Bank's Duties. The powers conferred on Bank hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Bank shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against other parties or any other rights pertaining to any Collateral.
Bank's Duties. The powers conferred on the Bank under this Agreement are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in the Bank's possession and the accounting for monies actually received by the Bank under this Agreement, the Bank shall have no duty in respect of any Collateral nor shall the Bank have any duty to take any steps to preserve any rights against any Collateral or against any person.
Bank's Duties a. Bank will be responsible for the safekeeping, handling, servicing and disposition of all securities, cash or other property of the Variable Account held by it hereunder including, without limitation, any and all of the Variable Account's Cash held by or received by Bank in the name of the Variable Account or Bank's name.
b. Bank agrees to be liable and to indemnify and hold TIAA harmless for any and all liability for loss or damage to TIAA with respect to any such securities, Cash and other property, if such liability, loss or damage results from any negligence, misfeasance or misconduct on the part of Bank, its officers or employees, its branches or its affiliates. Bank shall have no liability for any losses or damages occasioned by delay in receipt of notice by Bank of any payment, redemption, proceeding or other transaction regarding, or of any rights exercisable by the Variable Account in connection with any securities, Cash or other property with respect to which Bank has agreed to take action. Notwithstanding anything in this Agreement to the contrary, Bank shall not be liable for any indirect, consequential, or special damages, or for any loss resulting from, or caused by, or resulting from the inability or failure of a local clearing and settlement system to settle transactions for reasons beyond the control of Bank.
c. Notwithstanding the foregoing, Bank further agrees that it will at all times give the securities or other property of a similar character held by it hereunder the same care as it gives its own property.
d. It is understood and agreed that Bank is not under any duty to supervise the investment of, or to advise or make any recommendation to TIAA with respect to, the purchase or sale of any securities or other property.
e. In connection with Bank's responsibilities hereunder, it has advised TIAA that it currently has in force, for its own protection, Bankers Blanket Bond Insurance, and it is Bank's present intention to continue to maintain such insurance in substantially the same form and amount. TIAA understands that such policies would apply to certain losses under this agreement. Bank agrees to give TIAA written notice of any reduction in the amount, or material change in the form of such insurance, at least once a year upon request.
f. Bank shall have responsibility as a bailee for hire under the law of the State of New York with respect to any Sub-Custodian of Bank. Without limiting the generality of the foregoing, Bank will ho...
Bank's Duties. The sole duty of care of Bank and its agents with respect to Collateral in their respective possession shall be to exercise reasonable care in the custody and preservation of such Collateral, and Bank and its agents shall be deemed to have exercised reasonable care in the custody and preservation of such Collateral if such Collateral is accorded treatment substantially equivalent to that which each accords its own property. Debtor agrees that neither Bank nor its agents shall have any responsibility for ascertaining or initiating any action with respect to, or for informing Debtor of, calls, conversions, exchanges, maturities, declining value, tenders or other matters relating to any Collateral, regardless of whether they have or are deemed to have knowledge of such matters, for taking any steps to preserve any rights against any person or entity with respect to any Collateral or for otherwise protecting any Collateral against any claims of others. Neither Bank nor its agents shall be responsible for any injury or loss to the Collateral, or any part thereof, arising from any cause beyond their reasonable control. Bank may at any time deliver or cause to be delivered all or any part of the Collateral to Debtor, and Debtor's receipt shall be a complete and full acquittance for the Collateral so delivered, and Bank shall thereafter be discharged from any liability or responsibility therefor.
Bank's Duties. Our duties and responsibilities are limited to those described in this Agreement, the Deposit Agreement and any other agreements governing the Accounts. We will use commercially reasonable care in performing its responsibilities under this Agreement.
Bank's Duties. The powers conferred on Bank hereunder are solely to protect its interests in the Pledged Shares and shall not impose any duty to exercise any such powers. Except for the safe custody of any Pledged Shares in its possession and the accounting for moneys actually received by it hereunder, Bank shall not have any duty as to any Pledged Shares or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Pledged Shares. Without limiting the generality of the foregoing, Bank shall not have any responsibility for ascertaining or taking action with respect to calls, conversions, exchanges, maturities,
Bank's Duties. The powers conferred on the Bank hereunder ------------- are solely to protect the Bank's interest in the Pledged Collateral and shall not impose any duty upon the Bank to exercise any such powers. Except for the safe custody of any Pledged Collateral in the Bank's possession and the accounting for moneys actually received by the Bank hereunder, the Bank shall have no duty as to any of the Pledged Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any of the Pledged Collateral, whether or not the Bank has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any of the Pledged Collateral. The Bank shall be deemed to have exercised reasonable care in the custody and preservation of any of the Pledged Collateral in the Bank's possession if such Pledged Collateral is accorded treatment substantially equal to that which the Bank accords it own property.
Bank's Duties. Bank shall not have any duties with respect to the Collateral other than the duty to use reasonable care of the Collateral is in its possession and other duties imposed by applicable law. In accordance with the Code, Bank shall be deemed to have used reasonable care if it observes substantially the same standard of care with respect to the custody or preservation of the Collateral as it observes with respect to similar assets owned by Bank. Without limiting the generality of the foregoing, Bank shall be under no obligation to take any steps necessary to preserve rights in the Collateral against any other parties, to sell the same if it threatens to decline in value, or to exercise any rights represented thereby (including rights with respect to calls, conversions, exchanges, maturities, or tenders); provided, however, that Bank may, at its option, do so, and any and all expenses incurred in connection therewith shall be for the account of Assignor.
Bank's Duties. The powers conferred on Bank hereunder are solely to protect its interest in the Pledged Collateral and shall not impose any duty upon Bank to exercise any such powers. Bank shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if the Pledged Collateral is accorded treatment substantially equal to that which Bank accords its own property, it being understood that Bank shall not have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether Bank has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral.
Bank's Duties. As Trustee For The Covered Trusts
