Bailees. Any Person (other than the Administrative Agent) at any time and from time to time holding all or any portion of the Collateral shall be deemed to, and shall, hold the Collateral as the agent of, and as pledge holder for, the Administrative Agent. At any time and from time to time, the Administrative Agent may give notice to any such Person holding all or any portion of the Collateral that such Person is holding the Collateral as the agent and bailee of, and as pledge holder for, the Administrative Agent, and, in the case of Collateral having a value in excess of the Threshold Amount, obtain such Person’s written acknowledgment thereof, in form and substance reasonably satisfactory to the Administrative Agent. Without limiting the generality of the foregoing, each Grantor will, upon the Administrative Agent’s request, join with the Administrative Agent in notifying any Person who has possession of any Collateral of the Administrative Agent’s security interest therein and, in the case of Collateral having a value in excess of the Threshold Amount, obtaining an acknowledgment from such Person that it is holding the Collateral for the benefit of the Administrative Agent (provided that in no event shall the aggregate value of any such Collateral for which such Grantor has not obtained such acknowledgement exceed $500,000).
Appears in 3 contracts
Sources: Security Agreement (Pear Therapeutics, Inc.), Security Agreement (Pear Therapeutics, Inc.), Security Agreement (Thimble Point Acquisition Corp.)