Common use of Form of Securities Collateral Clause in Contracts

Form of Securities Collateral. The Secured Party shall have the right at any time to require the appropriate Grantor to request the issuer thereof to exchange certificates or instruments representing or evidencing Securities Collateral for certificates or instruments of smaller or larger denominations. If any Securities Collateral is not a security pursuant to Section 8-103 of the UCC, no Grantor shall take any action that, under such Section, converts such Securities Collateral into a security without causing the issuer thereof to issue to it certificates or instruments evidencing such Securities Collateral, which it shall promptly deliver to the Secured Party as provided in this Section 9(a).

Form of Securities Collateral. The Upon the occurrence and during the continuance of an Event of Default, the Secured Party shall have the right at any time to require the appropriate Grantor to request the issuer thereof to exchange certificates or instruments representing or evidencing Securities Collateral for certificates or instruments of smaller or larger denominations. If any Securities Collateral is not a security pursuant to Section 8-103 of the UCC, no Grantor shall take any action that, under such Section, converts such Securities Collateral into a security without causing the issuer thereof to issue to it certificates or instruments evidencing such Securities Collateral, which it shall promptly deliver to the Secured Party as provided in this Section 9(a).

Form of Securities Collateral. The Secured Party shall have the right at any time to require after the appropriate Grantor to request occurrence and during the issuer thereof continuance of Event of Default to exchange certificates or instruments representing or evidencing Securities Collateral for certificates or instruments of smaller or larger denominations. If any Securities Collateral is not a security pursuant to Section 8-103 of the UCC, no Grantor shall take any action that, under such Section, converts such Securities Collateral into a security without causing the issuer thereof to issue to it certificates or instruments evidencing such Securities Collateral, which it shall promptly deliver to the Secured Party as provided in this Section 9(a).