Common use of Landlord Waivers; Collateral Access Agreements Clause in Contracts

Landlord Waivers; Collateral Access Agreements. (i) At any time any Collateral with a book value in excess of $100,000 (when aggregated with all other Collateral at the same location) is located on any real property of a Loan Party (whether such real property is now existing or acquired after the Effective Date) which is not owned by a Loan Party, use reasonable efforts to obtain a Landlord Waiver; provided, that in the event the Loan Parties are unable to obtain any such Landlord Waiver the Administrative Agent may establish Reserves to the Borrowing Base as it deems necessary with respect to any such Collateral; and (ii) Use reasonable efforts to obtain Bailee Letters or similar collateral access agreements, in form and substance reasonably satisfactory to the Collateral Agent, providing access to Collateral located on any premises not owned by a Loan Party in order to remove such Collateral from such premises during an Event of Default; provided, that in the event the Loan Parties are unable to obtain any such written access agreements, the Administrative Agent may establish Reserves to the Borrowing Base as it deems necessary with respect to any such Collateral.

Landlord Waivers; Collateral Access Agreements. (i) At any time any Collateral with a book value With respect to the Borrower’s business premises in excess of $100,000 (when aggregated with all other Collateral at the same location) is located on any real property of a Loan Party (whether such real property is now existing or acquired after the Effective Date) which is not owned by a Loan PartySan Jose, California and Vancouver, British Columbia, use commercially reasonable efforts to obtain a Landlord Waiverwritten subordinations or waivers, in form and substance satisfactory to the Agents, of all present and future Liens to which the owner or lessor of such premises may be entitled to assert against the Collateral; provided, that in the event the Loan Parties are unable to obtain any such Landlord Waiver written subordination or waiver the Administrative Agent may may, in its reasonable discretion, establish Reserves to the Borrowing Base such reserves as it deems necessary with respect to any such Collateral; and (ii) Use commercially reasonable efforts to obtain Bailee Letters or similar collateral written access agreements, in form and substance reasonably satisfactory to the Collateral Agent, providing access to Collateral located on any premises not owned by a the Borrower or any other Loan Party in order to remove such Collateral from such premises during an Event of Default; provided, that in the event the Loan Parties are unable to obtain any such written access agreements, the Administrative Agent may may, in its reasonable discretion, establish Reserves to the Borrowing Base such reserves as it deems necessary with respect to any such Collateral.

Landlord Waivers; Collateral Access Agreements. (i) At any time any Collateral with a book value in excess of $100,000 500,000 (when aggregated with all other Collateral at the same location) is located on any real property of a Loan Party (whether such real property is now existing or acquired after the Effective Date) which is not owned by a Loan Party, use reasonable efforts to obtain a Landlord Waiver; provided, that in the event the Loan Parties are unable to obtain any such Landlord Waiver the Administrative Agent may establish Reserves to the Borrowing Base as it deems necessary with respect to any such Collateral; and (ii) Use reasonable efforts to obtain Bailee Letters or similar collateral access agreements, in form and substance reasonably satisfactory to the Collateral Agent, providing access to Collateral located on any premises not owned by a Loan Party in order to remove such Collateral from such premises during an Event of Default; provided, that in the event the Loan Parties are unable to obtain any such written access agreements, the Administrative Agent may establish Reserves to the Borrowing Base as it deems necessary with respect to any such Collateral.

Landlord Waivers; Collateral Access Agreements. (ia) At any time any Collateral with a book value Book Value in excess of $100,000 300,000 (when aggregated with all other Collateral at the same location) is located on any real property of a Loan Credit Party (whether such real property is now existing or acquired after the Effective Closing Date) which is not owned by a Loan Credit Party, use reasonable efforts to obtain a Landlord Waiver; provided, that in the event the Loan Credit Parties (i) are unable to obtain any such Landlord Waiver the Administrative or (ii) maintain Collateral with a Book Value in excess of $100,000 but less than or equal to $300,000 at any location that is not subject to Landlord Waiver, then Agent may establish Reserves to the Borrowing Base as it deems necessary in its Permitted Discretion with respect to any such CollateralCollateral that is included in the Borrowing Base; and (iib) Use reasonable efforts to obtain Bailee Letters or similar collateral access agreements, in form and substance reasonably satisfactory to the Collateral Agent, providing access to Collateral located on any premises not owned by a Loan Credit Party in order to remove such Collateral from such premises during an Event of Default; provided, that in the event the Loan Credit Parties are unable to obtain any such written access agreements, the Administrative Agent may establish Reserves to the Borrowing Base as it deems necessary in its Permitted Discretion with respect to any such CollateralCollateral that is included in the Borrowing Base.