SAFEKEEPING ACCOUNT Sample Clauses
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SAFEKEEPING ACCOUNT. Pursuant to the applicable Custody Agreement, IFTC shall establish and maintain a Safekeeping Account at Bank for each Customer, and, pursuant to the Sub-Custody Agreement, Bank shall open, upon instruction from IFTC, such Safekeeping Account in the name of "▇▇▇▇▇ ▇▇▇▇▇▇ Customer Funds for the benefit of [applicable Customer Name] (Customer Segregated Account)" for the Collateral, in accordance with the Rules and Regulations. In its custodial capacity, IFTC is limited to holding the Collateral in safekeeping for Customer pursuant to the Custody Agreement and dealing with it as herein expressed unless otherwise mutually agreed in writing. IFTC shall make or cause Bank to make purchases, sales, withdrawals and deliveries of securities held as Collateral only as Customer may direct, subject to the rights of Broker hereunder. IFTC is hereby authorized and directed to, and to cause Bank to:
A. Collect income and principal on bearer securities in the Safekeeping Accounts;
B. Dispose of the monies received from income collections, maturity, redemption, sale, or other disposition of the Assets pursuant to the terms hereof;
C. Send daily confirmations of receipts and disbursements to Customer and to Broker;
D. Provide monthly lists of Assets held in the Safekeeping Accounts to Customer and to Broker;
E. On request, confirm to Broker and Customer all account charges and positions; and
F. Provide Broker and Customer with prompt Written Notice, as hereinafter defined, of each transfer of Collateral into or out of the Safekeeping Account of such Customer. Bank may hold Assets in the Safekeeping Account in bearer, nominee, book entry, or other form and in any depository or clearing corporation, with or without indicating that such Assets are held hereunder; provided, however, that all Assets held in the Safekeeping Account shall be identified on IFTC's and Bank's records as subject to this Agreement and shall be in a form that permits transfer without additional authorization or consent of Customer. Pursuant to Section 1.20 of the Commodity Futures Trading Commission Regulations, IFTC and Bank hereby acknowledge that all Collateral is that of a "commodity or option" customer of Broker and is being separately accounted for and held as segregated and secured funds. Such Collateral will not be treated by IFTC or Bank as the funds or securities of any person other than Customer, and will not be used by IFTC or Bank in connection with the obligations of any person other than...
SAFEKEEPING ACCOUNT. “Safekeeping Account” means an account maintained by Member at the Bank in order to arrange for, the holding, receipt, delivery, or other disposition of securities on its behalf or on behalf of certain third party pledgees, as agreed to by the Bank (each a “Pledgee”) and designated as a Safekeeping Account.
SAFEKEEPING ACCOUNT. Account No. 179-845-3 (the "Safekeeping ▇▇▇▇▇▇▇") has been established at Harris Trust and Savings Ba▇▇. ▇▇e Safekeeping Account is and shall be entitled "Operating Cash Collateral Account for Harris Trust and Savings Ba▇▇, ▇▇ Collateral Agent - Safekeeping." The Safekeeping Account is and shall be under the sole dominion and control of Harris as Collateral Agent. ▇▇▇ ▇afekeeping Account may, at the sole discretion of Harris as Collateral Agent, ▇▇ ▇▇ account already established at Harris Trust and Savings Ba▇▇. ▇▇ch Obligor hereby acknowledges and agrees:
(i) that Harris as Collateral Agent ▇▇▇, ▇t any time in its sole discretion and prior to any transfer in accordance with Section 4, apply monies in the Safekeeping Account to pay the costs, fees and expenses of maintaining the Collateral and to pay any and all other costs, fees and expenses (including attorneys' and professional advisors' fees and expenses) of Harris as Collateral Agent ▇▇▇▇▇▇ed under or in connection with administration, monitoring or enforcement of the Financing Agreements;
(ii) that no Obligor has and shall have any rights or ownership interest in the Safekeeping Account or the proceeds thereof other than solely to the extent monies are released to the Disbursement Accounts (as hereinafter defined) in accordance with the terms of this Agreement; and
(iii) that funds in the Safekeeping Account will be transferred to the Disbursement Accounts only in accordance with Section 4.