Common use of Delivery of and Payment for the Offered Securities Clause in Contracts

Delivery of and Payment for the Offered Securities. Delivery of and payment for the Offered Securities shall be made at the office of Skadden, Arps, Slate, ▇▇▇▇▇▇▇ & ▇▇▇▇ LLP, or at such other place as shall be agreed upon by Chase Securities Inc., as representative of the Underwriters (the "REPRESENTATIVE") and the Transferor, at 9:00 A.M., New York time, on April __, 1998, or at such other date or time, not later than seven full business days thereafter, as shall be agreed upon by the Representative and the Transferor (such date and time being referred to herein as the "CLOSING DATE"). On the Closing Date, the Transferor shall deliver or cause to be delivered to the Representative the Offered Securities against payment to or upon the order of the Transferor of the purchase price in immediately available funds. Time shall be of the essence, and delivery at the time and place specified pursuant to this Agreement is a further condition of the obligations of each Underwriter hereunder. Upon delivery, each Class of the Offered Securities shall be represented by one or more global certificates registered in the name of Cede & Co., as nominee of The Depository Trust Company ("DTC"). The interest of the beneficial owners of the Offered Securities will be represented by book-entries on the records of DTC and participating members thereof. Definitive certificates representing the Offered Securities will be available only under the limited circumstances described in the Pooling and Servicing Agreement.