Common use of Possession of Pledged Collateral Clause in Contracts

Possession of Pledged Collateral. Borrower shall deliver the Pledged Interests to Lender or to a Person who has agreed in writing to act as Lender’s agent for such purposes, and Lender (or such other Person as the case may be) shall take possession of the Pledged Interests, in each case on the Closing Date, and Lender (or such other Person as the case may be) shall thereafter hold the Pledged Interests pursuant to the terms hereof; provided, that, notwithstanding the foregoing or anything to the contrary set forth herein, Lender agrees to deliver the Pledged Interests to a “securities intermediary” (as such term is defined in the UCC) selected by Borrower (the “Securities Firm”) and at the request and expense of Borrower to be deposited into a securities account (the “Securities Account”) pursuant to a securities account control agreement (the “Securities Account Control Agreement”), in form and substance mutually acceptable to Borrower and Lender, but in all events sufficient to maintain Lender’s “control” (as such term is defined in the UCC) of the Pledged Interests.

Possession of Pledged Collateral. Borrower Pledgor shall deliver the Pledged Interests to Lender or to a Person who has agreed in writing to act as Lender’s agent for such purposes, and Lender (or such other Person as the case may be) shall take possession of the Pledged Interests, in each case on the Closing Date, and Lender (or such other Person as the case may be) shall thereafter hold the Pledged Interests pursuant to the terms hereof; provided, that, notwithstanding the foregoing or anything to the contrary set forth herein, Lender agrees to deliver the Pledged Interests to a “securities intermediary” (as such term is defined in the UCC) selected by Borrower Pledgor (the “Securities Firm”) and at the request and expense of Borrower to be deposited into a securities account (the “Securities Account”) pursuant to a securities account control agreement (the “Securities Account Control Agreement”), in form and substance mutually acceptable to Borrower Pledgor and Lender, but in all events sufficient to maintain Lender’s “control” (as such term is defined in the UCC) of the Pledged Interests.