Bank's Right Over Securities. Set-off. --- ----------------------------- --------
(a) Customer grants Bank a security interest in and a lien on the Financial Assets held in the Securities Account of a particular Fund as shall have a fair market value equal to the aggregate amount of all overdrafts of such Fund, together with accrued interest, as security for any and all amounts which are now or become owing to Bank with respect to that Fund under any provision of this Agreement, whether or not matured or contingent ("Indebtedness"). Such lien and security interest shall be effective only so long as such advance, overdraft, or accrued interest thereon remains outstanding and Bank shall have all the rights and remedies of a secured party under the New York Uniform Commercial Code in respect of the repayment of the advance, overdraft or accrued interest.
(b) Bank shall be further entitled to set any such Indebtedness off against any cash or deposit account of a Fund with Bank or any of its Affiliates of which the Fund is the beneficial owner, regardless of the currency involved. Bank shall notify Customer in advance of any such charge.
Bank's Right Over Securities. Set-off 17
Bank's Right Over Securities. (a) Without prejudice to Bank’s rights under Applicable Law, until satisfaction of all Liabilities outstanding from time to time (whether actual or contingent) of Customer under or in connection with this Agreement, Bank shall have, and Customer shall grant to Bank a security interest in and a lien on the Financial Assets held in the Securities Account and Bank may withhold delivery of such Financial Assets, sell or otherwise realize any of such Financial Assets and to apply the proceeds and any other monies credited to the Cash Account in satisfaction of such Liabilities, in each case provided the Bank makes a good faith effort to provide Customer with as much prior notice with respect to such action as is practicable under the circumstances For this purpose, Bank may make such currency conversions as may be necessary at its then current rates for the sale and purchase of relevant currencies. n
(b) Without prejudice to Bank’s rights under Applicable Law, Bank may set off against any amount owing by Customer under this Agreement any amount in any currency standing to the credit of any of Customer’s accounts (whether deposit or otherwise) with any Bank branch or office or with any Affiliate of Bank, provided that Bank makes a good faith effort to provide Customer with as much prior notice with respect to such action as is practicable under the circumstances. For this purpose, Bank shall be entitled to accelerate the maturity of any fixed term deposits and to effect such currency conversions as may be necessary at its current rates for the sale and purchase of the relevant currencies. The Bank’s fees for its services under this Agreement (and not including any custody out-of-pocket expenses or advances, including but not limited to: reregistration fees, script fees, ad valorem taxes, securities settlements, stamp duties, Crest fines, ADR/GDR receipt agent pass through charges, and market opening fees,, that have been paid by or incurred by the Bank, at Customer’s request or on Customer’s behalf) shall be excluded from the provisions of Sections 4.3(a) and 4.3(b)
Bank's Right Over Securities. SET-OFF
(a) Without prejudice to Bank's rights under Applicable Law, until satisfaction of all Liabilities outstanding from time to time (whether actual or contingent) of Customer under or in connection with this Agreement, Bank shall have, and Customer shall grant to Bank a security interest in and a lien on the Financial Assets held in the Securities Account and Bank shall be entitled without notice to Customer, to withhold delivery of such Financial Assets, sell or otherwise realize any of such Financial Assets and to apply the proceeds and any other monies credited to the Cash Account in satisfaction of such Liabilities solely to the extent of such Liabilities. For this purpose, Bank may make such currency conversions as may be necessary at its then current rates for the sale and purchase of relevant currencies.
(b) Without prejudice to Bank's rights under Applicable Law, Bank may set off against any amount owing by Customer under this Agreement any amount in any currency standing to the credit of any of Customer's Accounts. For this purpose, Bank shall be entitled to accelerate the maturity of any fixed term deposits and to effect such currency conversions as may be necessary at its current rates for the sale and purchase of the relevant currencies.
Bank's Right Over Securities. SET-OFF--------------------------------15
Bank's Right Over Securities. Set-off. --------------------------------------
(a) Customer grants Bank a security interest in and a lien on the Financial Assets held in the Securities Account as security for any and all amounts which are now or become owing to Bank under any provision of this Agreement, whether or not matured or contingent ("Indebtedness").
(b) Bank shall be further entitled to set any such Indebtedness off against any cash or deposit account with Bank or any of its Affiliates of which Customer is the beneficial owner, regardless of the currency involved. Bank shall notify Customer in advance of any such charge unless Bank reasonably believes that it might prejudice its interests to do so and, in such event, Bank shall notify Customer promptly afterwards.
Bank's Right Over Securities. SET-OFF. -------------------------------------
(a) Customer grants Bank a security interest in and a lien on the Financial Assets held in the Securities Account as security for any and all amounts which are now or become owing to Bank under any provision of this Agreement, whether or not matured or contingent ("Indebtedness").
(b) Without prejudice to Bank's rights under Applicable Law, Bank may set off against any Indebtedness any amount in any currency standing to the credit of any of Customer's accounts (whether deposit or otherwise) with any Bank branch or office or with any Affiliate of Bank. For this purpose, Bank shall be entitled to accelerate the maturity of any fixed term deposits and to effect such currency conversions as may be necessary at its current rates for the sale and purchase of the relevant currencies.
Bank's Right Over Securities. Set-off
(a) Customer grants Bank a security interest in and a lien on the Financial Assets held in the Securities Account as security for any and all amounts which are now or become owing to Bank under any provision of this Agreement, whether or not matured or contingent ("Indebtedness").
(b) Without prejudice to Bank's rights under Applicable Law, Bank may set off against any Indebtedness any amount in any currency standing to the credit of any of Customer's accounts (whether deposit or otherwise) with any Bank branch or office or with any Affiliate of Bank. For this purpose, Bank shall be entitled to accelerate the maturity of any fixed term deposits and to effect such currency conversions as may be necessary at its current rates for the sale and purchase of the relevant currencies.
Bank's Right Over Securities. Set-off.
(a) Customer grants Bank a security interest in and a lien on the Financial Assets held in the Securities Account as security for any and all amounts which are now or become owing to Bank under any provision of this Agreement (except such as may result from Bank's bad faith, or willful misconduct), whether or not matured or contingent ("Indebtedness").
(b) Without prejudice to Bank's rights under Applicable Law, Bank may set off against any Indebtedness any amount standing to the credit of any of Customer's accounts (whether deposit or otherwise) with any Bank branch or office or with any Affiliate of Bank. For this purpose, Bank shall be entitled to accelerate the maturity of any fixed term deposits.
Bank's Right Over Securities. Set-off. --- ----------------------------- --------
(a) Customer grants Bank a security interest in and a lien on the Financial AssetsheldintheSecurities AccountofaparticularFundasshallhave afair market value equaltothe aggregate amountofall overdrafts of suchFund, together withaccrued interest, assecurityforanyandallamounts whichare noworbecome owingtoBankwith respecttothatFundunderany provision of thisAgreement,whetherornotmaturedorcontingent("Indebtedness"). Suchlien and security interest shall be effective onlyso long as such advance, overdraft, oraccruedinterestthereonremains outstandingandBank shallhave allthe rights and remedies ofasecured party undertheNewYork Uniform CommercialCodeinrespectoftherepaymentoftheadvance,overdraftor accrued interest.
(b) BankshallbefurtherentitledtosetanysuchIndebtednessoff against anycashor deposit account ofaFundwithBankoranyofits Affiliates of whichtheFundisthe beneficial owner, regardlessofthecurrency involved. BankshallnotifyCustomerinadvanceofanysuchcharge.
