Common use of Identified Securities Clause in Contracts

Identified Securities. The parties hereto acknowledge that no security entitlement under the UCC shall exist with respect to any financial asset held in the Securities Account which is registered in the name of the Customer, payable to the order of the Customer, or specially indorsed to the Customer or any third party (each such asset an “Identified Security”), except to the extent such Identified Security has been specially indorsed by the Customer to Custodian or in blank. The Customer covenants and agrees that it shall not instruct the Custodian to credit Collateral (except cash) to the Securities Account unless such Collateral is registered in the name of the Custodian, indorsed to the Custodian or in blank or credited to another securities account maintained in the name of the Custodian and that in no case will any Collateral or underlying financial asset credited to the Securities Account be registered in the name of the Customer, payable to the order of the Customer or specially indorsed to the Customer, except to the extent such Collateral has been further indorsed to the Custodian or in blank. The parties acknowledge and agree that if any Identified Securities are received by the Custodian and credited to the Securities Account from time to time, such Identified Securities shall (so long as so credited to the Securities Account and so long as this Agreement remains in effect) be held by Custodian for the benefit of the Agent, not in its capacity as a securities intermediary, but in its capacity as a collateral agent under and subject to the terms of this Agreement.

Identified Securities. The parties hereto acknowledge that no security entitlement under the UCC shall exist with respect to any financial asset held in the Securities Collateral Account which is registered in the name of the Customer, payable to the order of the Customer, or specially indorsed to the Customer or any third party (each such asset an “Identified Security”), except to the extent such Identified Security has been specially indorsed by the Customer to Custodian or in blank. The Customer covenants and agrees that it shall not instruct the Custodian to credit Collateral (except cash) to the Securities Collateral Account unless such Collateral is registered in the name of the Custodian, indorsed to the Custodian or in blank or credited to another securities account maintained in the name of the Custodian and that in no case will any Collateral or underlying financial asset credited to the Securities Collateral Account be registered in the name of the Customer, payable to the order of the Customer or specially indorsed to the Customer, except to the extent such Collateral has been further indorsed to the Custodian or in blank. The parties acknowledge and agree that if any Identified Securities are received by the Custodian and credited to the Securities Collateral Account from time to time, such Identified Securities shall (so long as so credited to the Securities Collateral Account and so long as this Agreement remains in effect) be held by Custodian for the benefit of the Agent, not in its capacity as a securities intermediary, but in its capacity as a collateral agent under and subject to the terms of this Agreement.

Identified Securities. The parties hereto acknowledge that no security entitlement under the UCC shall exist with respect to any financial asset held in the Securities Collateral Account which is registered in the name of the Customer, payable to the order of the Customer, or specially indorsed to the Customer or any third party (each such asset an “Identified Security”), except to the extent such Identified Security has been specially indorsed by the Customer to Custodian or in blank. The Customer covenants and agrees that it shall not instruct the Custodian to credit Collateral (except cash) to the Securities Collateral Account unless such Collateral is registered in the name of the Custodian, indorsed to the Custodian or in blank or credited to another securities account maintained in the name of the Custodian and that in no case will any Collateral or underlying financial asset credited to the Securities Collateral Account be registered in the name of the Customer, payable to the order of the Customer or specially indorsed to the Customer, except to the extent such Collateral has been further indorsed to the Custodian or in blank. The parties acknowledge and agree that if any Identified Securities are received by the Custodian and credited to the Securities Collateral Account from time to time, such Identified Securities shall (so long as so credited to the Securities Collateral Account and so long as this Agreement remains in effect) be held by Custodian for the benefit of the AgentSecurity Trustee, not in its capacity as a securities intermediary, but in its capacity as a collateral agent security trustee under and subject to the terms of this Agreement.