Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records. (b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account. (c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary charges for similar extensions of credit. (d) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales. (e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).
Appears in 8 contracts
Samples: Custodian Agreement (Flag Investors Equity Partners Fund Inc), Custodian Agreement (Managed Municipal Fund Inc), Custodian Agreement (Isi Strategy Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, and unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Custodian unless and until the sale of Custodian makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
Appears in 6 contracts
Samples: Custodian Agreement (Flag Investors Real Estate Securities Fund Inc), Custodian Agreement (Flag Investors International Fund Inc), Custodian Agreement (Rreef Securities Trust)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the any Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the that Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Custodian may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Customer agrees that it will shall continue to be liable to Custodian for any shortfall. Custodian shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Customer of the purchase price for Securities subject to a Conditional Credit, and Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by Custodian, Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by Custodian unless and until Custodian makes a final entry on its books crediting such Securities to the expected proceeds of the sale of the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Customer, whether voluntary or involuntary.
Appears in 5 contracts
Samples: Custodian Agreement (Forum Funds), Custodian Agreement (Forum Funds), Custodial Services Agreement (Monarch Funds)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that PROVIDED THAT, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Custodian unless and until the sale of Custodian makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
Appears in 4 contracts
Samples: Custodian Agreement (Wt Mutual Fund), Custodian Agreement (Flag Investors Portfolios Trust), Custodian Agreement (Wt Mutual Fund)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books and unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Custodian unless and until the sale of Custodian makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
Appears in 3 contracts
Samples: Custodian Agreement (Bt Alex Brown Cash Reserve Fund Inc), Custodian Agreement (Scudder Rreef Real Estate Fund Inc), Custodian Agreement (Flag Investors Funds Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in credited to the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits"," which term includes all advances made by the Subcustodian in respect of the Account) applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are credited to or deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into credited to or on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Custodian unless and until the sale of Custodian makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
Appears in 2 contracts
Samples: Custodian Agreement (Scudder Rreef Securities Trust), Custodian Agreement (Scudder Rreef Real Estate Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Bank shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Bank has received Instructions to settle on that date ("Settlement Date"), the CustodianBank, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Bank has received Instructions to settle on the any Settlement Date, the CustodianBank, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian Bank shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Forum shall be liable to the Custodian Bank only for late charges at a rate which that the Custodian customary Bank customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, the Customer authorizes the Custodian, or (ii) any Proceeding (as agent, to sell the securities and credit the Account with the proceeds of such sale. In such casedefined below) shall occur, the Customer shall be liable Bank may sell such of the Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Forum shall continue to be liable to the Bank for any shortfall. The Customer agrees that it will Bank shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Forum of the purchase price for Securities subject to a Conditional Credit, and the Bank's making a Conditional Credit a final entry on its books, and, unless consented to by the Bank, Forum shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Bank shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Forum out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Bank unless and until the sale of Bank makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Forum, whether voluntary or involuntary.
Appears in 2 contracts
Samples: Master Subcustodian Agreement (Forum Funds), Custodian Agreement (Forum Funds)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the any Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the that Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Custodian may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Customer agrees that it will shall continue to be liable to Custodian for any shortfall. Custodian shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).be sold to satisfy such Debit. Pending payment in
Appears in 2 contracts
Samples: Custodian Agreement (Forum Funds), Custodian Agreement (Forum Funds)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Bank shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in credited to the Account, provided that that, if, after -------- ---- all expenses, debits and withdrawals of Cash in the relevant currency ("Debits"," which term includes all advances made by the Subcustodian in respect of the Account) applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Bank has received Instructions to settle on that date ("Settlement Date"), the CustodianBank, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Bank has received Instructions to settle on the Settlement Date, the CustodianBank, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are credited to or deposited into the Account, the Custodian Bank shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Fund and the Custodian shall be liable to the Custodian Bank only for late charges at a rate which the Custodian customary Bank customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into credited to or on deposit in the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such caseor (ii) any Proceeding shall occur, the Customer shall be liable Bank may sell such of the Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such debt in full, the Fund and the Custodian shall continue to be liable to the Bank for any shortfall. The Customer agrees that it will Bank shall make the Conditional Credit a final entry on its books as to the Securities not use required to be sold to satisfy such Debit. Pending payment in full by the Account to facilitate Fund and the Custodian of the purchase price for Securities subject to a Conditional Credit, and the Bank's making a Conditional Credit a final entry on its books and unless consented to by the Bank, neither the Fund nor the Custodian shall have any right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Bank shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Fund and the Custodian out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Bank unless and until the sale of Bank makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Fund and the Custodian, whether voluntary or involuntary.
