Common use of Initial Transfer Clause in Contracts

Initial Transfer. The Public Depository hereby transfers to the Custodian, on behalf of the Commissioner, subject to the security interest granted to public depositors under Chapter 665a of the Connecticut General Statutes, the collateral described in Schedule 1 attached hereto (the "Collateral"). The Public Depository certifies that the Collateral is Eligible Collateral, subject to the requirements of Chapter 665a of the Connecticut General Statutes and regulations adopted pursuant thereto (together, the "Public Deposits Act").

Initial Transfer. The Public Depository hereby transfers to the Custodian, on behalf of the Commissioner, subject to the security interest granted to public depositors under Chapter 665a of the Connecticut General Statutes, the collateral described in Schedule 1 attached hereto (the "Collateral"). The Public Depository certifies that the Collateral is Eligible Collateral, subject to the requirements of Chapter 665a of the Connecticut General Statutes and regulations adopted pursuant thereto (together, the "Public Deposits Act").