Consignment Property definition
Consignment Property means, collectively, the following described property whether now consigned, owned or existing or in the future consigned, acquired or arising: (i) all Merchandise which has been, is now or in the future consigned or delivered, directly or indirectly, by Supplier to, or for the benefit of, Filene's; (ii) all replacements, additions, accessions, substitutions, returns, repossessions and exchanges of any and all Merchandise; (iii) all records of the foregoing (whether the records are maintained in written or electronic form); and (iv) all products and proceeds of the foregoing described property (such proceeds being in whatever form, including, without limitation, additional Merchandise, accounts, inventory, instruments, documents, chattel paper, general intangibles, money, bank accounts and deposits, cash and all insurance proceeds payable by reason of any loss or damage of any or all of the foregoing described property).
Examples of Consignment Property in a sentence
Supplier’s ownership of the Merchandise notwithstanding, as a precaution and without affecting the intention of the parties to create a true consignment arrangement, Filene’s, by this Agreement, grants to, and creates in favor of, Supplier a continuing security interest in the Consignment Property to secure the Consignment Obligations.
It is the intention of the parties that the precautionary security interest granted by Filene’s to Supplier hereby is and will be a first priority security interest in the Consignment Property.