Common use of Additions and Substitutions of Collateral Clause in Contracts

Additions and Substitutions of Collateral. The Escrow Agent will not release any collateral securities or proceeds of maturing securities, nor accept any substitution thereof, without written authorization from the Public Depositor. The Depository may, from time to time, transfer to and deposit with the Escrow Agent additional Eligible Securities, to be held by the Escrow Agent pursuant to the terms of the Security Agreement and 20 NCAC 07; provided written authorization from the Public Depositor is received. Upon transfer or purchase thereof by the Escrow Agent, such additional Eligible Securities shall be subject in all respects to the terms of this Agreement, the Security Agreement and 20 NCAC 07; and the word Collateral, as used in this Agreement, shall include such additional Eligible Securities.

Additions and Substitutions of Collateral. The Escrow Agent will not release any collateral securities or proceeds of maturing securities, nor accept any substitution thereof, without written authorization from the Public DepositorState Treasurer. The Depository may, from time to time, transfer to and deposit with the Escrow Agent additional Eligible Securities, to be held by the Escrow Agent pursuant to the terms of the Security Agreement and 20 NCAC 07; provided written authorization from the Public Depositor State Treasurer is received. Upon transfer or purchase thereof by the Escrow Agent, such additional Eligible Securities shall be subject in all respects to the terms of this Agreement, the Security Agreement and 20 NCAC 07; and the word Collateral, as used in this Agreement, shall include such additional Eligible Securities.