Definition of Possessory Collateral Agent


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

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.
Applicable Possessory Collateral Agent means, as the context may require, (a) prior to the Discharge of First Lien Obligations the Applicable First Lien Agent (as defined in the First Lien/Second Lien Intercreditor Agreement), and (b) following the Discharge of First Lien Obligations, the Applicable Authorized Representative (as defined in the Second Lien Intercreditor Agreement) or, at any time the Second Lien Intercreditor Agreement is no longer in effect, the Collateral Agent.
Subject to the First Lien/Second Lien Intercreditor Agreement and the Second Lien Intercreditor Agreement, if an Event of Default shall have occurred and be continuing, the Applicable Possessory Collateral Agent shall have the right to exchange the certificates representing Pledged Securities held by it for certificates of smaller or larger denominations for any purpose consistent with this Agreement.
To the extent any such promissory note is a demand note, each Pledgor party thereto agrees, if requested by the Applicable Possessory Collateral Agent, to immediately demand payment thereunder upon an Event of Default specified under Section 6.01(a), (b), (f) or (g) of the Notes Indenture, unless such demand would not be commercially reasonable or would otherwise expose such Pledgor to liability to the maker.
Each Pledgor shall use its commercially reasonable efforts to cause any Subsidiary that is not a party to this Agreement to comply with a request by the Applicable Possessory Collateral Agent, pursuant to this Section 2.05, to exchange certificates representing Pledged Securities of such Subsidiary for certificates of smaller or larger denominations.