UWBK » Topics » "Collateral Access Agreement"

This excerpt taken from the UWBK 8-K filed Jun 29, 2009.
"Collateral Access Agreement" shall mean an agreement in form and substance reasonably satisfactory to the Lender pursuant to which a mortgagee or lessor of real property on which Collateral is stored or otherwise located, or a warehouseman, processor or other bailee of Inventory or other property owned by the Co-Borrowers or any Subsidiary, acknowledges the Liens of the Lender and waives or subordinates any Liens held by such Person on such property, and, in the case of any such agreement with a mortgagee or lessor, permits the Lender reasonable access to and use of such real property following the occurrence and during the continuance of an Event of Default to assemble, complete, sell, and/or remove any collateral stored or otherwise located thereon.
 
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