Common use of Collateral in Other’s Possession Clause in Contracts

Collateral in Other’s Possession. Subject to the terms of the Closing Date Intercreditor Agreement, if at any time any Collateral with a Fair Market Value in excess of $1,000,000 is located at any operating facility of a Grantor which is not owned by such Grantor, such Grantor shall, upon request, use commercially reasonable efforts to obtain written landlord lien waivers or subordinations, in form and substance reasonably satisfactory to the Collateral Agent, of all present and future Liens to which the owner or lessor of such premises may be entitled to assert against such Collateral.

Collateral in Other’s Possession. Subject to the terms of the Closing Date each Intercreditor AgreementAgreement (if any), if at any time any Collateral with a Fair Market Value in excess of $1,000,000 is located at any operating facility of a Grantor which is not owned by such Grantor, such Grantor shall, upon request, use commercially reasonable efforts to obtain written landlord lien waivers or subordinations, in form and substance reasonably satisfactory to the Collateral Agent, of all present and future Liens to which the owner or lessor of such premises may be entitled to assert against such Collateral.