Definition of Possessory Collateral Agent

  1. Possessory Collateral Agent means, with respect to any Possessory Collateral, the Collateral Agent having possession or control (including through its agents or bailees) thereof.

Examples of Possessory Collateral Agent in a sentence

  1. The Company shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify the Possessory Collateral Agent for loss or damage suffered by the Possessory Collateral Agent as a result of such transfer except for loss or damage suffered by the Possessory Collateral Agent as a result of its own willful misconduct, gross negligence or bad faith.
  2. Possessory Collateral Agent as Gratuitous Bailee/Agent for Perfection.

Definition of Possessory Collateral Agent in Intercreditor Agreement

Possessory Collateral Agent means, with respect to any Possessory Collateral, the Collateral Agent having possession or control (including through its agents or bailees) thereof.