I will quote Louis T. Culling for emphasis:

“The dream state is the Borderland consciousness state. The importance of the ability to function in a quasi borderland-state may well be more than half of the technic of Magick. It is involved in *making the IMAGINATION to be SUBJECTIVELY REAL. Without this, a large part of Magick is a futile thing.” 

He describes the Borderland Consciousness as approximately 15% awake and 85% asleep. Regardless of the actual percentage, these states are also called the hypnagogic and hypnopompic states of being awake & falling asleep and being asleep and waking up. It is also called the "Borderland Consciousness." It is during this state of consciousness when we are most receptive to images, symbols, impressions, sounds, ideas and feelings. It is also a state very receptive to Intuition.