Common use of Deposit of Securities Clause in Contracts

Deposit of Securities. (a) The Depositor, concurrently with the execution and delivery hereof, hereby grants and conveys all of its right, title and interest in and to and hereby conveys to and deposits with the Trustee in an irrevocable Trust the Securities and confirmations of contracts to purchase Securities, including Contract Securities, listed in Schedule A to the Trust Agreement duly endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form, to be held, managed and applied by the Trustee as herein provided for the benefit of each Unitholder to the extent of such Unitholder's interest in the Trust Fund. The Depositor hereby also delivers to the Trustee a certified check or checks, cash or cash equivalents or an irrevocable letter or letters of credit issued by a commercial bank or banks in an amount necessary to consummate the purchase of any Securities or Contract Securities. In the event any Securities have not been delivered to the Trustee on or before the close of business of the Trustee on the day before the date of expiration of any letter or letters of credit, the Trustee is hereby directed to draw on such letter or letters of credit unless the Depositor has either extended or replaced such letter or letters on or before such close of business.

Deposit of Securities. (a) The Depositor, concurrently with the execution and delivery hereof, hereby grants and conveys all of its right, title and interest in and to and hereby conveys to and deposits with the Trustee in an irrevocable Trust trust the Securities and confirmations of contracts to purchase Securities, including Contract Securities, listed in Schedule A to the Trust Agreement duly endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form, to be held, managed and applied by the Trustee as herein provided for the benefit of each Unitholder to the extent of such Unitholder's interest in the Trust Fund. The Depositor hereby also delivers to the Trustee a certified check or checks, cash or cash equivalents or an irrevocable letter or letters of credit issued by a commercial bank or banks in an amount necessary to consummate the purchase of any Securities or Contract Securities. In the event any Securities have not been delivered to the Trustee on or before the close of business of the Trustee on the day before the date of expiration of any letter or letters of credit, the Trustee is hereby directed to draw on such letter or letters of credit unless the Depositor has either extended or replaced such letter or letters on or before such close of business.