateral for the benefit of the Bank Secured Party and subject to such security interest and to the instructions of the BankSecured Party) and such Pledgor the Debtor shall have exercised its commercially reasonable best efforts to obtain from such bailee or other Person, at such Pledgorthe Debtor’s sole cost and expense, the written acknowledgement described above (if not already required by applicable law to perfect the BankSecured Party’s security interest) and agreement to waive and release any Lien (whether arising by operation of law or otherwise) it may have with respect to such Collateral, such agreement to be in form and substance reasonably satisfactory to the Bank or (ii) such bailee is a dealer and the Collateral involved is finished goods inventory or partsSecured Party.