Custodian Actions without Direction Clause Samples
The "Custodian Actions without Direction" clause defines the circumstances under which a custodian is permitted to act independently, without explicit instructions from the parties they serve. Typically, this clause allows the custodian to take necessary or urgent actions to protect the assets or interests under their care, such as responding to emergencies or complying with legal requirements. Its core practical function is to ensure that the custodian can act promptly and responsibly in situations where waiting for direction is impractical or could result in harm, thereby safeguarding the assets and minimizing potential risks.
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Custodian Actions without Direction. With respect to Securities held hereunder, the Custodian shall:
a. Receive all eligible income and other payments due to the Account;
b. Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;
c. Facilitate access by the Fund or its designee to ballots or online systems to assist in the voting of proxies received for eligible positions of Securities held in the Account (excluding bankruptcy matters);
d. Forward to the Fund or its designee information (or summaries of information) that the Custodian receives from Depositories or Subcustodians concerning Securities in the Account (excluding bankruptcy matters);
e. Forward to the Fund or its designee an initial notice of bankruptcy cases relating to Securities held in the Account and a notice of any required action related to such bankruptcy cases as may be received by the Custodian. No further action or notification related to the bankruptcy case shall be required;
f. Endorse for collection checks, drafts or other negotiable instruments; and
g. Execute and deliver, solely in its custodial capacity, certificates, documents or instruments incidental to the Custodian’s performance under this Agreement.
Custodian Actions without Direction. With respect to Securities held hereunder, the Custodian shall:
a. Receive all eligible income and other payments due to the Accounts;
b. Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;
c. Facilitate access by the Fund or its designee to ballots or online systems to assist in the voting of proxies received by the Custodian in its capacity as custodian for eligible positions of Securities held in the Accounts (excluding bankruptcy matters);
d. Forward promptly to the Fund or its designee all relevant information (or summaries of information) that the Custodian receives in its capacity as custodian from Depositories or Subcustodians concerning Securities or cash in the Accounts (excluding bankruptcy matters);
e. Forward to the Fund or its designee an initial notice of bankruptcy cases relating to Securities held in the Accounts and a notice of any required action related to such bankruptcy cases as may be received by the Custodian in its capacity as custodian. No further action or notification related to the bankruptcy case shall be required;
f. Endorse for collection checks, drafts or other negotiable instruments; and
g. Execute and deliver, solely in its custodial capacity on behalf of the Fund, certificates, documents or instruments incidental to the Custodian’s performance under this Agreement.
Custodian Actions without Direction. With respect to Securities held hereunder, the Custodian shall:
a. Collect income and other payments due to the Account;
b. Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;
c. Forward to the Fund or its designee proxy materials and otherwise facilitate access by the Fund or its designee to ballots or online systems to assist in the voting of proxies received for eligible positions of Securities held in the Account;
d. Forward to the Fund or its designee information (or summaries of information) that the Custodian receives from Depositories or Foreign Custodians concerning Securities in the Account;
e. Forward to the Fund or its designee notices of bankruptcy cases relating to Securities held in the Account and notices of any required action related to such bankruptcy cases as may be received by the Custodian;
f. Forward to the Fund or its designee notices and other materials relating to class actions in which the Fund may be eligible to participate as may be received by the Custodian;
g. Forward to the Fund or its designee information received by the Custodian regarding ownership rights pertaining to property held for the Fund;
h. Deliver Securities upon the receipt of payment in connection with any repurchase agreement related to such Securities entered into by the Fund;
i. Endorse for collection checks, drafts or other negotiable instruments; and
j. Execute and deliver, solely in its custodial capacity, certificates, documents or instruments incidental to the Custodian’s performance under this Agreement.
Custodian Actions without Direction. With respect to Securities held hereunder, the Custodian shall:
a. Receive all eligible income and other payments due to the Account;
b. Present for payment and receive the amount paid upon all Securities which may mature and advise the Fund as promptly as practicable of any such amounts due but not paid;
c. Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;
d. Facilitate access by the Fund or its designee to ballots or online systems to assist in the voting of proxies received for eligible positions of Securities held in the Account (excluding bankruptcy matters);
e. Forward to the Fund or its designee information (or summaries of information) that the Custodian receives from Depositories or Subcustodians concerning Securities in the Account (excluding bankruptcy matters);
f. Execute, as custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or hereafter in effect in connection with the collection of bond and note coupons;
g. Hold directly or through a Depository, a Foreign Depository, or a Subcustodian all rights and similar Securities issued with respect to any Securities credited to an Account hereunder; and
h. Forward to the Fund or its designee an initial notice of bankruptcy cases relating to Securities held in the Account and a notice of any required action related to such bankruptcy cases as may be received by the Custodian. No further action or notification related to the bankruptcy case shall be required;
i. Endorse for collection checks, drafts or other negotiable instruments; and
j. Execute and deliver, solely in its custodial capacity, certificates, documents or instruments incidental to the Custodian’s performance under this Agreement.
Custodian Actions without Direction. With respect to Securities held hereunder, the Custodian shall:
a. Collect income and other payments due to the Account;
b. Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;
c. Forward to the Fund or its designee proxy materials and otherwise facilitate access by the Fund or its designee to ballots or online systems to assist in the voting of proxies received for eligible positions of Securities held in the Account;
d. Forward to the Fund or its designee information (or summaries of information) that the Custodian receives from Depositories or Foreign Custodians concerning Securities in the Account;
e. Forward to the Fund or its designee notices of bankruptcy cases relating to Securities held in the Account and notices of any required action related to such bankruptcy cases as may be received by the Custodian;
f. Forward to the Fund or its designee notices and other materials relating to class actions in which the Fund may be eligible to participate as may be received by the Custodian;
Custodian Actions without Direction. With respect to Securities held hereunder, the Custodian is authorised to, and may authorise Subcustodians and Depositories to:
(a) receive all Distributions due to the Cash Account;
(b) carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;
(c) forward to the Issuer or its designee information (or summaries of information) that the Custodian receives from Depositories or Subcustodians concerning Securities in the Account (excluding bankruptcy matters);
(d) forward to the Issuer or its designee an initial notice of any bankruptcy case relating to Securities held in the Account and a notice of any required action related to such bankruptcy case as may be received by the Custodian, and the Custodian shall have no obligation to carry out any further action or notification related to any such bankruptcy case; and
(e) execute and deliver, solely in its custodial capacity, certificates, documents or instruments incidental to the Custodian's performance under this Agreement.
Custodian Actions without Direction. With respect to Securities held hereunder, the Custodian shall:
a. Receive all eligible income, distributions and other payments due to the Accounts (including in respect of maturity or redemption of Securities);
b. Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;
c. Facilitate access by the Fund or its designee to ballots or online systems to assist in the voting of proxies received by the Custodian in its capacity as custodian for eligible positions of Securities held in the Accounts (excluding bankruptcy matters);
d. Forward to the Fund or its designee information (or summaries of information) that the Custodian receives in its capacity as custodian from Depositories or Subcustodians concerning Securities in the Accounts (excluding bankruptcy matters);
e. Forward to the Fund or its designee an initial notice of bankruptcy cases relating to Securities held in the Accounts and a notice of any required action related to such bankruptcy cases as may be received by the Custodian in its capacity as custodian. No further action or notification related to the bankruptcy case shall be required;
f. Endorse for collection checks, drafts or other negotiable instruments; and
g. Execute and deliver, solely in its custodial capacity, certificates, documents or instruments incidental to the Custodian’s performance under this Agreement.