Account Establishment. Account Holder requests that the Bank establish and maintain, and the Bank agrees to establish and maintain, on its books a non-interest–bearing deposit account in Account Holder’s name for the purpose of maintaining the Preferred Equity Amount and the proceeds of any investments thereof, and a restricted securities account in Account Holder’s name for the purpose of holding any investments (such deposit account and restricted securities account together, the “Preferred Equity Account”). The Preferred Equity Account shall consist of a “securities account” within the meaning given such term in the Uniform Commercial Code as in effect in the State of New York (the “NYUCC”) and within the meaning of the Hague Securities Convention and a “deposit account” with the meaning given such term in the NYUCC. The Bank agrees to treat all property from time to time credited to the Preferred Equity Account other than cash as “financial assets” within the meaning of the NYUCC. As used in this Agreement, the “Hague Securities Convention” means the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary, July 5, 2006, 17 U.S.T. 401, 46 I.L.M. 649 (entered into force April 1, 2017).
Appears in 4 contracts
Samples: Preferred Equity Account Agreement, Preferred Equity Account Agreement, Preferred Equity Account Agreement
