Common use of Delivery of Pledged Property Clause in Contracts

Delivery of Pledged Property. (a) All certificates or instruments representing or evidencing (i) all Pledged Shares, Pledged Interests and Pledged Notes, (ii) other Collateral consisting of Instruments and Tangible Chattel Paper evidencing amounts payable in excess of $250,000 individually or $1,000,000 in the aggregate and (iii) any other Collateral which may be perfected by “possession” as such term is defined in the UCC with a value in excess of $250,000 individually or $1,000,000 in the aggregate, in each case, within thirty (30) days after such Grantor obtains an interest in such Collateral (or such later date as the First Lien Administrative Agent (or, after the Discharge of the First Lien Debt, the Collateral Agent) may agree to in its sole discretion) shall be delivered to and held by or on behalf of (or in the case of the Pledged Notes, endorsed to the order of) the Collateral Agent (or, prior to the Discharge of First Lien Obligations, the First Lien Administrative Agent, acting as gratuitous bailee on behalf of the Collateral Agent pursuant to the Intercreditor Agreement) pursuant hereto, shall be in suitable form for transfer by delivery, and shall be accompanied by all necessary endorsements or instruments of transfer or assignment, duly executed in blank. (b) To the extent any of the Collateral constitutes an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) or a “security entitlement” (as defined in Section 8-102(a)(17) of the UCC), the applicable Grantor shall take and cause the appropriate Person (including any issuer, entitlement holder or securities intermediary thereof) to take all actions necessary to grant “control” (as defined in 8-106 of the UCC) to the Collateral Agent, subject to the Intercreditor Agreement (for the ratable benefit of the Secured Parties), over such Collateral.

Delivery of Pledged Property. (a) All certificates or instruments representing or evidencing (i) all Pledged Shares, Pledged Interests and Pledged Notes, (ii) other Collateral consisting of Instruments and Tangible Chattel Paper evidencing amounts payable in excess of $250,000 individually or $1,000,000 in the aggregate and (iii) any other Collateral which may be perfected by “possession” as such term is defined in the UCC with a value in excess of $250,000 individually or $1,000,000 in the aggregate, in each case, within thirty (30) days after such Grantor obtains an interest in such Collateral (or such later date as the First Lien Administrative Agent (or, after the Discharge of the First Lien Debt, the Collateral Agent) may agree to in its sole discretion) shall be delivered to and held by or on behalf of (or in the case of the Pledged Notes, endorsed to the order of) the Collateral Administrative Agent (or, prior to the Discharge of First Lien Obligations, the First Lien Administrative Agent, acting as gratuitous bailee on behalf of the Collateral Agent pursuant to the Intercreditor Agreement) pursuant hereto, shall be in suitable form for transfer by delivery, and shall be accompanied by all necessary endorsements or instruments of transfer or assignment, duly executed in blank. (b) To the extent any of the Collateral constitutes an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) or a “security entitlement” (as defined in Section 8-102(a)(17) of the UCC), the applicable Grantor shall take and cause the appropriate Person (including any issuer, entitlement holder or securities intermediary thereof) to take all actions necessary to grant “control” (as defined in 8-106 of the UCC) to the Collateral Agent, subject to the Intercreditor Agreement Administrative Agent (for the ratable benefit of the Secured Parties), ) over such Collateral.