Bailee Acknowledgment definition

Bailee Acknowledgment means a record in form and substance satisfactory to Agent authenticated by any bailee, warehouseman or other third party in possession of any Equipment or Inventory acknowledging that it holds possession of the applicable Inventory and/or Equipment for the benefit of Agent, on behalf of the Lenders.
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Examples of Bailee Acknowledgment in a sentence

  • The Inventory and Equipment shall not at any time now or hereafter be stored with a bailee, warehouseman, or similar party unless Agent has granted its prior written consent and Borrowers have delivered to Agent a Bailee Acknowledgment with respect to the applicable Inventory and/or Equipment.

  • Unless the Administrative Agent has granted its prior written consent and the Borrowers have delivered to the Administrative Agent a Bailee Acknowledgment with respect to the applicable inventory, no inventory shall at any time now or hereafter be stored with a bailee, warehouseman, or similar party (other than inventory located at retail locations).

  • The Inventory and Equipment (other than de minimus pieces of Equipment and motor vehicles) is not now and will not at any time hereafter be stored with a bailee, warehouseman, or similar party that has issued a document in respect of such Inventory unless Agent has granted its prior written consent and Borrower has delivered to Agent a Bailee Acknowledgment with respect to the applicable Inventory and/or Equipment.

  • The Inventory (other than up to an aggregate of $500,000 of Inventory (which shall not constitute Eligible Inventory) at any one time stored at a temporary location) and Equipment shall not at any time now or hereafter be stored with a bailee, warehouseman, or similar party unless Agent has granted its prior written consent and Borrower has delivered to Agent a Bailee Acknowledgment with respect to the applicable Inventory and/or Equipment.

  • The Inventory and Equipment shall not at any time now or hereafter be stored with a bailee, warehouseman, or similar party unless Agent has granted its prior written consent and Borrower has delivered to Agent a Bailee Acknowledgment with respect to the applicable Inventory and/or Equipment.

  • Unless Agent has granted its prior written consent and Borrowers have delivered to Agent a Bailee Acknowledgment with respect to the applicable Inventory, no Inventory shall at any time now or hereafter be stored with a bailee, warehouseman, or similar party (other than Inventory located at retail locations).

  • The Inventory and Equipment shall not at any time now or hereafter be stored with a bailee, warehouseman, or similar party unless Lender has granted its prior written consent and Borrower has delivered to Lender a Bailee Acknowledgment with respect to the applicable Inventory and/or Equipment.