Common use of Possession and Control of Collateral Clause in Contracts

Possession and Control of Collateral. The Obligor shall, on request by the Lender from time to time, deliver to the Lender possession of all chattel paper, instruments and negotiable documents of title. The Obligor shall also take whatever steps the Lender requires from time to time to enable the Lender to obtain control of any investment property forming part of the Collateral, including (a) arranging for any securities intermediary, futures intermediary or issuer of uncertificated securities to enter into an agreement satisfactory to the Lender to enable the Lender to obtain control, (b) delivering any certificated security to the Lender with any necessary endorsement and (c) having any security registered in the name of the Lender or its nominee. The Lender is not obligated to keep any Collateral separate or identifiable or to take steps to preserve rights relating to Collateral against prior parties or other persons. The Lender shall have no duty with respect to any Collateral delivered to it, other than to use the same degree of care in the safe custody of the Collateral delivered to it that it uses with respect to similar property that it owns of similar value. Without limiting the foregoing, the Lender may lodge all instruments, chattel paper, investment property or other Collateral with any bank or trust company to be held in safekeeping on behalf of the Lender (without incurring any liability for any act or omission of the bank or trust company), or may hold Collateral itself. The Obligor shall reimburse the Lender on demand for all expenses incurred by the Lender in connection with safekeeping with interest from the date the expenses are incurred until paid at the highest rate of interest applicable to the Obligations. The expenses and interest shall form part of the Obligations.

Possession and Control of Collateral. The Obligor shall, on request by the Lender Credit Union from time to time, deliver to the Lender Credit Union possession of all chattel paper, instruments and negotiable documents of title. The Obligor shall also take whatever steps the Lender Credit Union requires from time to time to enable the Lender Credit Union to obtain control of any investment property forming part of the Collateral, including (a) arranging for any securities intermediary, futures intermediary or issuer of uncertificated securities to enter into an agreement satisfactory to the Lender Credit Union to enable the Lender Credit Union to obtain control, (b) delivering any certificated security to the Lender Credit Union with any necessary endorsement endorsement, and (c) having any security registered in the name of the Lender Credit Union or its nominee. The Lender Credit Union is not obligated to keep any Collateral separate or identifiable or to take steps to preserve rights relating to Collateral against prior parties or other persons. The Lender Credit Union shall have no duty with respect to any Collateral delivered to it, other than to use the same degree of care in the safe custody of the Collateral delivered to it that it uses with respect to similar property that it owns of similar value. Without limiting the foregoing, the Lender Credit Union may lodge all instruments, chattel paper, investment property or other Collateral with any bank or trust company to be held in safekeeping on behalf of the Lender Credit Union (without incurring any liability for any act or omission of the bank or trust company), ) or may hold Collateral itself. The Obligor shall reimburse the Lender Credit Union on demand for all expenses incurred by the Lender Credit Union in connection with safekeeping with interest from the date the expenses are incurred until paid at the highest rate of interest applicable to the Obligations. The expenses and interest shall form part of the Obligations.

Possession and Control of Collateral. The Obligor shall, on request by the Lender Credit Union from time to time, deliver to the Lender Credit Union possession of all chattel paper, instruments and negotiable documents of title. The Obligor shall also take whatever steps the Lender Credit Union requires from time to time to enable the Lender Credit Union to obtain control of any investment property forming part of the Collateral, including (a) arranging for any securities intermediary, futures intermediary or issuer of uncertificated securities to enter into an agreement satisfactory to the Lender Credit Union to enable the Lender Credit Union to obtain control, (b) delivering any certificated security to the Lender Credit Union with any necessary endorsement and (c) having any security registered in the name of the Lender Credit Union or its nominee. The Lender Credit Union is not obligated to keep any Collateral separate or identifiable or to take steps to preserve rights relating to Collateral against prior parties or other persons. The Lender Credit Union shall have no duty with respect to any Collateral delivered to it, other than to use the same degree of care in the safe custody of the Collateral delivered to it that it uses with respect to similar property that it owns of similar value. Without limiting the foregoing, the Lender Credit Union may lodge all instruments, chattel paper, investment property or other Collateral with any bank or trust company to be held in safekeeping on behalf of the Lender Credit Union (without incurring any liability for any act or omission of the bank or trust company), or may hold Collateral itself. The Obligor shall reimburse the Lender Credit Union on demand for all expenses incurred by the Lender Credit Union in connection with safekeeping with interest from the date the expenses are incurred until paid at the highest rate of interest applicable to the Obligations. The expenses and interest shall form part of the Obligations.