Bailee’s Letter definition

Bailee’s Letter means a letter in form and substance acceptable to the Administrative Agent and executed by any Person (other than a Loan Party) that is in possession of Inventory on behalf of a Loan Party pursuant to which such Person acknowledges, among other things, the Collateral Agent’s Lien with respect thereto.

Bailee’s Letter a letter in form and substance reasonably acceptable to the Administrative Agent and executed by any Person (other than the Company or any Subsidiary Guarantor) that is in possession of Inventory or Equipment included in the Tranche A Borrowing Base or the Tranche B Borrowing Base on behalf of the Company or any Subsidiary Guarantor pursuant to which such Person acknowledges, among other things, the Collateral Agent’s Lien with respect thereto.

Bailee’s Letter means a letter in form and substance acceptable to the Administrative Agent and executed by any Person (other than any Borrowing Base Contributor) that is in possession of Inventory on behalf of such Borrower Base Contributor pursuant to which such Person acknowledges, among other things, the Administrative Agent’s Lien with respect thereto.

Examples of Bailee’s Letter in a sentence

• If the inventory is covered by a negotiable document of title (such as a warehouse receipt) that document must be delivered to the Bank, and if the inventory is located at any location not owned or leased by any of the Obligated Group Parties, then Bank shall have received a Bailee’s Letter for such inventory.

• At any time that any Loan Party has coal valued at in excess of $2,000,000 stored on the premises of any third party, the Borrower will, and will cause each applicable Subsidiary to, use commercially reasonable efforts to deliver a Bailee’s Letter with respect thereto.

• Proper procedure is to negotiate the Mortgage Note under cover of a Bailee’s Letter to the subsequent purchaser and then transfer the rights to the Security Instrument by filing of record the name of the subsequent purchaser who purchased the Mortgage Note and completing the Mortgage Note negotiation by noting the owner name in the blank.

More Definitions of Bailee’s Letter

Bailee’s Letter means a letter substantially in the form of Exhibit L, with such amendments or modifications as may be approved by the Administrative Agent and executed by any Person (other than the Borrower and the Guarantors) that is in possession of otherwise Eligible Inventory (as defined in the Revolving Credit Agreement) on behalf of any Borrower or any Guarantor pursuant to which such Person acknowledges, among other things, the Collateral Agent’s Lien with respect thereto.

Bailee’s Letter means a letter in form and substance reasonably acceptable to the Administrative Agent and executed by any Person (other than the Borrower or a Guarantor) that is in possession of Inventory on behalf of the Borrower or any Guarantor pursuant to which such Person acknowledges, among other things, the Administrative Agent's Lien with respect thereto.

Bailee’s Letter means the form bailee letter identified on Exhibit L executed in connection with the Existing Credit Agreement.

Bailee’s Letter means a letter in form and substance acceptable to the Administrative Agent and executed by any Person (other than the Borrowers and their respective Borrowing Base Contributors) that is in possession of Inventory on behalf of any Borrower or any Borrowing Base Contributor thereof pursuant to which such Person acknowledges, among other things, if applicable in the relevant jurisdiction, the Administrative Agent's or the Australian Collateral Trustee's Lien with respect thereto.

Bailee’s Letter means a letter substantially in the form attached as Exhibit A executed by any Bailee pursuant to which such Bailee acknowledges the Administrative Agent's Lien or the Canadian Administrative Agent's Lien, as applicable, with respect thereto.

Bailee’s Letter means a Bailee Letter substantially in the form of Exhibit M with such amendments or modifications as may be reasonably approved by Collateral Agent.

Bailee’s Letter means a letter in form and substance reasonably acceptable to the Multi-Currency Administrative Agent and executed by any Person (other than the Company or any Subsidiary Guarantor) that is in possession of Inventory or Equipment included in the Collateral on behalf of the Company or any Subsidiary Guarantor pursuant to which such Person acknowledges, among other things, the Collateral Agent’s Lien with respect thereto.