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.
Store any Material Collateral with a bailee, warehouseman, or similar third party unless the third party has been notified of Lender’s security interest and Lender (a) has received an acknowledgment from the third party that it is holding or will hold the Inventory or Equipment for Lender’s benefit or (b) is in possession of the warehouse receipt, where negotiable, covering such Inventory or Equipment.
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.
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 Lender may approve in writing, Loan Party shall keep the Material Collateral only at the locations set forth in the Schedule and such other locations of which Loan Party gives Lender prior written notice and as to which Lender consents.