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

Third Parties in Possession of Collateral. Except as may otherwise be permitted by Section 9.10 of the Credit Agreement, the Debtor shall not permit any third Person (including any warehouseman, bailee, agent, consignee, or processor) to hold any Collateral (other than Equipment, Fixtures, and Inventory in transit or out for repairs), unless the Debtor shall: (i) notify such third Person of the security interests created hereby; (ii) instruct such Person to hold all such Collateral for the Agent's account subject to the Agent's instructions; and (iii) take all other actions the Agent reasonably deems necessary to perfect and protect its and the Debtor's interests in such Collateral pursuant to the requirements of the UCC of the applicable jurisdiction where the warehouseman, bailee, consignee, agent, processor, or other third Person is located (including, without limitation, the filing of a financing statement in the proper jurisdiction naming the applicable third Person as debtor and the Debtor as secured party and notifying the third Person's secured lenders of the Debtor's interest in such Collateral before the third Person receives possession of the Collateral in question).

Third Parties in Possession of Collateral. Except as may otherwise be permitted by Section 9.10 of the Credit Agreement4.2, the Debtor shall not permit any third Person (including any warehouseman, bailee, agent, consignee, consignee or processor) to hold any Collateral (other than EquipmentCollateral in transit, FixturesCollateral under repair, containers for the collection of raw materials held by customers in the ordinary course of business and Inventory other Collateral that has a book value in transit or out for repairsthe aggregate which is less than $5,000,000), unless the Debtor it shall: (ia) notify such third Person of the security interests created hereby; (iib) instruct such Person to hold all such Collateral for the Agent's ’s account subject to the Agent's ’s instructions; and (iiic) take all other actions the Agent reasonably deems necessary to perfect and protect its and the Debtor's ’s interests in such Collateral pursuant to the requirements of the UCC Uniform Commercial Code of the applicable jurisdiction where the warehouseman, bailee, consignee, agent, processor, processor or other third Person is located (including, without limitationin the case of a consignee, the filing of a financing statement in the proper jurisdiction naming the applicable third Person as debtor and the Debtor it as secured party and notifying the third Person's ’s secured lenders of the Debtor's its interest in such Collateral before the third Person receives possession of the Collateral in question).

Third Parties in Possession of Collateral. Except as may otherwise be permitted by Section 9.10 of the Credit Agreement, the Debtor shall not permit any material amount of Inventory to be held by third Persons other than (a) goods in transit, (b) goods that are on rental in the ordinary course of business to Persons other than Affiliates of Debtor pursuant to a written rental agreement between such Person and Debtor, and (including c) goods held by any warehouseman, bailee, agent, consigneeprocessor or other Person that is not an Affiliate of Debtor, or processor) to hold any Collateral (other than Equipmentwhere, Fixtures, and Inventory in transit or out for repairs), unless if requested by the Debtor shall: Agent (i) notify such third Person has been notified of the security interests Security Interests created hereby; (ii) instruct such Person hereby and instructed to hold all such Collateral for the Agent's account subject to the Agent's instructions; , and (iiiii) take there has been taken all other actions the Agent reasonably deems necessary to perfect and protect its and the Debtor's interests in such Collateral pursuant to the requirements of the UCC of the applicable jurisdiction where the warehouseman, bailee, consignee, agent, processor, processor or other third Person is located (including, without limitationif necessary and requested by the Agent, the filing of a financing statement in the proper jurisdiction naming the applicable third Person as debtor Debtor and the Debtor as secured party and notifying the third such Person's secured lenders of the Debtor's interest in such Collateral before the third Person receives possession of the Collateral in question).

Third Parties in Possession of Collateral. Except as may otherwise be permitted by Section 9.10 of the Credit Agreement4.2, the Debtor shall not permit any third Person (including any warehouseman, bailee, agent, consignee, consignee or processor) to hold any Collateral (other than EquipmentCollateral in transit, FixturesCollateral under repair, containers for the collection of raw materials held by customers in the ordinary course of business and Inventory other Collateral that has a book value in transit or out for repairsthe aggregate which is less than $1,000,000), unless the Debtor it shall: (ia) notify such third Person of the security interests created hereby; (iib) instruct such Person to hold all such Collateral for the Agent's account subject to the Agent's instructions; and (iiic) take all other actions the Agent reasonably deems necessary to perfect and protect its and the Debtor's interests in such Collateral pursuant to the requirements of the UCC Uniform Commercial Code of the applicable jurisdiction where the warehouseman, bailee, consignee, agent, processor, processor or other third Person is located (including, without limitationin the case of a consignee, the filing of a financing statement in the proper jurisdiction naming the applicable third Person as debtor and the Debtor it as secured party and notifying the third Person's secured lenders of the Debtor's its interest in such Collateral before the third Person receives possession of the Collateral in question).