Common use of Collateral Transfer Clause in Contracts

Collateral Transfer. (i) Concurrently with, or prior to, any Collateral Transfer to the Custodian for inclusion in the respective Grantor’s Borrowing Base, the respective Grantor shall (x) deliver customary forms provided by the Custodian (completed to the satisfaction of the Custodian) in respect of such Collateral Transfer and (y) notify the Collateral Agent and the Administrative Agent of such Collateral Transfer in writing, which notice shall be substantially in the form of Exhibit B and shall set forth (i) the date of such Collateral Transfer, (ii) in reasonable detail, a description of the Securities (and the respective fair market value thereof as of the date of such Collateral Transfer), including the category applicable to such Securities for purposes of determining the applicable Advance Rate (which category the Collateral Agent shall confirm), (iii) the Borrowing Base of such Grantor both before and after giving effect to such Collateral Transfer and (iv) an officer’s certificate certified by an Authorized Officer that the Cash and/or Securities subject to such Collateral Transfer constitutes Collateral of such Grantor under this Agreement and is subject to security interests granted herein. Each Collateral Transfer shall be made in accordance with customary procedures of the Custodian, which procedures shall be deemed to be incorporated by reference in this Agreement as if set forth in full herein.

Collateral Transfer. (i) Concurrently with, or prior to, any Collateral Transfer to the Custodian for inclusion in the respective Grantor’s Borrowing Base, the respective Grantor shall (x) deliver customary forms provided by the Custodian (completed to the satisfaction of the Custodian) in respect of such transfer, delivery or deposit (each, a “Collateral Transfer Transfer”) and (y) notify the Collateral Agent and the Administrative Agent of such Collateral Transfer in writing, which notice shall be substantially in the form of Exhibit B and shall set forth (i) the date of such Collateral Transfer, (ii) in reasonable detail, a description of the Securities (and the respective fair market value thereof as of the date of such Collateral Transfer), including the category applicable to such Securities for purposes of determining the applicable Advance Rate (which category the Collateral Agent shall confirm), (iii) the Borrowing Base of such Grantor both before and after giving effect to such Collateral Transfer and (iv) an officer’s certificate certified by an Authorized Officer that the Cash and/or Securities subject to such Collateral Transfer constitutes Collateral of such Grantor under this Agreement and is subject to security interests granted herein. Each Collateral Transfer shall be made in accordance with customary procedures of the Custodian, which procedures shall be deemed to be incorporated by reference in this Agreement as if set forth in full herein.