MAINTENANCE OF BUYER’S ACCOUNT AND SELLER’S ACCOUNT. (a) Buyer’s Account and Seller’s Account. Custodian shall maintain such records and establish such accounts as may be required from time to time to receive, hold and account for all Assets to be held for and on behalf of Buyer pursuant to the Agreement. Custodian shall maintain such records and establish such accounts as may be required from time to time to receive, hold and account for all Assets to be held for and on behalf of Seller pursuant to the Agreement. So long as no Event of Default has occurred and is continuing, any Cash on deposit with the Custodian on behalf of Buyer or Seller pursuant to this Agreement may be invested at the written direction of the Seller in Permitted Investments, with stated maturities no later than the Business Day prior to the Remittance Date or Repurchase Date, as applicable. Any losses resulting from any Permitted Investments shall be promptly reimbursed by the Seller prior to any applicable Remittance Date or Repurchase Date. So long as no Event of Default has occurred and is continuing, earnings, interests or dividends from such investments shall be payable to the Seller. If an Event of Default has occurred and is continuing, any Cash on deposit with the Custodian on behalf of Buyer or Seller pursuant to this Agreement shall remain uninvested. The parties agree that for all purposes relating to the Agreement, Buyer’s Account and the Purchased Assets, Custodian’s jurisdiction (within the meaning of Section 8-110(e) of the UCC or any successor provision) shall be the State of New York. Custodian will maintain Buyer’s Account as a custody account and, as requested by Seller and Buyer, as a “securities account” as defined in Section 8-501 of Article 8 of the UCC in which a “financial asset” as defined in Section 8-102(a)(9)(iii) of the UCC, is being held, and shall administer Buyer’s Account as a securities intermediary in the same manner it administers similar accounts established for the same purpose. Custodian shall create and maintain the books and records created in connection with Buyer’s Account in the State of Illinois.
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Samples: Securities Transfer Agreement (loanDepot, Inc.), Master Repurchase Agreement (loanDepot, Inc.), Master Repurchase Agreement (loanDepot, Inc.)
MAINTENANCE OF BUYER’S ACCOUNT AND SELLER’S ACCOUNT. (a) i. Buyer’s Account and Seller’s Account. Custodian shall maintain such records and establish such accounts as may be required from time to time to receive, hold and account for all Assets to be held for and on behalf of Buyer pursuant to the Agreement. Custodian shall maintain such records and establish such accounts as may be required from time to time to receive, hold and account for all Assets to be held for and on behalf of Seller pursuant to the Agreement. So long as no Event of Default has occurred and is continuing, any Cash on deposit with the Custodian on behalf of Buyer or Seller pursuant to this Agreement may be invested at the written direction of the Seller in Permitted Investments, with stated maturities no later than the Business Day prior to the Remittance Date or Repurchase Date, as applicable. Any losses resulting from any Permitted Investments shall be promptly reimbursed by the Seller prior to any applicable Remittance Date or Repurchase Date. So long as no Event of Default has occurred and is continuing, earnings, interests or dividends from such investments shall be payable to the Seller. If an Event of Default has occurred and is continuing, any Cash on deposit with the Custodian on behalf of Buyer or Seller pursuant to this Agreement shall remain uninvested. The parties agree that for all purposes relating to the Agreement, Buyer’s Account and the Purchased Assets, Custodian’s jurisdiction (within the meaning of Section 8-110(e) of the UCC or any successor provision) shall be the State of New York. Custodian will maintain Buyer’s Account as a custody account and, as requested by Seller and Buyer, as a “securities account” as defined in Section 8-501 of Article 8 of the UCC in which a “financial asset” as defined in Section 8-102(a)(9)(iii) of the UCC, is being held, and shall administer Buyer’s Account as a securities intermediary in the same manner it administers similar accounts established for the same purpose. Custodian shall create and maintain the books and records created in connection with Buyer’s Account in the State of Illinois.
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