Financial Asset Election Clause Samples

Financial Asset Election. The Parties agree that all property credited to the Custody Accounts, including all Cash, will be treated as “financial assets” under Article 8 of the UCC, the Custodian will be acting as “securities intermediary” in maintaining the Custody Accounts within the meaning of Article 8 of the UCC and the Hague Securities Convention, and the Custody Accounts will constitute “securities accounts” within the meaning of Article 8 of the UCC and the Hague Securities Convention with respect to all property credited thereto. The Commonwealth of Massachusetts is the “securities intermediary’s jurisdiction” for purposes of the UCC, and the law in force in the Commonwealth of Massachusetts is applicable to all issues specified in Article 2(1) of the Hague Securities Convention.

Financial Asset Election. The parties hereby agree that assets credited to an Account shall be treated as “financial assets”, the Account shall constitute a “securities account”, and Clearing Member shall act as a “securities intermediary” in respect of thereof, each as defined under Article 8 of the UCC. The parties further agree that New York is the “securities intermediary’s jurisdiction” for purposes of the UCC, and the law in force in the State of New York is applicable to all issues specified in Article 2(1) of the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary.

Financial Asset Election. The parties agree that all property credited to the Custody Accounts, including all Cash, will be treated as “financial assets” under Article 8 of the UCC, the Custodian will be acting as “securities intermediary” in maintaining the Custody Accounts within the meaning of Article 8 of the UCC and an “intermediary” within the meaning of the Hague Securities Convention, and the Custody Accounts will constitute “securities accounts” within the meaning of Article 8 of the UCC and the Hague Securities Convention with respect to all property credited thereto. The Commonwealth of Massachusetts is the “securities intermediary’s jurisdiction” for purposes of the UCC, and the law in force in the Commonwealth of Massachusetts is applicable to all issues specified in Article 2(1) of the Hague Securities Convention.

Financial Asset Election. The parties agree that all property credited to the Client’s Custodial Account(s) will be treated as “financial assets” under Article 8 of the UCC, the Custodian will be acting as “securities intermediary” in maintaining the Custodial Accounts within the meaning of Article 8 of the UCC and the Hague Securities Convention, and the Custodial Accounts will constitute “securities accounts” within the meaning of Article 8 of the UCC and the Hague Securities Convention with respect to all property credited thereto. The State of New York is the “securities intermediary’s jurisdiction” for purposes of the UCC, and the law in force in the State of New York is applicable to all issues specified in Article 2(1) of the Hague Securities Convention. “UCC” means the Uniform Commercial Code as in effect in the State of New York from time to time. “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).

Financial Asset Election. The parties agree that, unless otherwise specified in the Schedule, the Customer Agent Clearing Transactions, and assets credited to the Account, shall be treated as “financial assets”, each Account shall constitute a “securities account”, and Clearing Member shall act as a “securities intermediary” in respect thereof, each as defined under Article 8 of the UCC. The parties further agree that New York is the “securities intermediary’s jurisdiction” for purposes of the UCC and the law in force in the State of New York is applicable to all issues specified in Article 2(1) of the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary.

Financial Asset Election. The Securities Intermediary hereby agrees that each item of property (including, without limitation, any investment property, financial asset, security, instrument, general intangible or cash) credited to the Securities Account shall be treated as a "financial asset" within the meaning of Section 8-102(a)(9) of the Uniform Commercial Code as in effect from time to time (including any successor thereto) in the State of New York.

Financial Asset Election. The parties agree that all property credited to the Client’s Custodial Account(s) will be treated as “financial assets” under Article 8 of the UCC, the Custodian will be acting as “securities intermediary” in maintaining the Custodial Accounts within the meaning of Article 8 of the UCC and the Hague Securities Convention, and the Custodial Accounts will constitute “securities accounts” within the meaning of Article 8 of the UCC and the Hague Securities Convention with respect to all property credited thereto. The State of New York is the “securities intermediary’s jurisdiction” for purposes of the UCC, and the law in force in the State of New York is applicable to all issues specified in Article 2(1) of the Hague Securities