Common use of Consignment Inventory Clause in Contracts

Consignment Inventory. The Consignment Inventory, whether now in consignment or hereafter consigned, is and shall remain the property of ▇▇▇▇▇▇▇ until such time as such Consignment Inventory is purchased by Universal from ▇▇▇▇▇▇▇ pursuant to and in accordance with its agreements with ▇▇▇▇▇▇▇ as in effect from time to time, at which time title to the purchased items of Consignment Inventory shall be transferred to Universal. KeyBank shall not have or assert any interest in any Consignment Inventory that has not been purchased by Universal from ▇▇▇▇▇▇▇ pursuant to and in accordance with the aforementioned agreements between Universal and ▇▇▇▇▇▇▇, whether the Consignment Inventory is stored in bonded warehouses or not. For purposes of clarity, any and all goods shipped by ▇▇▇▇▇▇▇ to Universal for which title has not passed to Universal pursuant to and in accordance with Universal’s agreements with ▇▇▇▇▇▇▇ shall be considered Consignment Inventory for purposes of this Agreement. For the avoidance of doubt, if Consignment Inventory becomes proceeds owned by a Borrower, such proceeds are subject to the KeyBank Lien and KeyBank shall have a first and prior security interest with respect to such proceeds.

Consignment Inventory. The Consignment Inventory, whether now in consignment or hereafter consigned, is and shall remain the property of ▇▇▇▇▇▇▇ until such time as such Consignment Inventory is purchased by Universal from ▇▇▇▇▇▇▇ pursuant to and in accordance with its agreements with ▇▇▇▇▇▇▇ as in effect from time to time, at which time title to the purchased items of Consignment Inventory shall be transferred to Universal. KeyBank shall not have or assert any interest in any Consignment Inventory that has not been purchased by Universal from ▇▇▇▇▇▇▇ pursuant to and in accordance with the aforementioned agreements between Universal and ▇▇▇▇▇▇▇, whether the Consignment Inventory is stored in bonded warehouses or not. For purposes of clarity, any and all goods shipped by ▇▇▇▇▇▇▇ to Universal for which title has not passed to Universal pursuant to and in accordance with Universal’s agreements with ▇▇▇▇▇▇▇ shall be considered Consignment Inventory for purposes of this Agreement. For the avoidance of doubt, if once any item of Consignment Inventory becomes is purchased by Universal from ▇▇▇▇▇▇▇ pursuant to and in accordance with its agreements with ▇▇▇▇▇▇▇, all proceeds owned by a Borrower, of such proceeds item of Consignment Inventory are subject to the KeyBank Lien and KeyBank shall have a first and prior security interest with respect to such proceeds.