Common use of Landlords' Agreements, Mortgagee Agreements and Bailee Letters Clause in Contracts

Landlords' Agreements, Mortgagee Agreements and Bailee Letters. Such Borrower shall use its reasonable best efforts to obtain a landlord's agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property or mortgagee of owned property or with respect to any warehouse, processor or converter facility or other location where Collateral is located, which agreement or letter shall contain a waiver or subordination of all Liens or claims that the landlord, mortgagee or bailee may assert against the Collateral at that location, and shall otherwise be satisfactory in form and substance to Agent. After the Effective Date, no real property or warehouse space where Collateral may be stored or located shall be leased or acquired by such Borrower, unless and until a satisfactory landlord or mortgagee agreement, as the case may be, shall first have been obtained with respect to such location. Such Borrower shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. Nothing contained in this Section 9.10 shall impair or otherwise modify any of Agent's rights under this Agreement, including, without limitation, Lender's rights pursuant to the respective definitions of "Eligible Receivables" and "Borrowing Base."

Landlords' Agreements, Mortgagee Agreements and Bailee Letters. Such (1) If requested by Requisite Lenders, Borrower shall use its reasonable best efforts to obtain a landlord's agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property or mortgagee of owned property or with respect to any warehouse, processor or converter facility or other location where Collateral is located, which agreement or letter shall contain a waiver or subordination of all Liens or claims (including any distraint rights) that the landlord, mortgagee or bailee may assert against the Collateral at that location, and shall otherwise be satisfactory in form and substance to AgentRequisite Lenders. After the Effective Initial Closing Date, no real property or warehouse space where Collateral may be stored or located shall be leased or acquired by such BorrowerBorrower or its Material Subsidiaries and no Inventory shall be shipped to a processor or converter under arrangements established after the Initial Closing Date without the prior written consent of Requisite Lenders or, unless and until a satisfactory landlord or mortgagee agreementagreement or bailee letter, as the case may beappropriate, shall first have been obtained with respect to such location. Such Borrower shall, and shall cause each of its Material Subsidiaries to, timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. Nothing contained in this Section 9.10 shall impair or otherwise modify any of Agent's rights under this Agreement, including, without limitation, Lender's rights pursuant to the respective definitions of "Eligible Receivables" and "Borrowing Base."

Landlords' Agreements, Mortgagee Agreements and Bailee Letters. Such (1) If requested by Requisite Lenders, Borrower shall use its reasonable best efforts to obtain a landlord's agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property or mortgagee of owned property or with respect to any warehouse, processor or converter facility or other location where Collateral is located, which agreement or letter shall contain a waiver or subordination of all Liens or claims (including any distraint rights) that the landlord, mortgagee or bailee may assert against the Collateral at that location, and shall otherwise be satisfactory in form and substance to AgentRequisite Lenders. After the Effective Closing Date, no real property or warehouse space where Collateral may be stored or located shall be leased or acquired by such BorrowerBorrower or its Material Subsidiaries and no Inventory shall be shipped to a processor or converter under arrangements established after the Closing Date without the prior written consent of Requisite Lenders or, unless and until a satisfactory landlord or mortgagee agreementagreement or bailee letter, as the case may beappropriate, shall first have been obtained with respect to such location. Such Borrower shall, and shall cause each of its Material Subsidiaries to, timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. Nothing contained in this Section 9.10 shall impair or otherwise modify any of Agent's rights under this Agreement, including, without limitation, Lender's rights pursuant to the respective definitions of "Eligible Receivables" and "Borrowing Base."

Landlords' Agreements, Mortgagee Agreements and Bailee Letters. Such Borrower or Guarantor shall use its reasonable best efforts to obtain a landlord's agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property or mortgagee of owned property or with respect to any warehouse, processor or converter facility or other location where Collateral is located, which agreement or letter shall contain a waiver or subordination of all Liens or claims that the landlord, mortgagee or bailee may assert against the Collateral at that location, and shall otherwise be satisfactory in form and substance to the Agent. After the Effective Date, no real property or warehouse space where Collateral may be stored or located shall be leased or acquired by such BorrowerBorrower or Guarantor, unless and until a satisfactory landlord or mortgagee agreement, as the case may be, shall first have been obtained with respect to such location. Such Borrower or Guarantor shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. Nothing contained in this Section 9.10 shall impair or otherwise modify any of the Agent's rights under this Agreement, including, without limitation, Lender's rights pursuant to the respective definitions of "Eligible Receivables" and "Borrowing Base."

