Bailment for Perfection of Certain Security Interests. Each Subordinated Debt Party agrees that if it shall at any time hold a Lien on any Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Subordinated Debt Party or any of their respective agents or bailees (such Collateral being referred to herein as the “Other Pledged or Controlled Collateral”), such Subordinated Debt Party solely for the purpose of perfecting the Senior Lenders’ Lien granted under the Loan Documents, also holds such Other Pledged or Controlled Collateral as bailee for the Administrative Agent and the other Senior Lenders. No Subordinated Debt Party shall charge the Administrative Agent or Senior Lenders a fee for holding such Collateral as bailee pursuant hereto.
Appears in 4 contracts
Samples: Subordination Agreement (Midcoast Energy Partners, L.P.), Security Agreement (Enbridge Energy Partners Lp), Subordination Agreement (Enbridge Energy Partners Lp)
Bailment for Perfection of Certain Security Interests. Each Subordinated Debt Party agrees that if it shall at any time hold a Lien on any Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Subordinated Debt Party or any of their respective agents or bailees (such Collateral being referred to herein as the “Other Pledged or Controlled Collateral”), such Subordinated Debt Party solely for the purpose of perfecting the Senior LendersBeneficiaries’ Lien Liens granted under the Loan Documentsrelated governing documents, also holds such Other Pledged or Controlled Collateral as bailee for the Administrative Agent and the other Senior LendersBeneficiaries. No Subordinated Debt Party shall charge the Administrative Agent or Senior Lenders any Beneficiary a fee for holding such Collateral as bailee pursuant hereto.
Appears in 4 contracts
Samples: Credit Agreement and Extension Agreement, Subordination Agreement (Midcoast Energy Partners, L.P.), Credit Agreement and Extension Agreement (Midcoast Energy Partners, L.P.)
Bailment for Perfection of Certain Security Interests. Each Subordinated Debt Party agrees that if it shall at any time hold a Lien on any Collateral that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Subordinated Debt Party or any of their respective agents or bailees (such Collateral being referred to herein as the “Other Pledged or Controlled Collateral”), such Subordinated Debt Party solely for the purpose of perfecting the Senior LendersBeneficiaries’ Lien Liens granted under the Loan Documentsrelated governing documents, also holds such Other Pledged or Controlled Collateral as bailee for the Administrative Agent and the other Senior LendersBeneficiaries. No Subordinated Debt Party shall charge the Administrative Agent or Senior Lenders a fee for holding such Collateral as bailee pursuant hereto.Subordinated
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