Common use of Transfer of Custody Clause in Contracts

Transfer of Custody. PRC shall maintain custody of all Products owned by Xxxx pursuant to the terms of this Agreement and shall be responsible for maintaining the insurance required of PRC pursuant to Section 15. PRC shall hold all Xxxx Inventory in the Included Locations solely as bailee. During the Term, neither PRC nor any of its Affiliates shall (and PRC shall not permit any of its Affiliates or any other person to) use any Xxxx Inventory for any purpose except as may be permitted by this Agreement. Solely in its capacity as bailee, PRC shall have custody of Xxxx Inventory from the time such Xxxx Inventory passes the inlet flange of the Tanks (including tanks at the Included Locations) until such time as such Xxxx Inventory passes the outlet flange of the Tanks (including tanks at the Included Locations).

Transfer of Custody. PRC shall maintain custody of all Products owned by Xxxx pursuant to the terms of this Agreement and shall be responsible for maintaining the insurance required of PRC pursuant to Section 15. PRC shall hold all Xxxx Inventory in the Included Locations solely as bailee. During the Term, neither PRC nor any ny-1739899 of its Affiliates shall (and PRC shall not permit any of its Affiliates or any other person to) use any Xxxx Inventory for any purpose except as may be permitted by this Agreement. Solely in its capacity as bailee, PRC shall have custody of Xxxx Inventory from the time such Xxxx Inventory passes the inlet flange of the Tanks (including tanks at the Included Locations) until such time as such Xxxx Inventory passes the outlet flange of the Tanks (including tanks at the Included Locations).