Common use of Transfer of Security Interest Other Than by Delivery Clause in Contracts

Transfer of Security Interest Other Than by Delivery. If for any reason Pledged Collateral cannot be delivered to or for the account of the Administrative Agent as provided in Section 5.6(b), each applicable Grantor shall promptly take such other steps as may be necessary or as shall be reasonably requested from time to time by the Administrative Agent to grant a perfected first priority security interest (subject to Liens permitted pursuant to Section 7.3 of the Credit Agreement) in and pledge of the Pledged Collateral to the Administrative Agent for itself and on behalf of and for the ratable benefit of the other Secured Parties pursuant to the UCC. To the extent practicable, each such Grantor shall thereafter deliver the Pledged Collateral to or for the account of the Administrative Agent as provided in Section 5.6(b).

Transfer of Security Interest Other Than by Delivery. If for any reason Pledged Collateral cannot be delivered to or for the account of the Administrative Collateral Agent as provided in Section 5.6(b5.5(b), each applicable Grantor shall promptly take such other steps as may be necessary or as shall be reasonably requested from time to time by the Administrative Collateral Agent to grant effect a transfer of a perfected first priority (or, if the Revolving Loan Agreement remains outstanding, second priority) security interest (interest, subject in the case of priority to Liens permitted pursuant to Section 7.3 of under the Credit Agreement) , in and pledge of the Pledged Collateral to the Administrative Collateral Agent for itself and on behalf of and for the ratable benefit of the other Secured Parties pursuant to the UCC. To the extent practicablepracticable (but subject to the terms of the Intercreditor Agreement), each such Grantor shall thereafter deliver the Pledged Collateral to or for the account of the Administrative Collateral Agent as provided in Section 5.6(b5.5(b).

Transfer of Security Interest Other Than by Delivery. If for any reason Pledged Collateral cannot be delivered to or for the account of the Administrative Agent as provided in Section 5.6(b), each applicable Grantor shall promptly take such other steps as may be necessary or as shall be reasonably requested from time to time by the Administrative Agent to grant effect a transfer of a perfected first priority security interest (interest, subject in the case of priority to Liens permitted pursuant to Section 7.3 of under the Credit Agreement) , in and pledge of the Pledged Collateral to the Administrative Agent for itself and on behalf of and for the ratable benefit of the other Secured Parties pursuant to the UCC. To the extent practicable, each such Grantor shall thereafter deliver the Pledged Collateral to or for the account of the Administrative Agent as provided in Section 5.6(b).