Common use of Collateral Held by Warehouseman, Bailee, etc Clause in Contracts

Collateral Held by Warehouseman, Bailee, etc. If any Inventory which is purchased by Reseller pursuant to the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility with a value in excess of $500,000 for each location is at any time in the possession or control of a warehouseman, bailee or any of Reseller’s agents or processors (not including any lessee or other person to whom Inventory is leased or rented in the ordinary course of such Covered Person’s business), then Reseller shall notify Administrative Agents thereof and shall notify such Person of Collateral Agent’s Security Interest for the benefit of Lenders in such Collateral and, upon Administrative Agents’ request, instruct such Person to hold all such Collateral for Collateral Agent’s account subject to Administrative Agents’ instructions. If at any time any Inventory which is purchased by Reseller pursuant to the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility with a value in excess of $500,000 for each location is located on any premises that are not owned by Reseller (not including any lessee or other person to whom Inventory is leased or rented in the ordinary course of such Covered Person’s business, or other locations where Reseller is not obligated to pay rent for up to 30 consecutive days) then Reseller shall obtain or cause to be obtained written waivers or consents, satisfactory to Administrative Agents, of all present and future Security Interests to which the owner or lessor or any mortgagee of such premises may be entitled to assert against the Collateral.

Collateral Held by Warehouseman, Bailee, etc. If any Inventory which is purchased by Reseller Borrower pursuant to the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility with a value in excess of $500,000 per location, or $1,500,000 in the aggregate, is at any time in the possession or control of a warehouseman, bailee or any of Borrower's agents or processors (not including any lessee or other Person to whom Inventory is leased or rented in the ordinary course of such Covered Person's business), then Borrower shall notify Administrative Agent thereof and shall notify such Person of Administrative Agent's Security Interest for the benefit of Lenders in such Collateral and, upon Administrative Agent's request, instruct such Person to hold all such Collateral for Administrative Agent's account subject to Administrative Agent's instructions. Except with respect to Inventory held be Ichiban, Inc. as otherwise provided herein, if at any time any Inventory which is purchased by Borrower pursuant to the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility with a value in excess of $500,000 for each location is at any time or $1,500,000 in the possession or control of a warehousemanaggregate, bailee or is located on any of Reseller’s agents or processors premises that are not owned by Borrower (not including any lessee or other person to whom Inventory is leased or rented in the ordinary course of such Covered Person’s business), then Reseller shall notify Administrative Agents thereof and shall notify such Person of Collateral Agent’s Security Interest for the benefit of Lenders in such Collateral and, upon Administrative Agents’ request, instruct such Person to hold all such Collateral for Collateral Agent’s account subject to Administrative Agents’ instructions. If at any time any Inventory which is purchased by Reseller pursuant to the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility with a value in excess of $500,000 for each location is located on any premises that are not owned by Reseller (not including any lessee or other person to whom Inventory is leased or rented in the ordinary course of such Covered Person’s 's business, or other locations where Reseller Borrower is not obligated to pay rent for up to 30 consecutive days) then Reseller Borrower shall obtain or cause to be obtained written waivers or consents, in form and substance satisfactory to Administrative AgentsAgent, of all present and future Security Interests to which the owner or lessor or any mortgagee of such premises may be entitled to assert against the Collateral.