Common use of Bailee for Perfection Clause in Contracts

Bailee for Perfection. (a) The Senior Lender agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as bailee for the Seller and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Seller Pledge Agreement, subject to the terms and conditions of this Section 5.5. (b) Until the Discharge of the Senior Lender Claims has occurred, the Senior Lender shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens of the Seller under the Seller Collateral Documents did not exist. (c) The Senior Lender shall have no obligation whatsoever to the Seller to assure that the Pledged Collateral is genuine or owned by the Makers or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the Senior Lender under this Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee for the Seller for purposes of perfecting the Lien held by the Seller. (d) The Senior Lender shall not have by reason of the Seller Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of the Seller.

Bailee for Perfection. (a) The Senior Lender Collateral Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as bailee for the Seller Trustee and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Seller Pledge Noteholder Security Agreement, subject to the terms and conditions of this Section 5.5. (b) Until the Discharge of the Senior Lender Claims has occurred, the Senior Lender Collateral Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the relevant Senior Lender Documents as if the Liens Lien of the Seller Trustee under the Seller Collateral Documents Noteholder Security Agreement did not exist. The rights of the Trustee shall at all times be subject to the terms of this Agreement and to each Senior Agent's rights under the Senior Lender Documents. (c) The Senior Lender Collateral Agent shall have no obligation whatsoever to the Seller Trustee or any Noteholder to assure that the Pledged Collateral is genuine or owned by the Makers Borrower or any of its Subsidiaries or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the Senior Lender Collateral Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee for the Seller Trustee for purposes of perfecting the Lien held by the SellerTrustee. (d) The Senior Lender Collateral Agent shall not have by reason of the Seller Collateral Documents Noteholder Security Agreement or this Agreement or any other document a fiduciary relationship in respect of the SellerTrustee or any Noteholder. (e) Upon the Discharge of Senior Lender Claims, the Senior Collateral Agent shall deliver to the Trustee the Pledged Collateral in its possession or control (or in the possession or control of its agents or bailees) together with any necessary endorsements (or otherwise allow the Trustee to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct.

Bailee for Perfection. (a) The Senior Lender Credit Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as bailee for the Seller Trustee and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Seller Noteholder Pledge Agreement, subject to the terms and conditions of this Section 5.5. (b) Until Except as otherwise specifically provided herein, until the Discharge of the Senior Lender Claims has occurred, the Senior Lender Credit Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens of the Seller under the Seller Noteholder Collateral Documents did not exist. The rights of the Trustee and the Noteholders shall at all times be subject to the terms of this Agreement and to the Credit Agent's rights under the Senior Lender Documents. (c) The Senior Lender Credit Agent shall have no obligation whatsoever to the Seller Trustee or any Noteholder to assure that the Pledged Collateral is genuine or owned by any of the Makers Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the Senior Lender Credit Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee for the Seller Trustee for purposes of perfecting the Lien held by the SellerTrustee. (d) The Senior Lender Credit Agent shall not have by reason of the Seller Noteholder Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of the SellerTrustee or any Noteholder.

Bailee for Perfection. (a) The Senior Lender Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as bailee for the Seller Trustee and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Seller Pledge Noteholder Security Agreement, subject to the terms and conditions of this Section 5.5. (b) Until the Discharge of the Senior Lender Claims has occurred, the Senior Lender Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens Lien of the Seller Trustee under the Seller Collateral Documents Noteholder Security Agreement did not exist. The rights of the Trustee shall at all times be subject to the terms of this Agreement and to the Senior Agent's rights under the Senior Lender Documents. (c) The Senior Lender Agent shall have no obligation whatsoever to the Seller Trustee or any Noteholder to assure that the Pledged Collateral is genuine or owned by the Makers Borrower or one of its Subsidiaries or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the Senior Lender Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee for the Seller Trustee for purposes of perfecting the Lien held by the SellerTrustee. (d) The Senior Lender Agent shall not have by reason of the Seller Collateral Documents Noteholder Security Agreement or this Agreement or any other document a fiduciary relationship in respect of the SellerTrustee or any Noteholder. (e) Upon the Discharge of Senior Lender Claims, the Senior Agent shall deliver to the Trustee the Pledged Collateral together with any necessary endorsements (or otherwise allow such Senior Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct.

Bailee for Perfection. (a) The Senior Lender Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as bailee for the Seller Trustee and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Seller Noteholder Pledge Agreement and the Noteholder Security Agreement, subject to the terms and conditions of this Section 5.5. (b) Until the Discharge of the Senior Lender Claims has occurred, the Senior Lender Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if no bailee arrangement with the Liens Trustee existed. The rights of the Seller Trustee shall at all times be subject to the terms of this Agreement and to the Senior Agent’s rights under the Seller Collateral Documents did not existSenior Lender Documents. (c) The Senior Lender Agent shall have no obligation whatsoever to the Seller Trustee or any Noteholder to assure that the Pledged Collateral is genuine or owned by the Makers Borrower or one of its Subsidiaries or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the Senior Lender Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee for the Seller Trustee for purposes of perfecting the Lien held by the SellerTrustee. (d) The Except as required by law, the Senior Lender Agent shall not have by reason of the Seller Collateral Documents Noteholder Pledge Agreement or this Agreement or any other document a fiduciary relationship in respect of the SellerTrustee or any Noteholder. (e) Upon the Discharge of Senior Lender Claims, the Senior Agent shall deliver to the Trustee the Pledged Collateral together with any necessary endorsements (or otherwise allow the Trustee to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct.

Bailee for Perfection. (a) The Senior Lender Credit Agent agrees to hold the Pledged Collateral that is part of the Common Collateral in its possession or control (or in the possession or control of its agents or bailees) as bailee for the Seller Trustee and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral pursuant to the Seller Noteholder Pledge Agreement, subject to the terms and conditions of this Section 5.5. (b) Until the Discharge of the Senior Lender Claims has occurred, the Senior Lender Credit Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens of the Seller Trustee under the Seller Noteholder Collateral Documents did not exist. The rights of the Trustee shall at all times be subject to the terms of this Agreement and to the Credit Agent's rights under the Senior Lender Documents. (c) The Senior Lender Credit Agent shall have no obligation whatsoever to the Seller Trustee or any Noteholder to assure that the Pledged Collateral is genuine or owned by any of the Makers Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.5. The duties or responsibilities of the Senior Lender Credit Agent under this Section 5.5 shall be limited solely to holding the Pledged Collateral as bailee for the Seller Trustee for purposes of perfecting the Lien held by the SellerTrustee. (d) The Senior Lender Credit Agent shall not have by reason of the Seller Noteholder Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of the SellerTrustee or any Noteholder. (e) Upon the Discharge of Senior Lender Claims, the Credit Agent shall deliver to the Trustee the remaining Pledged Collateral (if any) together with any necessary endorsements (or otherwise allow the Trustee to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct.