Common use of Custody of the Collateral Clause in Contracts

Custody of the Collateral. The Indenture Trustee shall hold ------------------------- such of the Trust Estate as consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of Illinois. The Indenture Trustee shall hold such of the Trust Estate as constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of the Indenture Trustee, (b) such securities intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest, or right of set-off in favor of such securities intermediary or anyone claiming through it (other than the Indenture Trustee), and (g) such agreement shall be governed by the laws of the State of Illinois. Terms used in the preceding sentence that are defined in the Illinois UCC and not otherwise defined herein shall have the meaning set forth in the Illinois UCC. Except as permitted by this Section 6.14, the ------------ Indenture Trustee shall not hold any part of the Trust Estate through an agent or a nominee.

Appears in 1 contract

Samples: Master Indenture (Spiegel Inc)

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Custody of the Collateral. The Indenture Trustee shall hold ------------------------- such of the Trust Estate Collateral as consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of IllinoisNew York. The Indenture Trustee shall hold such of the Trust Estate Collateral as constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of the Indenture Trustee, (b) such securities intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest, or right of set-off in favor of such securities intermediary or anyone claiming through it (other than the Indenture Trustee), and (g) such agreement shall be governed by the laws of the State of IllinoisNew York. Terms used in the preceding sentence that are defined in the Illinois New York UCC and not otherwise defined herein shall have the meaning set forth in the Illinois New York UCC. Except as permitted by this Section SECTION 6.14, the ------------ Indenture Trustee shall not hold any part of the Trust Estate through an agent or a nominee.

Appears in 1 contract

Samples: Master Indenture (World Financial Network Credit Card Master Trust)

Custody of the Collateral. The Indenture Trustee shall hold ------------------------- such of the Trust Estate as consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of Illinois. The Indenture Trustee shall hold such of the Trust Estate as constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of the Indenture Trustee, (b) such securities intermediary shall treat the Indenture Trustee as 48 entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest, or right of set-off in favor of such securities intermediary or anyone claiming through it (other than the Indenture Trustee), and (g) such agreement shall be governed by the laws of the State of Illinois. Terms used in the preceding sentence that are defined in the Illinois UCC and not otherwise defined herein shall have the meaning set forth in the Illinois UCC. Except as permitted by this Section 6.14, the ------------ Indenture Trustee shall not hold any part of ------------ the Trust Estate through an agent or a nominee.

Appears in 1 contract

Samples: Master Indenture (Spiegel Master Trust)

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Custody of the Collateral. The Indenture Trustee shall hold ------------------------- such of the Trust Estate as consists of instruments, deposit accounts, negotiable documents, money, goods, letters of credit, and advices of credit in the State of Illinois. The Indenture Trustee shall hold such of the Trust Estate as constitutes investment property through a securities intermediary, which securities intermediary shall agree with the Indenture Trustee that (a) such investment property shall at all times be credited to a securities account of the Indenture Trustee, (b) such securities intermediary shall treat the Indenture Trustee as entitled to exercise the rights that comprise each financial asset credited to such securities account, (c) all property credited to such securities account shall be treated as a financial asset, (d) such securities intermediary shall comply with entitlement orders originated by the Indenture Trustee without the further consent of any other person or entity, (e) such securities intermediary will not agree with any person or entity other than the Indenture Trustee to comply with entitlement orders originated by such other person or entity, (f) such securities accounts and the property credited thereto shall not be subject to any lien, security interest, or right of set-off in favor of such securities intermediary or anyone claiming through it (other than the Indenture Trustee), and (g) such agreement shall be governed by the laws of the State of Illinois. Terms used in the preceding sentence that are defined in the Illinois UCC and not otherwise defined herein shall have the meaning set forth in the Illinois UCC. Except as permitted by this Section 6.14, the ------------ Indenture Trustee shall not hold any part of ------------ the Trust Estate through an agent or a nominee.

Appears in 1 contract

Samples: Master Indenture (Spiegel Master Trust)

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