Securities Intermediary definition
Examples of Securities Intermediary in a sentence
The Securities Intermediary shall hold all amounts in such Covered Accounts as banker and not as trustee or fiduciary and as a result such money will not be held as client money in accordance with applicable local law.
Other than as expressly set forth herein, the Collateral Agent shall from time to time deposit into the Collateral Account any Collateral that is capable of being delivered to and held by the Securities Intermediary and credited to an account in accordance with the terms of this Agreement and the Account Control Agreement.
Notwithstanding anything to the contrary herein, each of the Covered Accounts in an Available Currency other than Dollars shall be established as a non-interesting bearing account established with the Securities Intermediary.
Upon the earlier of either: (i) State Street’s receipt of a notice from the Collateral Manager to State Street that the administrative details for any assets previously held at State Street have been updated to reflect the applicable Covered Account established at Computershare as the Securities Intermediary or (ii) the date that is 90 days (as may be extended by State Street in its sole discretion) from the date hereof, State Street shall close the Existing Accounts.
The Collateral Manager covenants and agrees that, within 90 calendar days from the date hereof, the Collateral Manager will direct the Obligor with respect to any Collateral Loan to remit all payments and collections with respect to such Collateral Loan directly to the Collection Account maintained with the Successor Securities Intermediary as set forth in Schedule 1 hereof.