Common use of Bailee Letters Clause in Contracts

Bailee Letters. As of the date hereof, each Pledgor hereby represents and warrants that all locations of bailees at which Pledged Collateral valued at [*****] or more is located are set forth in Schedule I to this Agreement. Each Pledgor shall use commercially reasonable efforts to obtain as soon as practicable after the date hereof with respect to each location set forth in Schedule I to this location, a Bailee Letter and use commercially reasonable efforts to obtain a Bailee Letter from all such bailees, who from time to time have possession of any Pledge Collateral with a value in excess of [*****]. A Bailee Letter shall not be required if the value of the Pledged Collateral held by such bailee is less than [*****] or such location is a clinical trial site, provided that the aggregate value of Pledged Collateral held by all bailees who have not delivered a Bailee Letter (other than clinical trial sites) is less than $[*****] in the aggregate.