Common use of Accounts With Other Banking Institutions Clause in Contracts

Accounts With Other Banking Institutions. While it is not anticipated that Provider will act in this regard, Provider may open and operate a deposit account or other bank account on behalf of a BFA Recipient, in the name of Provider or a nominee of Provider, at a bank or other financial institution other than Provider or any Sub-Custodian (each, a “Banking Institution”); provided, that, (i) the Banking Institution is an Eligible Foreign Custodian, (ii) such deposit account or other bank account shall be in the name of Provider or a nominee of Provider, for the account of a BFA Recipient, and shall be subject only to draft or order by Provider (or, if applicable, such Eligible Foreign Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the BFA Recipient; provided, further, that such deposit account or other bank account may be held in an account of Provider or Eligible Foreign Custodian containing only assets held by Provider or Eligible Foreign Custodian (as applicable), as a fiduciary or custodian for customers; and provided, further, however, that the records of Provider shall indicate at all times the BFA Recipient or other customer for which such cash is credited to such account and the respective interests therein. Such deposit account or other bank account may be denominated in either U.S. Dollars or other currencies. Subject to the provisions of Section 3.7, Provider shall be responsible for the selection of the Banking Institution and for the failure of such Banking Institution to pay according to the terms of the deposit. Provider shall use its Commercially Reasonable Efforts to ensure that, to the extent reasonably possible, such funds are covered by deposit insurance provided by the local government or other similar protections.

Accounts With Other Banking Institutions. While it is not anticipated that Provider will act in this regard, Provider may open and operate a deposit account or other bank account on behalf of a BFA Recipient, in the name of Provider or a nominee of Provider, at a bank or other financial institution other than Provider or any Sub-Custodian (each, a “Banking Institution”); provided, that, (i) the Banking Institution is an Eligible Foreign Custodian, (ii) such deposit account or other bank account shall be in the name of Provider or a nominee of Provider, for the account of a BFA Recipient, and shall be subject only to draft or order by Provider (or, if applicable, such Eligible Foreign Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the BFA Recipient; provided, further, further that such deposit account or other bank account may be held in an account of Provider or Eligible Foreign Custodian containing only assets held by Provider or Eligible Foreign Custodian (as applicable), as a fiduciary or custodian for customers; and provided, further, however, that the records of Provider shall indicate at all times the BFA Recipient or other customer for which such cash is credited to such account and the respective interests therein. Such deposit account or other bank account may be denominated in either U.S. Dollars or other currencies. Subject to the provisions of Section 3.7, Provider shall be responsible for the selection of the Banking Institution and for the failure of such Banking Institution to pay according to the terms of the deposit. Provider shall use its Commercially Reasonable Efforts to ensure that, to the extent reasonably possible, such funds are covered by deposit insurance provided by the local government or other similar protections.