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Form #658Collateral Control Agreement
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Warehouse Company Collateral Control Agreement - free form to use
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Collateral control
agreement.
_________
Warehouse Company
Collateral
Control Agreement
This agreement, made and entered into this _________
day of _________, _________, in the City of St. Louis, State of Missouri, by
and between _________ Warehouse Company, a Missouri corporation, hereinafter
referred to as "_________," and _________ hereinafter referred to as
"Customer,"
Witnesseth:
Whereas, _________ is a Collateral Control Company and
as such, has available the facilities for field warehousing service, inventory
certification service, and other inventory control services;
And whereas, Customer in connection with the
conducting of Customer's business, desires to employ _________ to perform such
services for Customer.
Now, therefore, in consideration of the premises and
of the mutual agreements herein contained and of the payment by Customer to
_________ of the sums hereinafter specified, it is agreed as follows:
1. _________ agrees to furnish and Customer hereby
employs _________ to furnish all field warehouse service required by Customer
or used in Customer's business and all field warehouse service conducted in or
on all buildings, rooms and/or premises owned or controlled by Customer or
procured by Customer for warehouse services.
2. Customer owns or controls or will procure and
agrees to furnish to _________ warehouse buildings, rooms and/or premises
sufficient in number and capacity to provide adequate storage space for goods
and merchandise to be warehoused by _________, so located and constructed as to
adequately secure the safety of the goods and merchandise to be warehoused
therein or thereon, and to secure the safety of all persons working in or about
the warehouse premises, including providing adequate safety devices and working
conditions. _________ shall have possession of all inventory within such
warehouse premises, to the extent that it is contemplated that such inventory
shall be placed on _________ documents issued on behalf of Customer, but it
shall be the obligation and responsibility of Customer for all physical
movement of inventory into, within, and out of the warehouse area, and to be
responsible for the safety requirements in connection with such movement and
handling of all inventory.
3. Customer agrees to rent, demise, lease and let to
_________ and _________ agrees to hire and take from Customer upon _________'s
form of Field Warehouse Lease all buildings, rooms and/or premises owned or
controlled or procured by Customer in or on which field warehousing is to be
conducted by _________ for Customer; and it is mutually agreed that all the
terms and conditions of such lease or leases (except insofar as they are
inconsistent with this Agreement) shall upon the execution thereof be and
become a part of this Agreement as fully as though set out herein. _________
shall have the right to post such lessee and notice signs as required in its
opinion to establish a valid field warehouse.
4. _________
shall not be obligated to furnish field warehouse services, inventory
certification services or other collateral control services under the terms of
this Agreement and this Agreement may be cancelled by _________ at any time at
its option without prior notice if Customer does not execute a lease or leases
upon storage space which is satisfactory and suitable to _________ and which
will entitle _________ to uninterrupted and exclusive possession of the
buildings, rooms and/or premises so demised, free from any claim of the
landlord to a lien or preference upon the goods and merchandise to be stored in
said buildings, rooms and/or premises for the entire term of said lease or
leases; if Customer fails to obtain the necessary consents to the subletting of
the demised buildings, rooms and/or premises for the entire term of said lease
or leases; if Customer fails to comply with _________'s installation or
reinstallation approval requirements; if there has been any
material adverse change in Customer's or Guarantor(s)'
financial condition between the date of this Agreement and the actual date of
warehouse installation or reinstallation or at any time during the term of this
Agreement; if Customer interferes with _________'s activities as warehouseman;
or if there is a shortage of goods, or merchandise in the warehouse; or if
Customer shall fail to furnish to _________ a financial statement reflecting
Customer's financial condition whenever in the regular course of Customer's
business such a statement is prepared; provided, however, that Customer must
furnish to _________ such a statement at least once during each warehouse
agreement year during the term thereof; or if any indemnitor shall fail to
provide _________ with an annual financial statement upon request by _________.
