Securities Intermediary definition

Securities Intermediary. The meaning specified in Section 8-102(a)(14) of the UCC.

Securities Intermediary means Bank, a Subcustodian, a Securities Depository, and any other financial institution which in the ordinary course of business maintains custody accounts for others and acts in that capacity.

Securities Intermediary means a clearing corporation or a Person, including, without limitation, a bank or broker, that in the ordinary course of its business maintains Securities Accounts for others and is acting in that capacity.

Examples of Securities Intermediary in a sentence

• Except for permitting a withdrawal, delivery or payment in violation of Article III, the Securities Intermediary shall not be liable to the Secured Party, the Servicer or the Issuer for any error of judgment made in good faith and in accordance with this Agreement, nor shall it otherwise be liable under this Agreement except as a result of its own willful misconduct, bad faith or negligence.

• The Securities Intermediary may conclusively rely and shall be fully protected in acting or refraining from acting upon notices and communications it believes to be genuine and given by the appropriate party.

• The Securities Intermediary shall promptly notify the Secured Party, the Servicer and the Issuer if any other person claims that it has a property interest in the Subject Accounts or that it is a violation of such person’s rights for anyone else to hold, transfer or deal with the Subject Accounts.

• To the extent U.S. Bank National Association is acting as Securities Intermediary, such indemnification furnished by the Issuer to the Secured Party in the Indenture shall also extend to and cover the exercise of the Securities Intermediary’s rights and the performance of its obligations under this Agreement.

• If the Collection Account is no longer to be maintained at the Securities Intermediary, the Servicer shall, with the Indenture Trustee’s assistance as necessary, promptly (and in any case within ten (10) calendar days or such longer period not to exceed thirty (30) calendar days as to which each Rating Agency shall consent) cause the Collection Account to be moved to an Eligible Institution.

More Definitions of Securities Intermediary

Securities Intermediary means U.S. Bank National Association, a national banking association, solely in the capacity of a “securities intermediary” as defined in the NY UCC and Federal Book-Entry Regulations or any successor securities intermediary under the Indenture.

Securities Intermediary has the meaning specified in the first paragraph of this Agreement.

Securities Intermediary means The Bank of New York Mellon, a New York banking corporation, solely in the capacity of a “securities intermediary” as defined in the NY UCC and Federal Book-Entry Regulations or any successor securities intermediary under the Indenture.

Securities Intermediary. As defined in Section 5.01(b)(i) of the Servicing Agreement.

Securities Intermediary means U.S. Bank National Association.

Securities Intermediary has the meaning set forth in the preamble.

Securities Intermediary. “Security Entitlement”; “Supporting Obligations”; and “Tangible Chattel Paper.”