Appears in 2 contracts
Samples: Global Sub Custodian Agreement (Firstar Funds Inc), Global Sub Custodian Agreement (Firstar Funds Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Bank shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Bank has received Instructions to settle on that date ("Settlement Date"), the CustodianBank, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Bank has received Instructions to settle on the any Settlement Date, the CustodianBank, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian Bank shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Forum shall be liable to the Custodian Bank only for late charges at a rate which that the Custodian customary Bank customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).the
Appears in 2 contracts
Samples: Custodian Agreement (Forum Funds), Custodian Agreement (Forum Funds)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that PROVIDED THAT, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the any Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the that Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Custodian may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Customer agrees that it will shall continue to be liable to Custodian for any shortfall. Custodian shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Customer of the purchase price for Securities subject to a Conditional Credit, and Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by Custodian, Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by Custodian unless and until Custodian makes a final entry on its books crediting such Securities to the expected proceeds of the sale of the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Customer, whether voluntary or involuntary.
Appears in 2 contracts
Samples: Custodian Agreement (Forum Funds), Custodian Agreement (Forum Funds)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Bank shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Bank has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Bank has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian Bank shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Forum shall be liable to the Custodian Bank only for late charges at a rate which that the Custodian customary Bank customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, the Customer authorizes the Custodian, or (ii) any Proceeding (as agent, to sell the securities and credit the Account with the proceeds of such sale. In such casedefined below) shall occur, the Customer shall be liable Bank may sell such of the Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Forum shall continue to be liable to the Bank for any shortfall. The Customer agrees that it will Bank shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Forum of the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by the Custodian, Forum shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Bank shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Forum out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Bank unless and until the sale of Bank makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Forum, whether voluntary or involuntary.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary charges for similar extensions of credit.
(d) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).and
Appears in 1 contract
Samples: Custodian Agreement (Total Return U S Treasury Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Custodian unless and until the sale of Custodian makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Forum or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account; PROVIDED THAT, provided that if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Forum has received Instructions to settle on that date ("Settlement Date"), the CustodianForum, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Forum has received Instructions to settle on the any Settlement Date, the CustodianForum, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian Forum shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Trust shall be liable to the Custodian Forum only for late charges at a rate which the Custodian customary that Forum customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Forum may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The Customer agrees that it will sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, the Trust shall continue to be liable to Forum for any shortfall. Forum shall make the Conditional Credit a final entry on its books as to the Securities not use required to be sold to satisfy such Debit. Pending payment in full by the Account to facilitate Trust of the purchase price for Securities subject to a Conditional Credit, and Forum's making a Conditional Credit a final entry on its books, and, unless consented to by Forum, the Trust shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. Forum shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Trust out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by Forum unless and until Forum makes a final entry on its books crediting such Securities to the expected proceeds of Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the sale of the purchased securities)Trust, whether voluntary or involuntary.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Bank shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Bank has received Instructions to settle on that date ("Settlement Date"), the CustodianBank, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Bank has received Instructions to settle on the any Settlement Date, the CustodianBank, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian Bank shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Forum shall be liable to the Custodian Bank only for late charges at a rate which that the Custodian customary Bank customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, the Customer authorizes the Custodian, or (ii) any Proceeding (as agent, to sell the securities and credit the Account with the proceeds of such sale. In such casedefined below) shall occur, the Customer shall be liable Bank may sell such of the Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Forum shall continue to be liable to the Bank for any shortfall. The Customer agrees that it will Bank shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Forum of the purchase of securities without sufficient funds in price for Securities subject to a Conditional Credit, and the Account (which funds shall not include Bank's making a Conditional Credit a final entry on its books, and, unless consented to by the expected proceeds of the sale of the purchased securities).Bank, Forum shall
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities Securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that PROVIDED THAT, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the any Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the that Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Custodian may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Customer agrees that it will shall continue to be liable to Custodian for any shortfall. Custodian shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Customer of the purchase price for Securities subject to a Conditional Credit, and Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by Custodian, Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by Custodian unless and until Custodian makes a final entry on its books crediting such Securities to the expected proceeds of the sale of the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Customer, whether voluntary or involuntary.
