Common use of Custodial Duties Requiring Instructions Clause in Contracts

Custodial Duties Requiring Instructions. The Custodian is authorized by the Client to, and where applicable, the Custodian shall, carry out the following actions in relation to the Property only upon receipt of and in accordance with specific Instructions: (i) make payment for and receive Property, or deliver or dispose of Property; (ii) (subject to Section 7(D)) deal with subscription, rights, bonus or scrip issues, conversions, options, warrants and other similar interests or any other discretionary right in connection with the Property; and (iii) subject to the agreement of the Custodian, to carry out any action other than those mentioned in Section 6(A) above.