Establishment of Completion Guaranty Account. Pledgor and Secured Party hereby authorize and direct Securities Intermediary to establish and maintain at its office at ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, a securities account in the name of Secured Party and under the sole dominion and control of Secured Party, designated as "Bank of Nova Scotia Completion Guaranty Account." Securities Intermediary hereby undertakes to treat Secured Party as the person entitled to exercise the rights that comprise any Financial Asset credited to the Completion Guaranty Account. Secured Party and Pledgor agree that this account shall be the "Completion Guaranty Account."
Appears in 2 contracts
Sources: Completion Guaranty Collateral Account Agreement (Grand Canal Shops Mall Construction LLC), Completion Guaranty Third Party Account Agreement (Grand Canal Shops Mall Construction LLC)