5. _________ agrees to maintain a warehouse in or on
said buildings, rooms and/or premises so leased by Customer to _________ and
agrees to issue its warehouse receipts upon goods and merchandise which
Customer may store or cause to be stored in or on said leased buildings, rooms
and/or premises.
6. Customer shall furnish to _________ two or more
agents, as required by _________, to permit _________ to operate its field
warehouse or other collateral control services. Such agents shall be available
to _________ to assist in warehouse audits, inspections, or physical
inventories as required by _________. _________ shall have the sole right, if
in its discretion _________ deems it advisable, to replace at any time its
agents or watchmen in charge of said warehouse or the goods and merchandise
stored therein or thereon. _________ employees and agents shall have access to
all Customer inventory related records for purposes of verifying all inventory
activity for inventory covered by _________ documents.
7. Customer agrees to promptly pay _________ for the
regular warehouse services performed by _________'s agents, watchmen and other
employees, and, upon presentation of invoices, to promptly pay _________ for
all other warehouse labor performed by _________'s employees or furnished by
_________ together with all license taxes or charges levied or imposed by
Federal, State, County or Municipal Governments or by a quasi-public or
governmental agency upon the operation of said warehouse, the cost of
constructing and maintaining enclosures, placing signs, and any similar services,
and all other necessary expenses, including attorney's fees, incurred by
_________ incident to the conducting of said warehouse under this Agreement and
maintaining care, preservation, and possession of the goods and merchandise
stored therein for the benefit of warehouse receipt holders and including,
without limiting the foregoing, expenses incurred in connection with any claims
or litigation affecting the stored goods and merchandise or the warehouse
premises, or in connection with the determination, handling, clearing, or
settlement of any shortage or shortages of goods and merchandise stored in
_________'s warehouse, or in connection with bankruptcy or other insolvency
proceeding affecting Customer, or in connection with the termination of the
warehouse plus the following charges:
Schedule of Charges
Installation charge per location $_____, plus a
Deposit equal to one half of the total bonded agents' monthly payroll, such
Deposit to be refunded upon normal termination of service and payment of all
_________ charges in full at time of such termination.
Each additional location in excess of one, $30.00 per
month. Each additional bonded employee in excess of two, $5.00 per month. Each
additional Receipt Holder and/or Certificate Holder in excess of one, $30.00
per month. Changing any location area already installed or changing any bonded
employee, $50.00 per change. Each line item in excess of 100 received and
delivered during each monthly period as evidenced by inbound and outbound
inventory documents, $.10 per line item.
_________ charges, including two bonded employees,
computed on inventory valuation on hand first day of each calendar month and
inventory valuation received during the month:
For documents issued to a lender—$275.00 for the first
$100,000.00 inventory value. $1.75 per $1,000.00 for the next $100,000.00
inventory value. $1.50 per $1,000.00 on the next $100,000.00 inventory value.
$1.25 per $1,000.00 on all inventory value over $300,000.00.
For documents issued to a supplier—$275.00 for the
first $100,000.00 inventory value. $1.75 per $1,000.00 on all inventory value
over $100,000.00.
8. The Customer agrees to have _________ and Receipt
Holder(s)' named as a loss payee, as its interest may appear, in all insurance
policies carried by the Customer affecting all commodities or inventory stored
with, or in the custody or control of _________, and further agrees that it
hereby waives all rights of subrogation against _________ under all insurance
policies insuring in any way real or personal property of the Customer, or in
which the Customer has an interest.
9. _________ shall have a continuing warehouseman's
lien on all goods and merchandise of Customer in _________'s warehouse, and all
such goods and merchandise are pledged to _________, with power of sale, to
secure _________ for all unpaid charges and expenses and advances made by
_________ under Paragraph 7 of this Agreement.
10. The above schedule of charges shall remain in
effect, and continue for a period of three (3) years from the date of this
Agreement or the date of installation of the warehouse, whichever date is
later. In the event that Customer shall decide, for any reason, not to make use
of a warehouse service for a period of three (3) years from the date of this
Agreement, _________ agrees that Customer shall not be obligated to make any of
the payments provided for in this Agreement. It is further understood and
agreed that if no Warehouse Receipts are issued and none are outstanding during
any calendar month of this Agreement and all agents are removed from the
payroll of _________, then until such time as warehouse service is resumed all
charges scheduled above will be waived, except for the installation charge as
outlined under Paragraph 7 Schedule of Charges, when such installation has
commenced as authorized by the Customer; however, in any calendar month during
which there are no Warehouse Receipts issued or outstanding, but an agent or
agents are included on _________'s payroll, there shall be a $50.00 monthly
service charge.
