Common use of Where Collateral Clause in Contracts

Where Collateral. is in the possession of a third party, the Grantor will notify the third party of the Collateral Agent's security interest and use its commercially reasonable best efforts to obtain an acknowledgment from the third party that it is holding the Collateral for the benefit of Collateral Agent. The Grantor shall prepare any such notice to be delivered to the third party and provide the Collateral Agent with a copy of the notice.

Where Collateral. is in the possession of a third party, the applicable Grantor will notify the third party of the Collateral Agent's security interest and use its commercially reasonable best efforts to obtain an acknowledgment from the third party that it is holding the such Collateral for the benefit of Collateral Agent. The Such Grantor shall prepare any such notice to be delivered to the third party and provide the Collateral Agent with a copy of the notice.