Appears in 1 contract
Samples: Custodian Agreement (Rydex Capital Partners Sphinx Fund)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities Securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the any Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the that Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Custodian may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Customer agrees that it will shall continue to be liable to Custodian for any shortfall. Custodian shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Customer of the purchase price for Securities subject to a Conditional Credit, and Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by Custodian, Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by Custodian unless and until Custodian makes a final entry on its books crediting such Securities to the expected proceeds of the sale of the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Customer, whether voluntary or involuntary.
Appears in 1 contract
Samples: Custodian Agreement (Rydex Capital Partners Sphinx Fund)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that if, after all expenses, debits and withdrawals -------- ---- of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary charges for similar extensions of credit.
(d) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).
Appears in 1 contract
Samples: Custodian Agreement (Flag Investors Short Intermediate Income Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary charges for similar extensions of credit.
(d) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).
Appears in 1 contract
Samples: Custodian Agreement (Flag Investors Communications Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary charges for similar extensions of credit.
(d) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).shall
Appears in 1 contract
Samples: Custodian Agreement (Ct&t Funds)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Forum or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account; provided that, provided that if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Forum has received Instructions to settle on that date ("Settlement Date"), the CustodianForum, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Forum has received Instructions to settle on the any Settlement Date, the CustodianForum, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian Forum shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Trust shall be liable to the Custodian Forum only for late charges at a rate which the Custodian customary that Forum customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Forum may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The Customer agrees that it will sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Trust shall continue to be liable to Forum for any shortfall. Forum shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Trust of the purchase price for Securities subject to a Conditional Credit, and Forum's making a Conditional Credit a final entry on its books, and, unless consented to by Forum, Trust shall have no right to give further Instructions in respect of securities without sufficient funds in Securities subject to a Conditional Credit. Forum shall have the Account (sole discretion to determine which funds Securities shall not include the expected proceeds of the sale of the purchased securities).be
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency cash in such Account are is less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the any Settlement Date, the Custodian, upon settlement, may shall credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds cash in the relevant currency in the Account. Custodian shall not be required to make such credit if the credit would be greater than 33 1/3% of the Account's assets or $100 million, whichever is less.
(c) If, within a reasonable time time, as determined in the sole discretion of Custodian from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency cash at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are is deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which that the Custodian customary customarily charges for similar extensions of credit.. These charges are listed in Exhibit B.
