Common use of Agency for Perfection by Possession Clause in Contracts

Agency for Perfection by Possession. Each Lender and LC Issuer hereby appoints each other Lender and LC Issuer as agent for the purpose of perfecting Agent’s Liens on property which, in accordance with the UCC or other applicable law, can be perfected only by possession or control. Should any Lender or LC Issuer (other than Agent but inclusive of any Lender’s Participant) obtain possession of any collateral or security for the Obligations, that Lender or LC Issuer will notify Agent and, promptly on Agent’s request, that Lender or LC Issuer will deliver the collateral to Agent or in accordance with Agent’s instructions.

Agency for Perfection by Possession. Each Lender and LC Issuer hereby appoints each other Lender and LC Issuer as agent for the purpose of perfecting Agent’s Liens on 's security interests in property which, in accordance with the UCC or other applicable law, can be perfected only by possession or controlpossession. Should any Lender or LC Issuer (other than Agent but inclusive of any Lender’s 's Participant) obtain possession of any collateral or security for the Obligations, that Lender or LC Issuer will notify Agent and, promptly on Agent’s 's request, that Lender or LC Issuer will deliver the collateral to Agent or in accordance with Agent’s 's instructions.