Common use of Bailee for Perfection Clause in Contracts

Bailee for Perfection. Each Creditor hereby appoints each other Creditor, and each hereby agrees to serve, as agent and bailee for the other Creditors for the limited purpose of perfecting their respective Liens on the Collateral which may at any time be in its possession or under its control during the term of this Intercreditor Agreement. The Creditor having the most senior Lien thereon shall not have any duty to protect or preserve any rights pertaining to any of the Collateral in its possession and each of the other Creditors hereby waives and releases the Creditor holding the most senior Lien from all claims and liabilities at any time arising pursuant to the role of such senior Creditor as agent and bailee with respect to the Collateral in its actual possession (or control) other than gross negligence or willful misconduct. The Creditor with the most senior Lien on any Collateral shall, after all obligations of Debtor to it have been fully and finally paid and performed, deliver the remainder of Collateral, if any, and the books and records relating to such Collateral in its possession (or under its control) to the Creditor with the next most senior Lien as set forth herein, except in the event and to the extent that (a) such senior Creditor has retained or otherwise acquired such Collateral in full or partial satisfaction of the Obligations owing to such senior Creditor, (b) such Collateral is sold or otherwise disposed of by such Creditor or by Debtor as provided herein or (c) except as may otherwise be required by applicable law or any court order.

Bailee for Perfection. Each Creditor hereby appoints each other Creditorthe other, and each hereby agrees to serve, as agent and bailee for the other Creditors for the limited purpose of perfecting their respective Liens on the Collateral which may at any time be in its possession or under its control during the term of this Intercreditor Agreement. The Creditor having the most senior Lien thereon shall not have any duty to protect or preserve any rights pertaining to any of the Collateral in its possession and each of the other Creditors hereby waives and releases the Creditor holding the most senior Lien from all claims and liabilities at any time arising pursuant to the role of such senior Creditor as agent and bailee with respect to the Collateral in its actual possession (or control) other than gross negligence or willful misconduct. The Creditor with the most senior Lien on any Collateral shall, after all obligations of Debtor to it have been fully and finally paid and performed, deliver the remainder of Collateral, if any, and the books and records relating to such Collateral in its possession (or under its control) to the Creditor with the next most senior Lien as set forth herein, except in the event and to the extent that that (a) such senior Creditor has retained or otherwise acquired such Collateral in full or partial satisfaction of the Obligations owing to such senior Creditor, (b) such Collateral is sold or otherwise disposed of by such Creditor or by Debtor as provided herein or (c) except as may otherwise be required by applicable law or any court order.

Bailee for Perfection. Each Creditor Lender hereby appoints each other Creditor, and each hereby agrees to serve, Lender as agent and bailee for the other Creditors for the limited purpose purposes of perfecting their respective the other Lenders' Liens in and on any of the Collateral which may at in the possession of such Lender; provided, that, the Lender in the possession of any time be in its possession or under its control during the term of this Intercreditor Agreement. The Creditor having the most senior Lien thereon Collateral shall not have any duty or liability to protect or preserve any rights pertaining to any of the Collateral in its possession and each and, except for gross negligence or willful misconduct as determined pursuant to a final non-appealable order of a court of competent jurisdiction, the other Creditors non- possessing Lenders hereby waives and releases the Creditor holding the most senior Lien from other Lenders from, all claims and liabilities at any time arising pursuant to the possessing Lender's role of such senior Creditor as agent and bailee with respect to the Collateral. To the extent any Lender receives Collateral which is not such Lender's Senior Priority Collateral, such Lender shall promptly deliver to the Lender for whom such Collateral is Senior Priority Collateral. After any Senior Priority Lender has received final payment in its actual possession (or control) other than gross negligence or willful misconduct. The Creditor with the most senior Lien on any Collateral shall, after full of all obligations of Debtor to it such Lender's Senior Priority Obligations and such Lender's Agreements have been fully and finally paid and performedterminated, such Lender shall deliver the remainder of the Collateral, if any, and the books and records relating to such Collateral in its possession (or under its control) to the Creditor with the next most senior Lien as set forth hereinapplicable Junior Priority Lender, except in the event and to the extent that (a) such senior Creditor has retained or otherwise acquired such Collateral in full or partial satisfaction of the Obligations owing to such senior Creditor, (b) such Collateral is sold or otherwise disposed of by such Creditor or by Debtor as provided herein or (c) except as may otherwise be required by applicable law or any court order.

Bailee for Perfection. Each Creditor Lender hereby appoints each other Creditor, and each hereby agrees to serve, Lender as agent and bailee for the other Creditors for the limited purpose purposes of perfecting their respective the other Lenders' Liens in and on any of the Collateral which may at in the possession of such Lender; provided, that, the Lender in the possession of any time be in its possession or under its control during the term of this Intercreditor Agreement. The Creditor having the most senior Lien thereon Collateral shall not have any duty or liability to protect or preserve any rights pertaining to any of the Collateral in its possession and each and, except for gross negligence or willful misconduct as determined pursuant to a final non-appealable order of a court of competent jurisdiction, the other Creditors non-possessing Lenders hereby waives and releases the Creditor holding the most senior Lien from other Lenders from, all claims and liabilities at any time arising pursuant to the possessing Lender's role of such senior Creditor as agent and bailee with respect to the Collateral. To the extent any Lender receives Collateral which is not such Lender's Senior Priority Collateral, such Lender shall promptly deliver to the Lender for whom such Collateral is Senior Priority Collateral. After any Senior Priority Lender has received final payment in its actual possession (or control) other than gross negligence or willful misconduct. The Creditor with the most senior Lien on any Collateral shall, after full of all obligations of Debtor to it such Lender's Senior Priority Obligations and such Lender's Agreements have been fully and finally paid and performedterminated, such Lender shall deliver the remainder of the Collateral, if any, and the books and records relating to such Collateral in its possession (or under its control) to the Creditor with the next most senior Lien as set forth hereinapplicable Junior Priority Lender, except in the event and to the extent that (a) such senior Creditor has retained or otherwise acquired such Collateral in full or partial satisfaction of the Obligations owing to such senior Creditor, (b) such Collateral is sold or otherwise disposed of by such Creditor or by Debtor as provided herein or (c) except as may otherwise be required by applicable law or any court order.