(d) If, If (i) within a reasonable time time, as determined in the sole discretion of Custodian, from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency cash at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are is not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, the Customer authorizes the Custodian, as agent, to Custodian may sell such of the securities subject to the Conditional Credit as it selects in its sole discretion and credit shall apply the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such Debit in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale Conditional Credit a final entry on its books as to the securities not required to be sold to satisfy such Debit. Pending payment in full by Customer of the securitiespurchase price for securities subject to a Conditional Credit, including but not limited toand the Custodian's making a Conditional Credit a final entry on its books, shortfalls and, unless consented to by the Custodian, Customer shall have no right to give further Instructions in respect of securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which securities shall be deemed to have been paid for by Customer out of cash available in the sales proceeds Account. Any such Conditional Credit may be reversed (and any corresponding Debit shall be canceled) by the Custodian is hereby authorized to sell unless and until the Custodian makes a final entry on its books crediting such other securities to the extent necessary Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to satisfy such shortfalls with Customer, the net proceeds of such salesTrust or a Fund whether voluntary or involuntary.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that PROVIDED THAT, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the any Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the that Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Custodian may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Customer agrees that it will shall continue to be liable to Custodian for any shortfall. Custodian shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Customer of the purchase price for Securities subject to a Conditional Credit, and Custodian's
making a Conditional Credit a final entry on its books, and, unless consented to by Custodian, Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by Custodian unless and until Custodian makes a final entry on its books crediting such Securities to the expected proceeds of the sale of the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Customer, whether voluntary or involuntary.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in credited to the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits"," which term includes all advances made by the Subcustodian in respect of the Account) applicable to the Account have been made and if after all Conditional CreditsCredits in respect of other transactions, as defined below, applicable to the Account have been made final entries entries, as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are credited to or deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into credited to or on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In The Custodian shall notify the Customer of such caseactions as soon as reasonably practical. If such proceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds Custodian unless and until the Custodian makes a final entry on its books crediting such Securities to the Account. The Custodian shall notify the Customer of any such reversal as soon as reasonably practical. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the sale of the purchased securities)Customer, whether voluntary or involuntary.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that if, after all expenses, debits and withdrawals of Cash in the th relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary charges for similar extensions of credit.
(d) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).
Appears in 1 contract
Samples: Custodian Agreement (Flag Investors Real Estate Securities Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian or a Subcustodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the that Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, or (ii) any Proceeding (as defined below) shall occur, Custodian may sell such of the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Customer agrees that it will shall continue to be liable to Custodian for any shortfall. Custodian shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Customer of the purchase price for Securities subject to a Conditional Credit, and Custodian's making a Conditional Credit a final entry on its books, and, unless consented to by Custodian, Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by Custodian unless and until Custodian makes a final entry on its books crediting such Securities to the expected proceeds of the sale of the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Customer, whether voluntary or involuntary.
Appears in 1 contract
Samples: Custodian Agreement (Forum Funds)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books and unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds shall not include the expected proceeds of the sale of the purchased securities).and any corresponding Debit shall
Appears in 1 contract
Samples: Custodian Agreement (Flag Investors Series Funds Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian Bank shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, Account unless there are sufficient immediately available funds in the relevant currency in the Account, provided that PROVIDED THAT, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made become final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian Bank has received Instructions to settle on that date ("Settlement Date"), the CustodianBank, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian Bank has received Instructions to settle on the any Settlement Date, the CustodianBank, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian Bank shall make the Conditional Credit a final entry on its books and records. In such case, the Customer Forum shall be liable to the Custodian Bank only for late charges at a rate which that the Custodian customary Bank customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into in the Account, the Customer authorizes the Custodian, or (ii) any Proceeding (as agent, to sell the securities and credit the Account with the proceeds of such sale. In such casedefined below) shall occur, the Customer shall be liable Bank may sell such of the Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. If such proceeds are insufficient to satisfy such Debit in full, Forum shall continue to be liable to the Bank for any shortfall. The Customer agrees that it will Bank shall make the Conditional Credit a final entry on its books as to the Securities not use the Account required to facilitate be sold to satisfy such Debit. Pending payment in full by Forum of the purchase price for Securities subject to a Conditional Credit, and the Bank's making a Conditional Credit a final entry on its books, and, unless consented to by the Bank, Forum shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Bank shall have the sole discretion to determine which Securities shall be deemed to have been paid for by Forum out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Bank unless and until the sale of Bank makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to Forum, whether voluntary or involuntary.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in price for Securities subject to a Conditional Credit, and the Account (which funds Custodian's making a Conditional Credit a final entry on its books, and unless consented to by the Custodian, the Customer shall not include the expected proceeds of the sale of the purchased securities).have no right to give further
Appears in 1 contract
Samples: Custodian Agreement (North American Government Bond Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that PROVIDED THAT, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, and unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account Account. Any such Conditional Credit may be reversed (which funds and any corresponding Debit shall not include be canceled) by the expected proceeds of Custodian unless and until the sale of Custodian makes a final entry on its books crediting such Securities to the purchased securities)Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
Appears in 1 contract
Samples: Custodian Agreement (Advantus International Balanced Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision provisions of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of the relevant currency in such Account is at least equal to the aggregate purchase price of all securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and recordsrecord.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may credit the securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are not deposited into the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with the sale of the securities, including but not limited to, xxx shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales, such sales to take place only upon prior written notification to the Customer.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account on the Settlement Date or the date provided in the applicable Service Standards, whichever is earlier.
