Common use of Status of Securities Intermediary Clause in Contracts

Status of Securities Intermediary. The parties agree that Securities Intermediary is a securities intermediary and that for the purposes of the UCC the Account shall be deemed to consist of (a) a “securities account” (within the meaning of Article 8 of the UCC) with respect to securities deposited therein and (b) a “deposit account” (within the meaning of Article 9 of the UCC) with respect to cash deposited in or credited thereto, and intend that all securities held in the Account shall be treated as financial assets.

Status of Securities Intermediary. The parties agree that Securities Intermediary is a securities intermediary and that for the purposes of the UCC the Account shall be deemed to consist of (a) a “securities accountintermediary” (within the meaning of Article 8 Section 8-102(a)(14) of the UCC) with respect to securities deposited therein and (b) a “deposit account” (within the meaning of Article 9 of the UCC) with respect to cash deposited in or credited thereto), and intend that all securities and other property (other than cash to the extent constituting cash in a deposit account) held in the Account shall be treated as financial assetsassets and the Securities Intermediary so agrees to treat all such property as financial assets and with respect to any cash the Securities Intermediary is acting as a “bank” (within the meaning of Section 9-102(a)(8) of the UCC).

Status of Securities Intermediary. The parties agree that Securities Intermediary is a securities intermediary and that for the purposes of the UCC the Account shall be deemed to consist of (a) a “securities accountintermediary” (within the meaning of Article 8 Section 8-102(a)(14) of the UCC), and intend that all securities and other property (other than cash to the extent constituting cash in a deposit account) held in the Accounts shall be treated as financial assets and the Securities Intermediary so agrees to treat all such property as financial assets and with respect to securities deposited therein and (b) any cash the Securities Intermediary is acting as a “deposit accountbank” (within the meaning of Article 9 Section 9-102(a)(8) of the UCC) with respect to cash deposited in or credited thereto, and intend that all securities held in the Account shall be treated as financial assets).