Common use of Bailees Clause in Contracts

Bailees. If any Collateral of any Grantor is at any time in the possession or control of any warehouseman, bailee or any of such Grantor’s agents or processors, such Grantor shall, upon the occurrence and during the continuance of an Event of Default, upon the reasonable request of the Collateral Agent, promptly notify such warehouseman, bailee, agent or processor of the Collateral Agent’s rights hereunder and instruct such Person to hold all such Collateral for the Collateral Agent’s account subject to the Collateral Agent’s instructions. No such request by the Collateral Agent shall be deemed a waiver of any provision hereof which was otherwise violated by such Collateral being held by such Person prior to such instructions by such Grantor.

Bailees. If any Collateral of any Grantor is at any time in the possession or control of any warehouseman, bailee or any of such Grantor’s agents or processorsprocessors of any Grantor, such Grantor shall, upon the occurrence and during the continuance of an Event of Default, upon the reasonable request of the Collateral Agent, promptly subject to the terms of the Intercreditor Agreement, notify such warehouseman, bailee, agent or processor of the Collateral Agent’s rights hereunder and instruct such Person to hold all such Collateral for the Collateral Agent’s account subject to the Collateral Agent’s instructions. No such request by the Collateral Agent shall be deemed a waiver of any provision hereof which was otherwise violated by such Collateral being held by such Person prior to such instructions by such Grantor.

Bailees. If Upon the occurrence and during the continuance of an Event of Default, if any Collateral of any Grantor is at any time in the possession or control of any warehouseman, bailee or any of such any Grantor’s agents or processors, such Grantor shall, upon the occurrence and during the continuance of an Event of Default, upon the reasonable request of the Collateral Agent, promptly notify such warehouseman, bailee, agent or processor of the Collateral Agent’s rights hereunder and instruct such Person to hold all such Collateral for the Collateral Agent’s account subject to the Collateral Agent’s instructions. No such request by the Collateral Agent shall be deemed a waiver of any provision hereof which was otherwise violated by such Collateral being held by such Person prior to such instructions by such Grantor.

Bailees. If any Collateral of any Grantor is at any time in the possession or control of any warehouseman, bailee or any of such Grantor’s agents or processors, such Grantor shall, upon the occurrence and during the continuance of an Event of Default, upon the reasonable request of the Collateral Agent, promptly as directed by the Required Holders, notify such warehouseman, bailee, agent or processor of the Collateral Agent’s rights hereunder and instruct such Person to hold all such Collateral for the Collateral Agent’s account subject to the Collateral Agent’s instructions. No such request by the Collateral Agent shall be deemed a waiver of any provision hereof which was otherwise violated by such Collateral being held by such Person prior to such instructions by such Grantor.