(f) For the payment of interest, taxes, management or supervisory fees, distributions or operating expenses.
(g) In connection with any borrowings by the Customer requiring a pledge of Securities, but only against receipt of amounts borrowed.
(h) In connection with any loans, but only against receipt of collateral as specified in Instructions which funds shall not include reflect any restrictions applicable to the expected proceeds Customer.
(i) For the purpose of redeeming shares of the sale capital stock of the purchased securities)Customer against delivery of the shares to be redeemed to the Custodian, a Subcustodian or the Customer's transfer agent.
(j) For the purpose of redeeming in kind shares of the Customer against delivery of the shares to be redeemed to the Custodian, a Subcustodian or the Customer's transfer agent.
(k) For delivery in accordance with the provisions of any agreement among the Customer, on behalf of a Portfolio, the Custodian and a broker-dealer registered under the Securities Exchange Act of 1934 and a member of the National Association of Securities Dealers, Inc., relating to compliance with the rules of The Options Clearing Corporation, the Commodities Futures Trading Commissions and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Customer.
(l) For release of Securities to designated brokers under covered call options, provided, however, that such Securities shall be released only upon payment to the Custodian of monies for the premium due and a receipt for the Securities which are to be held in escrow. Upon exercise of the option, or at expiration, the Custodian will receive the Securities previously deposited from broker. The Custodian will act strictly in accordance with Instructions in the delivery of Securities to be held in escrow and will have no responsibility or liability for any such Securities which are not returned promptly when due other than to made proper request for such return.
(m) For spot or forward foreign exchange transactions to facilitate security trading or receipt of income from Securities related transactions.
(n) Upon the termination of this Agreement as set forth in Section 20.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of the purchase price for Securities subject to a Conditional Credit, and the Custodian?s making a Conditional Credit a final entry on its books, and unless consented to by the Custodian, the Customer shall have no right to give further Instructions in respect of Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account. Any such salesConditional Credit may be reversed (and any corresponding Debit shall be canceled) by the Custodian unless and until the Custodian makes a final entry on its books crediting such Securities to the Account. The term ?Proceeding? shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
(e) The Customer agrees that it will not intentionally use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).
Appears in 1 contract
Samples: Custodian Agreement (Flag Investors Value Builder Fund Inc)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such case, the Customer shall be liable to the Custodian for any deficiencies, out- 7 -of-pocket costs and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with the net proceeds of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).
Appears in 1 contract
Samples: Custodian Agreement (Flag Investors Maryland Intermediate Tax Free Fund Inc/)
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, or (ii) any Proceeding shall occur, the Customer authorizes Custodian may sell such of the Custodian, Securities subject to the Conditional Credit as agent, to sell it selects in its sole discretion and shall apply the securities and credit the Account with the net proceeds of such salesale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account. In If such caseproceeds are insufficient to satisfy such debt in full, the Customer shall continue to be liable to the Custodian for any deficiencies, out-of-pocket costs and expenses associated with shortfall. The Custodian shall make the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities Conditional Credit a final entry on its books as to the extent necessary Securities not required to be sold to satisfy such shortfalls with Debit. Pending payment in full by the net proceeds Customer of such sales.
