Common use of Appointment of Lending Parties as Agents Clause in Contracts

Appointment of Lending Parties as Agents. Each Lending Party hereby appoints each other such Person as agent for the purpose of perfecting Collateral Agent’s or such Person’s security interest in assets that, in accordance with Article 9 of the Uniform Commercial Code, can be perfected only by possession. Should any such Person (other than Collateral Agent) obtain possession of any collateral the subject of the Collateral Documents, such Person shall notify Collateral Agent thereof, and, promptly upon Collateral Agent’s request therefor, shall deliver such collateral to Collateral Agent or in accordance with Collateral Agent’s instructions.

Appointment of Lending Parties as Agents. Each Lending Party hereby appoints each other such Person as agent for the purpose of perfecting Collateral Agent’s 's or such Person’s 's security interest in assets that, in accordance with Article 9 of the Uniform Commercial Code, can be perfected only by possession. Should any such Person (other than Collateral Agent) obtain possession of any collateral the subject of the Collateral Documents, such Person shall notify Collateral Agent thereof, and, promptly upon Collateral Agent’s 's request therefor, shall deliver such collateral to Collateral Agent or in accordance with Collateral Agent’s 's instructions.