Common use of Perfection of Possessory Security Interests Clause in Contracts

Perfection of Possessory Security Interests. (a) For the limited purpose of perfecting the security interests of the Parties in those types of Collateral in which a security interest only may be perfected by possession or control, each Party hereby appoints the other as its representative for the limited purpose of possessing on its behalf any such Collateral that may come into the possession or control of such other Party from time to time, and each Party agrees to act as the other's representative for such limited purpose of perfecting the other's security interest by possession or control through a representative, provided that neither Party shall incur any liability to the other by virtue of acting as the other's representative hereunder, and either Party may relinquish possession of Collateral in its possession or control without the consent of the other Party, and without incurring liability to the other Party unless there is an express written agreement to the contrary in effect between the Parties, subject to Section 3.03(b).

Perfection of Possessory Security Interests. (a) For the limited purpose of perfecting the security interests of the Parties in those types or items of Collateral in which a security interest only may be perfected by possession or control, each Party hereby appoints the other as its representative for the limited purpose of possessing on its behalf any such Collateral that may come into the possession or control of such other Party from time to time, and each Party agrees to act as the other's representative for such limited purpose of perfecting the other's security interest by possession or control through a representative, provided that neither Party shall incur any liability to the other by virtue of acting as the other's representative hereunder. In this regard, and either any Party may relinquish possession of Collateral that is in its possession or control without the consent of any such item of Collateral agrees that if it elects to relinquish possession or control of such item of Collateral it shall deliver possession or control thereof to the other Party, and without incurring liability to the other Party unless there is an express written agreement to the contrary in effect between the Parties, subject to Section 3.03(b).

Perfection of Possessory Security Interests. (a) For the limited purpose of perfecting the security interests of the Parties in those types or items of Collateral in which a security interest only may be perfected by possession or control, each Party hereby appoints the other as its representative for the limited purpose of possessing on its behalf any such Collateral that may come into the possession or control of such other Party from time to time, and each Party agrees to act as the other's representative for such limited purpose of perfecting the other's security interest by possession or control through a representative, provided that neither Party shall incur any liability to the other by virtue of acting as the other's representative hereunder, and either Party may relinquish possession of Collateral in its possession or control without the consent of the other Party, and without incurring liability to the other Party unless there is an express written agreement to the contrary in effect between the Parties, subject to Section 3.03(b).