Leased Location Clause Samples

Leased Location is located at any location leased by the Borrower or any Subsidiary, unless either (i) the lessor has delivered to the Collateral Agent a Collateral Access Agreement as to such location or (ii) a Reserve for rent, charges, and other amounts due or to become due with respect to such location has been established by the Administrative Agent in its Reasonable Credit Judgment; (8) Bailees / Warehousemen: is located in any third-party warehouse or is in the possession of a bailee and is not evidenced by a Document (as defined in Article 9 of the UCC), unless either (i) a reasonably satisfactory bailee letter has been delivered to the Administrative Agent with respect thereto or (ii) an appropriate Reserve for rent, charges, and other amounts due or to become due with respect to

Leased Location. The Borrowers represent and warrant to the Agent, for the benefit of the Banks, that no Inventory or other Collateral is located on any leased property or on any other real property that is not owned by a Borrower, other than (i) Inventory in transit in the ordinary course of a Borrower’s business, and (ii) Inventory located on leased property (including warehouses or similar storage facilities) described in Exhibit C to this Amendment. If any Inventory or other Collateral is located on any real property leased by a Borrower (including warehouses or similar storage facilities), within 30 days after the First Amendment Closing Date the Borrowers shall cause the landlord thereof to execute and deliver a landlord’s waiver or similar agreement acceptable in form and content to the Agent, which agreement shall, at a minimum, provide for a waiver of any landlord’s or other Lien in favor of the landlord, other than for storage fees and expenses, and permit the Agent reasonable rights of access, so long as an Event of Default is in effect, to remove Inventory or other Collateral located on such property, and provide the Agent default notice and cure rights with respect to the related lease. If the Borrowers fail to comply with the foregoing covenant with respect to one or more leased properties, no Default or Event of Default shall occur as a result thereof but any Inventory or other Collateral located on such leased property shall be excluded from the Borrowing Base until such time as the Borrowers comply with such covenant.