Common use of Consignment Agreements Clause in Contracts

Consignment Agreements. (a) Subject to the terms of clause (b) below, Borrowers shall deliver to the Agent Consignor Letters duly executed by consignors of “consigned” or “memo” inventory (pursuant to any written consignment agreement or otherwise) representing at least ninety percent (90%) of the “memo” or “consigned” inventory (based on book value) of such Borrowers and at no time following the Closing Date shall any Borrowers suffer or permit more than ten percent (10%) of their aggregate “memo” or “consigned” inventory (based on book value) to be on consignment from consignors who have not executed and delivered to the Agent Consignor Letters. Each Borrower further agrees to use its best efforts to deliver to the Agent Consignor Letters from each of its consignors of “memo” or “consigned” inventory and each Borrower further agrees that it shall not from and after the Closing Date enter into any consignment agreement or arrangement with any consignor who has not delivered to the Agent a Consignor Letter. (b) Within ninety (90) days following the Closing Date, Borrower Representative shall deliver such Consignor Letters set forth in clause (a) above to the Agent with respect to Consignment Inventory of the Acquired Business.

Consignment Agreements. (a) Subject to the terms of clause (b) below, Borrowers shall deliver to the Agent Consignor Letters duly executed by consignors of “"consigned” " or “"memo” " inventory (pursuant to any written consignment agreement or otherwise) representing at least ninety percent (90%) of the “"memo” " or “"consigned” " inventory (based on book value) of such Borrowers Borrower and at no time following the Closing Date shall any Borrowers Borrower suffer or permit more than ten percent (10%) of their aggregate “its "memo” " or “"consigned” " inventory (based on book value) to be on consignment from consignors who have not executed and delivered to the Agent Consignor Letters. Each Borrower further agrees to use its best efforts to deliver to the Agent Consignor Letters from each of its consignors of “"memo” " or “"consigned” " inventory and each Borrower further agrees that it shall not from and after the Closing Date enter into any consignment agreement or arrangement with any consignor who has not delivered to the Agent a Consignor Letter. Notwithstanding the foregoing, no Consignor Letter shall be required to be executed and delivered by Sovereign Bank (its successors and assigns) in connection with the Gold Consignment Documents so long as the Sovereign Intercreditor Agreement is in full force and effect. (b) Within ninety (90) days following the Closing Date, Borrower Representative shall deliver such Consignor Letters set forth in clause (a) above to the Agent with respect to Consignment Inventory of the Acquired Business.

Consignment Agreements. (a) Subject to the terms of clause (b) below, Borrowers The Borrower shall deliver to the Agent Consignor Letters duly executed by consignors of “"consigned” " or “"memo” " inventory (pursuant to any written consignment agreement or otherwise) representing at least ninety percent (90%) of the “"memo” " or “"consigned” " inventory (based on book value) of such Borrowers the Borrower and at no time following the Closing Date shall any Borrowers the Borrower suffer or permit more than ten percent (10%) of their aggregate “its "memo” " or “"consigned” " inventory (based on book value) to be on consignment from consignors who have not executed and delivered to the Agent Consignor Letters. Each The Borrower further agrees to use its best efforts to deliver to the Agent Consignor Letters from each of its consignors of “"memo” " or “"consigned” " inventory and each the Borrower further agrees that it shall not from and after the Closing Date enter into any consignment agreement or arrangement with any consignor who has not delivered to the Agent a Consignor Letter. Notwithstanding the foregoing, no Consignor Letter shall be required to be executed and delivered by Sovereign Bank (its successors and assigns) in connection with the Gold Consignment Documents so long as the Intercreditor Agreement is in full force and effect. (b) Within ninety (90) days following the Closing Date, Borrower Representative shall deliver such Consignor Letters set forth in clause (a) above to the Agent with respect to Consignment Inventory of the Acquired Business.