Common use of Transfer of Assets to Accounts Clause in Contracts

Transfer of Assets to Accounts. The Purchased Assets shall be maintained by Custodian in Buyer’s Account. All Assets of Seller that are not Purchased Assets shall be maintained in Seller’s Account. Custodian, in its capacities as collateral agent and securities intermediary, shall maintain Cash for Buyer’s Account and Seller’s Account in the State of Minnesota. Any specification herein that Seller shall “deliver” or “transfer” or otherwise convey Eligible Assets (other than Cash) to Custodian shall be satisfied by the delivery to Custodian by Seller or the Mortgage Loan Custodian of a Trust Receipt or Participation Certificate covering such Eligible Assets. Any delivery, transfer or other conveyance of Eligible Assets (other than Cash) by Buyer or the Custodian to Seller shall be effected by Custodian’s notation thereof on its books and records. All such conveyances shall be confirmed and further evidenced by the listing of such Eligible Assets on the related Daily Custodian Statement as belonging to Buyer or Seller, as applicable.