Common use of Bailee Clause in Contracts

Bailee. The Custodian hereby agrees to act as bailee hereunder for the purpose of taking custody of the Mortgage Notes, Mortgages and Assignments of Mortgage. With respect to each Mortgage Note, Mortgage and Assignment of Mortgage which is delivered to the Custodian or which at any time comes into the possession of the Custodian pursuant to the terms of this Agreement, the Custodian shall, subject to Section 19, hold such Mortgage Note, Mortgage and Assignment of Mortgage as bailee for the Issuer. In accordance with Section 19, the Custodian acknowledges and agrees that the rights of the Issuer under this Agreement have been assigned to the Collateral Agent for the benefit of the Secured Parties and that, until notified in writing by the Collateral Agent that all Obligations have been paid in full, the Custodian shall act exclusively as bailee for the Collateral Agent. The Custodian shall dispose of any Mortgage Note, Mortgage and Assignment of Mortgage only in accordance with the instructions furnished to it by the Person for whom the Custodian is then acting as bailee or as otherwise authorized by this Agreement.

Bailee. The Custodian hereby agrees to act as bailee hereunder for the purpose of taking custody of the Mortgage Notes, Mortgages and Assignments of MortgageMortgages. With respect to each Mortgage Note, Mortgage and Assignment of Mortgage which is delivered to the Custodian or which at any time comes into the possession of the Custodian pursuant to the terms of this Agreement, the Custodian shall, subject to Section 19, hold such Mortgage Note, Mortgage and Assignment of Mortgage as bailee for the Issuer. In accordance with Section 19, the Custodian acknowledges and agrees that the rights of the Issuer under this Agreement have been assigned to the Collateral Agent for the benefit of the Secured Parties and that, until notified in writing by the Collateral Agent that all Obligations have been paid in full, the Custodian shall act exclusively as bailee for the Collateral Agent. The Custodian shall dispose of any Mortgage Note, Mortgage and Assignment of Mortgage only in accordance with the instructions furnished to it by the Person for whom the Custodian is then acting as bailee or as otherwise authorized by this Agreement.