11. Customer agrees that Customer will not tender to
_________ for storage in said warehouse any goods or merchandise which Customer
does not have the legal right to deposit or store. Customer further agrees that
all goods and merchandise of like description or of like kind and size may be
treated as fungible.
12. _________ shall not be required to accept goods
and merchandise from Customer not to be covered by Warehouse Receipts, and in
the event that _________ shall accept any such goods and merchandise, such
goods and merchandise will be received by _________ as a gratuitous bailee and
_________'s responsibility shall be strictly limited to that of a gratuitous
bailee. Receipts covering goods and merchandise deposited by Customer will be
issued by _________ at additional locations or to additional Receipt Holders,
other than the original Receipt Holder(s), only by the mutual consent of
_________ and Customer.
13.
Customer, in order to induce _________ to execute this agreement, agrees that
under no circumstances shall _________ be liable to Customer for any loss of,
damage to, or shortage of any goods or merchandise that may be stored in said
warehouse or with respect to which Warehouse Receipts, Inventory Certificates
or other inventory control documents have been issued; it being the intention
of the parties that all loss of, damage to, or shortage of any goods and
merchandise that may be stored in said warehouse, or with respect to which
Warehouse Receipts, Inventory Certificates or other inventory control documents
have been issued, shall be borne by Customer. Customer agrees to indemnify and
hold _________ harmless, and does hereby indemnify and hold _________ harmless,
from and against any and all claims, liabilities, loss, damage and expenses, including
attorney's fees which _________ may pay, sustain or incur; (1) by reason of the
failure of Customer to perform and comply with terms and conditions of this
Agreement and a lease entered into by Customer and _________; or (2) as a
result of or in connection with the warehousing by _________ of goods and
merchandise deposited by or for Customer and/or the issuance of Warehouse
Receipts, Inventory Certificates or other inventory control documents by
_________ covering any goods and merchandise; or (3) arising out of any loss
of, damage to, or shortage of goods and merchandise stored in said warehouse or
with respect to which Warehouse Receipts, Inventory Certificates or other
inventory control documents have been issued; or (4) resulting from the occupancy
of said warehouse by _________ and without limiting the foregoing, any and all
claims, liabilities, losses, damage and expenses, including fees of attorneys
done or occasioned: (a) by or from
plumbing, gas, water, steam, sprinklers or other pipes
or sewage or the bursting, leaking or running of any cistern tank, tank, wash
stand, water closet, or waste pipe or otherwise, above, upon or about said
warehouse; (b) by water, snow or ice coming through the roof, skylight, trap
door or otherwise; (c) from acts of neglect of co-tenants or occupants of the
same buildings, rooms and/or premises constituting said warehouse or any
employees of the owners of said buildings, rooms and/or premises constituting
said warehouse or by any owner or occupant of adjacent or contiguous property;
(5) arising out of any injury to person or damage to property which may occur
within the warehouse area. In no event will the negligence or any other
wrongful act of any agent or watchman furnished to _________ by Customer be
imputed to _________ by Customer.
14. Customer also agrees to employ _________
exclusively for all inventory certification and inventory control services
which may be required by Customer during the term of this Agreement, including
any extensions hereof, based upon the schedule of charges set out in Paragraph
7 hereof. Customer agrees to execute all additional agreements required by
_________ for such inventory certification service or inventory control
services requested by Customer to be provided by _________. In the event that
the Customer employs _________ for its Inventory Certification service or other
Inventory Control services, and is not then employing _________ to perform its
Field Warehouse service, all of the references solely applicable to Field Warehousing
contained in this Agreement shall be considered non-applicable, unless and
until the Customer shall request and _________ shall provide its Field
Warehousing service to Customer.
