Material Collateral definition
Examples of Material Collateral in a sentence
Store any Material Collateral with a bailee, warehouseman, or similar third party unless the third party has been notified of Bank’s security interest and Bank (a) has received an acknowledgment from the third party that it is holding or will hold such Material Collateral for Bank’s benefit or (b) is in possession of the warehouse receipt, where negotiable, covering such Material Collateral.
Each Borrowing Base Loan Party shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable standards of any insurance and in conformity in all material respects with all applicable Law, and shall make current rent payments (within applicable grace periods provided for in leases and unless being contested in good faith by appropriate proceedings) at all locations where any Material Collateral is located.
Customer shall only use the components of the Upgraded Material Collateral Kit for patient education and treatment purposes with the System.
If any Material Collateral is in the possession of a third party, at the Administrative Agent’s request, the Loan Parties shall use commercially reasonable efforts to obtain an acknowledgment that such third party holds the Collateral for the benefit of the Administrative Agent.
Except for Inventory sold in the ordinary course of business and except for such other locations as Bank may approve in writing, Borrower shall keep the Material Collateral only at the location set forth in Section 10 and such other locations of which Borrower gives Bank prior written notice and as to which Bank files a financing statement where needed to perfect its security interest.