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 Security Trustee as provided in Section 3(b), the relevant Grantor shall promptly take such other commercially reasonable steps as shall be requested from time to time by the Security Trustee to effect a transfer of a perfected security interest in and pledge of the Pledged Collateral to the Security Trustee, for itself and on behalf of and for the ratable benefit of the other Secured Parties, pursuant to the UCC. To the extent practicable, such Grantor shall thereafter deliver the Pledged Collateral to or for the account of the Security Trustee as provided in Section 3(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 Security Trustee Agent as provided in Section subsection 3(b), the relevant each Grantor shall promptly take such other commercially reasonable steps as may be necessary or as shall be reasonably requested from time to time by the Security Trustee Agent to effect a transfer of a perfected first priority security interest in and pledge of the Pledged Collateral to the Security Trustee, Agent for itself and on behalf of and for the ratable benefit of the other Secured Parties, Parties pursuant to the UCC. To the extent practicable, such Grantor shall thereafter deliver the Pledged Collateral to or for the account of the Security Trustee Agent as provided in Section subsection 3(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 Security Trustee Agent as provided in Section 3(b), the relevant each applicable Grantor shall promptly take such other commercially reasonable steps as shall may be necessary or as reasonably requested from time to time by the Security Trustee Agent to effect a transfer of a perfected first priority security interest in and pledge of the Pledged Collateral to the Security Trustee, Agent for itself and on behalf of and for the ratable benefit of the other Secured Parties, Parties pursuant to the UCC. To the extent As soon as practicable, each such Grantor shall thereafter deliver the Pledged Collateral to or for the account of the Security Trustee Agent as provided in Section 3(b).