Status of the Custodian. Custodian agrees that it is acting as a securities intermediary, as defined in Section 8-102 of the UCC with respect to the Collateral in the Securities Account, except Identified Securities. Custodian agrees, with respect to the Deposit Account, that it is acting as a “bank” as such term is used in Section 9-102(a)(8) of the UCC. The parties hereto agree that (i) the Deposit Account constitutes a “deposit account” within the meaning of Article 9 of the UCC, (ii) the Securities Account constitutes a “securities account” within the meaning of Article 8 of the UCC, and (iii) all Collateral other than cash now or hereafter held, credited or carried by, in or to the credit of Securities Account shall be treated as “financial assets” within the meaning of Article 8 of the UCC.
Appears in 4 contracts
Samples: Letter of Credit Reimbursement and Pledge Agreement (Montpelier Re Holdings LTD), Letter of Credit Reimbursement and Pledge Agreement (Montpelier Re Holdings LTD), Letter of Credit Reimbursement and Pledge Agreement (Montpelier Re Holdings LTD)
