Common use of Bailment for Perfection of Security Interests Clause in Contracts

Bailment for Perfection of Security Interests. (a) Each Collateral Agent agrees that if it shall at any time hold a Lien on any Common Collateral that can be perfected by the possession or control of such Common Collateral or of any deposit, securities or other account in which such Common Collateral is held, and if such Common Collateral or any such account is in fact in the possession or under the control of such Collateral Agent, or of agents or bailees of such Collateral Agent (such Common Collateral being referred to herein as the “Controlled Common Collateral”), such Collateral Agent shall, solely for the purpose of perfecting the Liens of the other Collateral Agent granted on such Common Collateral under the Credit Documents or the Notes Documents, as applicable, and subject to the terms and conditions of this Article, also hold such Controlled Common Collateral as gratuitous bailee for the other Collateral Agent (any Collateral Agent that shall be holding any Controlled Common Collateral as gratuitous bailee being referred to herein as the “Bailee Secured Party”). In furtherance of the foregoing, each Collateral Agent appoints each Bailee Secured Party as such Collateral Agent’s gratuitous bailee hereunder with respect to any Controlled Common Collateral that such Bailee Secured Party possesses or controls at any time solely for the purpose of perfecting a Lien on such Controlled Common Collateral.

Bailment for Perfection of Security Interests. (a) Each Collateral Agent agrees that if it shall at any time hold a Lien on any Common Shared Collateral that can be perfected by the possession or control of such Common Shared Collateral or of any deposit, securities or other account in which such Common Shared Collateral is held, and if such Common Shared Collateral or any such account is in fact in the possession or under the control of such Collateral Agent, or of agents or bailees of such Collateral Agent (such Common Shared Collateral being referred to herein as the “Controlled Common Shared Collateral”), such Collateral Agent shall, solely for the purpose of perfecting the Liens of the any other Collateral Agent granted on such Common Shared Collateral under the its Related Secured Credit Documents or the Notes Documents, as applicable, and subject to the terms and conditions of this Article, also hold such Controlled Common Shared Collateral as gratuitous bailee and sub-agent for the each such other Collateral Agent (any Collateral Agent that shall be holding any Controlled Common Shared Collateral as gratuitous bailee and sub-agent being referred to herein as the “Bailee Secured PartyCollateral Agent”). In furtherance of the foregoing, each Collateral Agent appoints each Bailee Secured Party Collateral Agent as such Collateral Agent’s gratuitous bailee and sub-agent hereunder with respect to any Controlled Common Shared Collateral that such Bailee Secured Party Collateral Agent possesses or controls at any time solely for the purpose of perfecting a Lien on such Controlled Common Shared Collateral.