Common use of Acting on instructions Clause in Contracts

Acting on instructions. X.X. Xxxxxx shall follow Instructions received regarding cash and Financial Assets held in the Accounts. However, until it receives Instructions to the contrary, X.X. Xxxxxx shall: (a) Collect on a timely basis and/or receive all income, dividends and other payments payable on the Financial Assets to which Customer is entitled either by law or pursuant to custom in the securities business, and credit such payments to the appropriate Cash Account of Customer. (b) Present for payment any Financial Assets which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation, to the extent that X.X. Xxxxxx or Subcustodian is actually aware of such opportunities, subject to the X.X. Xxxxxx’x obligations hereunder to follow coupon payments, redemptions, exchanges or similar matters with respect to Financial Assets in the Custody Account and advise Customer of rights issued, tender offers or any other discretionary rights with respect to such Financial Assets. (c) Execute in the name of Customer such ownership and other certificates as may be required to obtain payments in respect of Financial Assets. (d) Exchange interim receipts or temporary Financial Assets for definitive Financial Assets. (e) Appoint brokers and agents for any transaction involving the Financial Assets, including, without limitation, Affiliates of X.X. Xxxxxx or any Subcustodian, in accordance with accepted industry practices in the relevant market. (f) Upon receipt of Instruction from Customer, pay or cause to be paid bills, statements, or other obligations of the Customer, insofar as funds are available for such payments. (g) Perform all duties in a timely manner and use reasonable efforts to maintain records sufficient to enable Customer to determine and verify information concerning the custody of its assets.