Common use of Securities Intermediary Clause in Contracts

Securities Intermediary. Securities Intermediary is a “securities intermediary” (as that term is defined in Section 8-102(a)(14) of the UCC), and is acting in such capacity with respect to the Reserve Account. Securities Intermediary is not a “clearing corporation” (as that term is defined in Section 8-102(a)(5) of the UCC). Securities Intermediary has at the time of this Agreement and shall continuously maintain a place of business in the United States at which any of the activities of Securities Intermediary are carried on and which (i) alone or together with other offices of Securities Intermediary or with other persons acting for Securities Intermediary in the United States or another nation (A) effects or monitors entries to securities accounts, (B) administers payments or corporate actions relating to securities held with Securities Intermediary or such other persons, or (C) is otherwise engaged in a business or other regular activity of maintaining securities accounts; or (ii) is identified by an account number, bank code, or other specific means of identification as maintaining securities accounts in the United States.

Securities Intermediary. Securities Intermediary is a “securities intermediary” (as that term is defined in Section 8-102(a)(14) of the UCC), and is acting in such capacity with respect to the Reserve Account. Securities Intermediary is not a “clearing corporation” (as that term is defined in Section 8-102(a)(5) of the UCC). The Securities Intermediary has at the time of this Agreement and shall continuously maintain a place of business in the United States at which any of the activities of the Securities Intermediary are carried on and which (i) alone or together with other offices of the Securities Intermediary or with other persons acting for the Securities Intermediary in the United States or another nation (A) effects or monitors entries to securities accounts, (B) administers payments or corporate actions relating to securities held with the Securities Intermediary or such other persons, or (C) is otherwise engaged in a business or other regular activity of maintaining securities accounts; or (ii) is identified by an account number, bank code, or other specific means of identification as maintaining securities accounts in the United States.