Common use of Possession or Control of Certain Collateral Clause in Contracts

Possession or Control of Certain Collateral. If (i) any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Tangible Chattel Paper or Supporting Obligation or (ii) if any Collateral shall be stored or shipped subject to a Document or (iii) if any Collateral shall consist of Investment Property in the form of certificated securities, promptly notify the Agent of the existence of such Collateral and, at the request of the Agent, deliver such Instrument, Chattel Paper, Supporting Obligation, Document or Investment Property to the Agent, duly endorsed in a manner satisfactory to the Agent, to be held as Collateral pursuant to this Security Agreement. Notwithstanding the foregoing, the Obligor shall not be required to deliver to the Agent any rental contract for equipment entered into in the ordinary course of its business which constitutes Chattel Paper so long as such rental contract contains a notation satisfactory to the Agent disclosing the Agent's lien on such Chattel Paper. If any Collateral shall consist of Deposit Accounts, Chattel Paper in electronic form, Letter-of-Credit Rights or uncertificated Investment Property, execute and deliver (and, with respect to any Collateral consisting of uncertificated Investment Property, cause the Securities Intermediary with respect to such Investment Property to execute and deliver) to the Agent, upon the Agent's request, all control agreements, assignments, instruments or other documents as reasonably requested by the Agent for the purposes of obtaining and maintaining control of such Collateral within the meaning of the UCC.

Appears in 2 contracts

Samples: Credit Agreement (Nationsrent Companies Inc), Security Agreement (Nationsrent Companies Inc)

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Possession or Control of Certain Collateral. If (i) any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Tangible Chattel Paper or Supporting Obligation or (ii) if any Collateral shall be stored or shipped subject to a Document or (iii) if any Collateral shall consist of Investment Property in the form of certificated securities, promptly notify the Agent of the existence of such Collateral and, at the request of the Agent, deliver such Instrument, Chattel Paper, Supporting Obligation, Document or Investment Property to the Agent, duly endorsed in a manner satisfactory to the Agent (or, with respect to certificated securities, provide duly executed blank stock powers in such form as may be reasonably requested by the Agent), to be held as Collateral pursuant to this Security Agreement. Notwithstanding the foregoing, the Obligor shall not be required to deliver to the Agent any rental contract for equipment entered into in the ordinary course of its business which constitutes Chattel Paper so long as such rental contract contains a notation satisfactory to the Agent disclosing the Agent's lien on such Chattel Paper. If any Collateral shall consist of Deposit Accounts, Securities Accounts, Chattel Paper in electronic form, Letter-of-Credit Rights or uncertificated Investment Property, execute and deliver (and, with respect to any Collateral consisting of uncertificated Investment Property, cause the Securities Intermediary or Commodities Intermediary with respect to such Investment Property to execute and deliver) to the Agent, upon in accordance with the Agent's requestterms of the Credit Agreement, all control agreements, assignments, instruments or other documents as reasonably requested by the Agent for the purposes of obtaining and maintaining control Control of such Collateral within the meaning of the UCCCollateral, including, but not limited to, Deposit Account Control Agreements and Securities Account Control Agreements.

Appears in 1 contract

Samples: Security Agreement (World Air Holdings, Inc.)

Possession or Control of Certain Collateral. If (i) any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Tangible Chattel Paper Paper, Certificated Security or Supporting Obligation or (ii) if any Collateral shall be stored or shipped subject to a Document or (iii) if any Collateral shall consist of Investment Property in the form of certificated securities, promptly notify the Agent of the existence of such Collateral and, at the request of the Agent, deliver such Instrument, Chattel Paper, Certificated Security, Supporting Obligation, Document or Investment Property to the Agent, duly endorsed in a manner satisfactory to the Agent, to be held as Collateral pursuant to this Security Agreement. Notwithstanding the foregoing, the Obligor shall not be required to deliver to the Agent any rental contract for equipment entered into in the ordinary course of its business which constitutes Chattel Paper so long as such rental contract contains a notation satisfactory to the Agent disclosing the Agent's lien on such Chattel Paper. If any Collateral shall consist of Deposit Accounts, Chattel Paper in electronic form, Letter-of-Credit Rights or uncertificated Investment Property, execute and deliver (and, with respect to any Collateral consisting of uncertificated Investment Property, cause the Securities Intermediary with respect to such Investment Property to execute and deliver) to the Agent, upon the Agent's request, all control agreements, assignments, instruments or other documents as reasonably requested by the Agent for the purposes of obtaining and maintaining control of such Collateral within the meaning of the UCCUCC (or similar local law).