15. This Agreement shall continue in full force and
effect for a period of three (3) years from the date of this Agreement or the
actual installation of services by _________, whichever date is later, and
shall automatically continue for successive periods of three (3) years each
unless either party gives to the other, written notice to terminate at least
ninety (90) days prior to the expiration of any such three-year periods;
provided, however, that no such notice of intention to terminate given by
Customer to _________ shall be effective unless all charges and expenses specified
in Paragraph 7 of this Agreement that have accrued under the terms of this
Agreement, or under terms of any other Agreements entered into pursuant to the
terms of Paragraph 14 hereof, shall have been paid in full to _________ by
Customer and all outstanding Warehouse Receipts, Inventory Certificates, or
other inventory control documents shall have been cancelled or release order
shall have been delivered to _________ from Holder for the goods and
merchandise covered by all outstanding Warehouse Receipts, Inventory
Certificates, or other inventory control documents at or prior to the
expiration of such term. _________ shall have the right, nevertheless, in
addition to the optional rights of cancellation contained in Paragraph 4 of
this Agreement, to cancel this Agreement at any time by giving thirty (30) days
written notice to Customer of its intention to cancel if Customer is in arrears
in the payment of the charges or expenses due _________ under the provisions of
this Agreement. No cancellation, however, shall affect the rights and
obligations of either party as to Warehouse Receipts, Inventory Certificates,
or other inventory control documents then outstanding and as to any lease or
leases entered into between _________ and Customer.
In witness whereof, _________ has caused this
Agreement to be executed by a duly authorized officer and Customer has executed
this Agreement or caused this Agreement to be executed by (a) a duly authorized
officer and its corporate seal to be affixed hereto or (b) a duly authorized
partner, as the case may be, on the day and the year first herein written.
_________ Warehouse
Company
|
_________Customer
|
By _________
|
By
_________
|
Vice-President
|
Title
_________
|
Agreement
In
consideration of, and in order to induce, the execution by _________ Warehouse
Company, hereinafter called _________, of the foregoing Collateral Control
Agreement, and other related agreements including lease(s) of storage space,
with _________ hereinafter called Customer, and/or the issuance by _________ of
Warehouse Receipts, Inventory Certificates, or other inventory control
documents on behalf of Customer, the undersigned, personally, being interested
in the affairs of Customer in some manner, jointly and severally hereby
unconditionally
agree to guarantee the performance by Customer of the
aforesaid Collateral Control Agreement, and to indemnify and hold _________
harmless from any and all claims, liability, loss, damage and expense,
including attorney fees, which _________ may incur or have asserted against it
arising out of the operation of a field warehouse(s) for Customer and/or the
issuance of Warehouse Receipts, Inventory Certificates, or other inventory
control documents or for loss or damage to commodities stored by or tendered
for storage to _________ under any circumstances. In no event will the
negligence or any other wrongful act of any agent or watchman furnished to
_________ by Customer be imputed to _________ by the undersigned guarantors.
The undersigned guarantors hereby agree to furnish annual financial statements
to _________ upon request by _________.
This agreement shall not be subject to revocation
during the terms of said Collateral Control Agreement or any renewal or
extension thereof.
Witness:
_________
|
_________Individually
|
_________
|
_________Individually
|
_________
|
_________Individually
|
Accepted:
|
|
_________ Warehouse
Company
|
_________Address
|
By _________
|
_________
|
Vice-President
|
City
& State
|
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legal council before engaging in any action based upon content contained on this
site.
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or any other commercial use is prohibited. This includes reposting forms from this
site to another site offering free legal or other document forms for download.
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a licensed attorney review any legal documents for which you are searching in order
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Your use of this site constitutes your acceptance of our terms of use and your agreement
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These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
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state. Also, agreements should relate specifically to the particular facts of each
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