Common use of Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities Clause in Contracts

Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities. (1) You may transfer within escrow to a financial institution the escrow securities you have pledged, mortgaged or charged under section 4.2 to that financial institution as collateral for a loan on realization of the loan. (2) Prior to the transfer the Escrow Agent must receive: (a) a statutory declaration of an officer of the financial institution that the financial institution is legally entitled to the escrow securities; (b) a transfer power of attorney, executed by the transferor in accordance with the UHTXLUHPHQWV RI WKH ,VVXHU¶V WUDQVIHU DJHQW DQG (c) DQ DFNQRZOHGJHPHQW LQ WKH IRUP RI 6FKHGXOH ³%´ (3) Within 10 days after the transfer, the transferee of the escrow securities will file a copy of the acknowledgment with the securities regulators in the jurisdictions in which the Issuer is a reporting issuer.

Transfer Upon Realization of Pledged, Mortgaged or Charged Escrow Securities. (1) You may transfer within escrow to a financial institution the escrow securities you have pledged, mortgaged or charged under section 4.2 to that financial institution as collateral for a loan on realization of the loan. (2) Prior to the transfer the Escrow Agent must receive: (a) a statutory declaration of an officer of the financial institution that the financial institution is legally entitled to the escrow securities; (b) a transfer power of attorney, executed by the transferor in accordance with the UHTXLUHPHQWV RI WKH ,VVXHU¶V WUDQVIHU DJHQW DQGDQ (c) DQ DFNQRZOHGJHPHQW LQ WKH IRUP RI 6FKHGXOH ³%´6FKHGXO institution. (3) Within 10 days after the transfer, the transferee of the escrow securities will file a copy of the acknowledgment with the securities regulators in the jurisdictions in which the Issuer is a reporting issuer.