(e) The Customer agrees that it will not use the Account to facilitate the purchase price for Securities subject to a Conditional Credit, and the Custodian's making a Conditional Credit a final entry on its books, the Customer shall have no security entitlement and, unless consented to by the Custodian, no right to give further Instructions in respect of securities without sufficient Securities subject to a Conditional Credit. The Custodian shall have the sole discretion to determine which Securities shall be deemed to have been paid for by the Customer out of funds available in the Account (Account. Any listing on a report to the Customer of Securities which funds are subject to a Conditional Credit shall be deemed for informational purposes only and such Securities shall not include be deemed finally credited to the expected proceeds of Account; accordingly, such Conditional Credit may be reversed (and any corresponding Debit shall be canceled) by the sale of Custodian unless and until the purchased securities)Custodian makes a final entry on its books crediting such Securities to the Account. The term "Proceeding" shall mean any insolvency, bankruptcy, receivership, reorganization or similar proceeding relating to the Customer, whether voluntary or involuntary.
Appears in 1 contract
Conditional Credits. (a) Notwithstanding any other provision of this Agreement, the Custodian shall not be required to comply with any Instructions to settle the purchase of any securities for the Account, unless there are sufficient immediately available funds in the relevant currency in the Account, provided that that, if, after all expenses, debits and withdrawals of Cash in the relevant currency ("Debits") applicable to the Account have been made and if after all Conditional Credits, as defined below, applicable to the Account have been made final entries as set forth in (c) below, the amount of immediately available funds of in the relevant currency in such Account is at least equal to the aggregate purchase price of all securities Securities for which the Custodian has received Instructions to settle on that date ("Settlement Date"), the Custodian, upon settlement, shall credit the Securities to the Account by making a final entry on its books and records.
(b) Notwithstanding the foregoing, if after all Debits applicable to the Account have been made, there remains outstanding any Conditional Credit (as defined below) applicable to the Account or the amount of immediately available funds in a given currency in such Account are less than the aggregate purchase price in such currency of all securities for which the Custodian has received Instructions to settle on the Settlement Date, the Custodian, upon settlement, may provisionally credit the securities Securities to the Account by making a conditional entry on its books and records ("Conditional Credit"), pending receipt of sufficient immediately available funds in the relevant currency in the Account.
(c) If, within a reasonable time from after the posting of a Conditional Credit and after all Debits applicable to the Account have been made, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit on a Settlement Date are deposited into the Account, the Custodian shall make the Conditional Credit a final entry on its books and records. In such case, the Customer shall be liable to the Custodian only for late charges at a rate which the Custodian customary customarily charges for similar extensions of credit.
(d) If, If (i) within a reasonable time from the posting of a Conditional Credit and after all Debits applicable to the Account have been madeCredit, immediately available funds in the relevant currency at least equal to the aggregate purchase price in such currency of all securities subject to a Conditional Credit resultant Debit on a Settlement Date are not deposited into on deposit in the Account, the Customer authorizes the Custodian, as agent, to sell the securities and credit the Account with the proceeds of such sale. In such caseor (ii) any Proceeding shall occur, the Customer shall be liable Custodian may sell such of the Securities subject to the Custodian for any deficiencies, out-of-pocket costs Conditional Credit as it selects in its sole discretion and expenses associated with the sale of the securities, including but not limited to, shortfalls in the sales proceeds and the Custodian is hereby authorized to sell such other securities to the extent necessary to satisfy such shortfalls with shall apply the net proceeds of such sales.
(e) The Customer agrees that it will not use sale to cover such Debit, including related late charges, and any remaining proceeds shall be credited to the Account to facilitate the purchase of securities without sufficient funds in the Account (which funds shall not include the expected proceeds of the sale of the purchased securities).Account. If such proceeds
Appears in 1 contract
Samples: Custodian Agreement (Flag Investors Equity Partners Fund Inc)
