Company’s right to proceed. While the Company will endeavour to deal fairly with allegations against the Executive, it reserves the right to proceed under Clause 18.1 without prior notice and without holding a hearing or inviting any representations from the Executive.
Company’s right to proceed. Notwithstanding anything to the contrary contained herein, each Company shall have, at its election upon reasonable notice to the Custodian, the right to enforce, to the extent permitted by any applicable agreement and applicable law, the Custodian’s right against any Subcustodian, Securities System, or other Person for loss, damage or expense caused the Company by such Subcustodian, Securities System or other Person, and shall be entitled to enforce the right of the Custodian with respect to any claim against such Subcustodian, Securities System or other Person, which the Custodian may have as a consequence of any such loss, damage or expense, if and to that extent that the Company has not yet been made whole for any such loss or damage. Upon the Company’s election to enforce any rights of the Custodian under this Section 5.05, the Company shall reasonably prosecute all actions and proceedings directly relating to the rights of the Custodian; provided that, so long as the Company has acknowledged in writing its obligation to indemnify the Custodian under Section 5.03 hereof with respect to such claim, the Company shall retain the right to settle, compromise and/or terminate any action or proceeding without the Custodian’s consent and provide further, that if the Company has not made an acknowledgment of its obligation to indemnify, the Company shall not settle, compromise or terminate any such action or proceeding without the written consent of the Custodian, which shall not be unreasonably withheld or delayed. In any event, the Custodian shall retain the ability to enforce its rights directly against any such Subcustodian, Securities System or other Person if it makes the Company whole for such loss of damage. The Custodian agrees to cooperate with the Company and take all actions reasonably requested by the Company in connection with the Company’s enforcement of any rights of the Custodian. The Company agrees to reimburse to Custodian for all reasonable out-of-pocket expenses incurred by the Custodian in connection with the fulfillment of its obligations under this Section 5.04; provided, however, that such reimbursement shall not apply to expenses occasioned by or resulting for the breach of the standard of care set forth in Section 5.01(a) by the Custodian.
Company’s right to proceed. Notwithstanding anything to the contrary contained herein, the Company shall have, at its election upon reasonable notice to the Custodian, the right to enforce, to the extent permitted by any applicable agreement and applicable law, the Custodian's rights against any subcustodian or Securities Depository for loss, damage or expense caused the Custodian or the Company by such