Landlords' Agreements, Mortgagee Agreements and Bailee Letters. Such Borrower shall use its reasonable best efforts to obtain a landlord's agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property or mortgagee of owned property or with respect to any warehouse, processor or converter facility or other location where Collateral is located, which agreement or letter shall contain a waiver or subordination of all Liens or claims that the landlord, mortgagee or bailee may assert against the Inventory or Collateral at that location, and shall otherwise be satisfactory in form and substance to Agent. After the Effective Closing Date, no real property or warehouse space where Collateral may be stored or located shall be leased or acquired by such BorrowerBorrower and no Inventory shall be shipped to a processor or converter under arrangements established after the Closing Date without the prior written consent of Agent, unless and until a reasonably satisfactory landlord or mortgagee agreementagreement or bailee letter, as the case may beappropriate, shall first have been obtained with respect to such location. Such Borrower shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. Nothing contained If Borrower obtains an ownership interest in this Section 9.10 any real property following the Closing Date, Borrower shall impair or otherwise modify any of Agent's rights under this Agreement, including, without limitation, Lender's rights pursuant to the respective definitions of "Eligible Receivables" execute and "Borrowing Basedeliver a negative pledge respecting such real property."

Landlords' Agreements, Mortgagee Agreements and Bailee Letters. Such Each Borrower shall use its reasonable best efforts to obtain a landlord's agreementagree ment, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property or mortgagee of owned property or with respect to any warehouse, processor or converter facility or other location where Collateral is located, which agreement or letter shall contain a waiver or subordination of all Liens or claims that the landlord, mortgagee or bailee may assert against the Inventory or Collateral at that location, and shall otherwise be satisfactory in form and substance to Agentthe Lender. After the Effective Closing Date, no real property or warehouse space where Collateral may be stored or located shall be leased or acquired by such Borrowerany Borrower and no Inventory shall be shipped to a processor or converter under arrangements established after the Closing Date without the prior written consent of the Lender, unless and until a satisfactory landlord or mortgagee agreementagreement or bailee letter, as the case may beappropriate, shall first have been obtained with respect to such location. Such Each Borrower shall timely and fully pay and perform its obligations obliga tions under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. Nothing contained If any Borrower obtains an ownership interest in this Section 9.10 any real property following the Closing Date, such Borrower shall impair or otherwise modify any of Agent's rights under this Agreement, including, without limitation, Lender's rights pursuant execute and deliver all documents and instruments necessary to grant the respective definitions of "Eligible Receivables" and "Borrowing BaseLender a fully perfected security interest in such real property."

Landlords' Agreements, Mortgagee Agreements and Bailee Letters. Such Borrower Each Credit Party shall use its reasonable best efforts to obtain a landlord's agreement, mortgagee agreement or bailee letter, as applicable, from the lessor of each leased property or mortgagee of owned property or with respect to any warehouse, processor or converter facility or other location where Collateral is located, which agreement or letter shall contain a waiver or subordination of all Liens or claims that the landlord, mortgagee or bailee may assert against the Inventory or Collateral at that location, and shall otherwise be satisfactory in form and substance to Agent. With respect to such locations or warehouse space leased or owned as of the Closing Date, if Agent has not received a landlord or mortgagee agreement or bailee letter as of the Closing Date, any Borrower's Eligible Inventory at that location shall, in Agent's discretion, be excluded from the Borrowing Base or be subject to such Reserves as may be established by Agent in its reasonable credit judgment. After the Effective Closing Date, no real property or warehouse space where Collateral may be stored or located shall be leased or acquired by such Borrowerany Credit Party and no Inventory shall be shipped to a processor or converter under arrangements established after the Closing Date, unless and until a satisfactory landlord or mortgagee agreementagreement or bailee letter, as the case may beappropriate, shall first have been obtained with respect to such location; provided that Borrowers may hold Inventory with a book value not to exceed $250,000 in the aggregate at newly established locations with Agent's prior approval and subject to a Reserve established at Agent's discretion. Such Borrower Each Credit Party shall timely and fully pay and perform its obligations under all leases and other agreements with respect to each leased location or public warehouse where any Collateral is or may be located. Nothing contained in this Section 9.10 shall impair or otherwise modify any of Agent's rights under this Agreement, including, without limitation, Lender's rights pursuant to the respective definitions of "Eligible Receivables" and "Borrowing Base."