Appears in 1 contract

Samples: Credit Agreement (Wolverine Tube Inc)

Possession or Control of Certain Collateral. If (i) any amount in excess of $1,000,000 payable to any Obligor under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Tangible Chattel Paper or Supporting Obligation or (ii) if any Collateral shall be stored or shipped subject to a Document or (iii) if any Collateral shall consist of Investment Property in the form of certificated securities, promptly immediately notify the Agent of the existence of such Collateral and, at the request of the Agent, deliver such Instrument, Chattel Paper, Supporting Obligation, Document or Investment Property to the Agent, duly endorsed in a manner satisfactory to the Agent (or, with respect to certificated securities, provide duly executed blank stock powers in such form as may be reasonably requested by the Agent), to be held as Collateral pursuant to this Security Agreement. Notwithstanding the foregoing, the Obligor shall not be required to deliver to the Agent any rental contract for equipment entered into in the ordinary course of its business which constitutes Chattel Paper so long as such rental contract contains a notation satisfactory to the Agent disclosing the Agent's lien on such Chattel Paper. If any Collateral shall consist of Deposit Accounts, Chattel Paper in electronic form, Letter-of-Credit Rights or uncertificated Investment Property, execute and deliver (and, with respect to any Collateral consisting of uncertificated Investment Property, cause the Securities Intermediary or Commodities Intermediary with respect to such Investment Property to execute and deliver) to the Agent, upon the Agent's request, all control agreements, assignments, instruments or other documents as reasonably requested by the Agent for the purposes of obtaining and maintaining control Control of such Collateral within the meaning of the UCCCollateral.

Appears in 1 contract

Samples: Senior Secured Credit Facility (TransMontaigne Partners L.P.)

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Possession or Control of Certain Collateral. If (i) any amount in excess of $100,000 payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Tangible Chattel Paper or Supporting Obligation or (ii) if any Collateral shall be stored or shipped subject to a Document or (iii) if any Collateral shall consist of Investment Property in the form of certificated securities, promptly immediately notify the Collateral Agent of the existence of such Collateral and, at the request of the Collateral Agent, deliver such Instrument, Chattel Paper, Supporting Obligation, Document or Investment Property to the Collateral Agent, duly endorsed in a manner satisfactory to the Collateral Agent (or, with respect to certificated securities, provide duly executed blank stock powers in such form as may be reasonably requested by the Collateral Agent), to be held as Collateral pursuant to this Security Agreement. Notwithstanding the foregoing, the Obligor shall not be required to deliver to the Agent any rental contract for equipment entered into in the ordinary course of its business which constitutes Chattel Paper so long as such rental contract contains a notation satisfactory to the Agent disclosing the Agent's lien on such Chattel Paper. If any Collateral shall consist of Deposit Accounts, Chattel Paper in electronic form, Letter-of-of- Credit Rights or uncertificated Investment Property, execute and deliver (and, with respect to any Collateral consisting of uncertificated Investment Property, cause the Securities Intermediary or Commodities Intermediary with respect to such Investment Property to execute and deliver) to the Agent, upon the Agent's request, Collateral Agent all control agreements, assignments, instruments or other documents as reasonably requested by the Collateral Agent for the purposes of obtaining and maintaining control Control of such Collateral within the meaning of the UCCCollateral.

Appears in 1 contract

Samples: Security Agreement (Unifi Inc)

Possession or Control of Certain Collateral. If (i) any amount in excess of $1,000,000 payable to any Obligor under or in connection with any of the Collateral shall be or become evidenced by any Pledged Instrument, Tangible Chattel Paper or Pledged Supporting Obligation or (ii) if any Collateral shall be stored or shipped subject to a Document or (iii) if any Collateral shall consist of Investment Property in the form of certificated securities, promptly immediately notify the Agent of the existence of such Collateral and, at the request of the Agent, deliver such Pledged Instrument, Chattel Paper, Pledged Supporting Obligation, Pledged Document or Investment Property to the Agent, duly endorsed in a manner satisfactory to the Agent (or, with respect to certificated securities, provide duly executed blank stock powers in such form as may be reasonably requested by the Agent), to be held as Collateral pursuant to this Security Agreement. Notwithstanding the foregoing, the Obligor shall not be required to deliver to the Agent any rental contract for equipment entered into in the ordinary course of its business which constitutes Chattel Paper so long as such rental contract contains a notation satisfactory to the Agent disclosing the Agent's lien on such Chattel Paper. If any Collateral shall consist of Deposit Accounts, Chattel Paper in electronic form, Pledged Letter-of-Credit Rights or uncertificated Investment Property, execute and deliver (and, with respect to any Collateral consisting of uncertificated Investment Property, cause the Securities Intermediary or Commodities Intermediary with respect to such Investment Property to execute and deliver) to the Agent, upon the Agent's ’s request, all control agreements, assignments, instruments or other documents as reasonably requested by the Agent for the purposes of obtaining and maintaining control Control of such Collateral within the meaning of the UCCCollateral.

Appears in 1 contract

Samples: Senior Secured Working Capital Credit Facility (Transmontaigne Inc)

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