Common use of Collateral Sub-Agents Clause in Contracts

Collateral Sub-Agents. Each Lender hereby appoints each Agent and each other Lender as agent and bailee for the purpose of perfecting the Liens upon the Collateral in assets which, in accordance with Article 9 of the Uniform Commercial Code, can be perfected only by possession or control (or where the security interest of a secured party with possession or control has priority over the security interest of another secured party) and each Agent and each Lender hereby acknowledge that it holds possession of or otherwise controls any such Collateral in accordance with the Collateral Agent's instructions as secured party. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent's request therefor shall deliver such Collateral to the Collateral Agent for the benefit of the Lenders. Each Loan Party by its execution and delivery of this Agreement hereby consents to the foregoing.