Common use of Credits to the Cash Account Clause in Contracts

Credits to the Cash Account. The Custodian is not obliged to make a credit to the Cash Account before receipt by the Custodian of a corresponding and final payment in cleared funds; provided that, with respect to the settlement of a sale of Securities, a provisional credit in an amount equal to the net sale price for the transaction shall be made to the Cash Account as if it were received as of the close of business on the standard settlement date in the applicable market if (i) the Custodian has received Instructions relating to the transaction, (ii) the Custodian or its agents have possession of the assets in good deliverable form (which shall exclude assets subject to third party lending arrangements entered into by a Client) and (iii) the Custodian or its agents is not aware of any facts which would lead them to believe that the transaction will not settle in the time period ordinarily applicable to such transaction in the applicable market. If the Custodian makes a provisional credit before such receipt, the Custodian may reverse all or part of the credit (including any interest thereon), make an appropriate entry to the Cash Account, and if it reasonably so decides, require repayment of any amount corresponding to any debit if, in its reasonable judgment, it believes that such transaction will not settle in accordance with its terms.

Credits to the Cash Account. The Custodian is not obliged to make a credit to the Cash Account before receipt by the Custodian of a corresponding and final payment in cleared funds; provided that, with respect to the settlement of a sale of Securities, a provisional credit in an amount equal to the net sale price for the transaction shall be made to the Cash Account as if it were received as of the close of business on the standard settlement date in the applicable market if (i) the Custodian has received Instructions relating to the transaction, (ii) the Custodian or its agents have possession of the assets in good deliverable form (which shall exclude assets subject to third party lending arrangements entered into by a Client) and (iii) the Custodian or its agents is not aware of any facts which would lead them to 1940 ACT GCSA 2013 NY - V.06.14.2011- (Neg XXXX XXXXXXX FUNDS, FEBRUARY 28, 2014) believe that the transaction will not settle in the time period ordinarily applicable to such transaction in the applicable market. If the Custodian makes a provisional credit before such receipt, the Custodian may reverse all or part of the credit (including any interest thereon), make an appropriate entry to the Cash Account, and if it reasonably so decides, require repayment of any amount corresponding to any debit if, in its reasonable judgment, it believes that such transaction will not settle in accordance with its terms.