Account Property Clause Samples
Account Property. All amounts and investments held from time to time in a Securities Account (whether in the form of deposit accounts, physical property, book-entry securities, uncertificated securities, securities entitlements, investment property or otherwise), and all proceeds of the foregoing.
Account Property. With respect to the Account Property, the Owner Trustee and the Indenture Trustee agree that:
(a) Any Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee in accordance with paragraph (a) of the definition of "Delivery" and shall be held, pending maturity or disposition, solely by the Indenture Trustee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Indenture Trustee so as to continuously establish control (as defined in Section 8-106 of the UCC) thereof by the Indenture Trustee.
(b) Any Account Property that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of "Delivery" and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued book-entry registration of such Account Property as described in such paragraph so as to continuously establish control (as defined in Section 8-106 of the UCC) thereof by the Indenture Trustee.
(c) Any Account Property which is an investment property (as defined in Section 9-102 of the UCC) and that is not governed by clause (a) or (b) above shall be delivered to the Indenture Trustee in accordance with paragraph (c) of the definition of "Delivery" and shall be maintained by the Indenture Trustee, pending maturity or disposition, through continued registration of the Indenture Trustee's (or its nominee's) ownership of such security so as to continuously establish control (as defined in Section 8-106 of the UCC) thereof by the Indenture Trustee.
Account Property. With respect to the Account Property in respect of the Marine Reserve Account and the RV Reserve Account, the Collateral Agent agrees that:
Account Property. (a) Without limiting the scope or effect of the Granting Clause, the Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Transaction Accounts, other than Excluded Property, and in all proceeds thereof (including all Investment Earnings) and all such funds, investments, proceeds and income shall be part of the Indenture Collateral. Except as otherwise provided herein, (i) the Transaction Accounts, other than the Certificate Account (such accounts, the “Pledged Accounts”), and (ii) all funds on deposit from time to time in the Pledged Accounts, and all investments, proceeds and income therein or therefrom, shall be under the control (as defined in Section 8-106 of the UCC as in effect in Massachusetts (the “Massachusetts UCC”)) of the Trustee for the benefit of the Secured Parties; provided that the Trustee shall have right, title and interest in, and control (as defined in Section 8-106 of the Massachusetts UCC) over the Lockbox Account, any funds on deposit from time to time therein, and any investments, proceeds and income therein or therefrom, solely to the extent of the Trustee’s interest in the Loans and all other assets included or to be included in the Loan Assets.
(b) If any institution with which any of the Pledged Accounts are established pursuant to the Sale and Servicing Agreement ceases to be a Qualified Institution, the Trustee shall, if the Servicer fails to do so, within ten Business Days establish a replacement Pledged Account at a Qualified Institution after notice of such event and shall transfer any cash and/or any investments to such new Account. In no event shall the Trustee be responsible for monitoring whether such institution shall remain a Qualified Institution.
(c) With respect to the Account Property, the Trustee agrees that:
(i) any Account Property shall be held solely in Eligible Deposit Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trustee, and the Trustee shall have sole signature authority with respect thereto;
(ii) any Account Property that constitutes physical property, when Delivered to the Trustee, shall be held, pending maturity or disposition, solely by the Trustee or an Intermediary acting solely for the Trustee;
(iii) any Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations, when Delivered, s...