Custodian Duties Clause Samples
The "Custodian Duties" clause defines the responsibilities and obligations of a party designated as the custodian of certain assets, documents, or property. Typically, this clause outlines the standards of care the custodian must uphold, such as safeguarding the items, maintaining accurate records, and ensuring proper handling or transfer when required. For example, a custodian may be required to store confidential documents securely and release them only upon receiving proper authorization. The core function of this clause is to ensure accountability and protect the interests of the parties by clearly specifying how entrusted items are to be managed and safeguarded.
Custodian Duties. As Custodian for the Additional Collateral, the Custodian shall:
Custodian Duties. As Custodian for the Additional Collateral, the Custodian shall:
(a) hold the Additional Collateral, as applicable, in safekeeping facilities, including, without limitation, in central depositories including The Depository Trust Company, in the Book Entry System of the U.S. Treasury Department ("Fed Book Entry"), or in the safekeeping of other custodian banks, clearing corporations and depositories or similar organizations in the U.S. or elsewhere, as required for the secure and efficient handling of the property and as the Custodian in its sole discretion shall select;
(b) collect all income earned by, and all distributions due to, the Additional Collateral, if any;
(c) collect all proceeds from securities, certificates of deposit or other investments which may mature or be called;
(d) attend to exchanges of securities, to deposits or exchanges of the securities of companies in reorganization, and to other so-called corporate actions which affect the Additional Collateral as directed by Wells Fargo; and
(e) upon Wells Fargo's written ins▇▇▇▇▇ions, deliver to any person, ag▇▇▇, financial institution, partnership, corporation or other designated recipient any or all of the Additional Collateral held under this Agreement. The Custodian shall have no duty or responsibility to manage or recommend investments of the assets held by it hereunder or to initiate any purchase, sale or other investment transaction in the absence of proper instructions (as set forth in Section 5 below).
Custodian Duties. (a) The Custodian shall receive or deliver, or shall instruct any other entity authorized to hold Securities hereunder to receive or deliver, Securities and credit or debit the Fund's Account, in accordance with properly authorized instructions from the Fund. The Custodian or such entity shall also receive in custody all stock dividends, rights and similar securities issued in connection with Securities held hereunder, shall surrender for payment, in a timely manner, all items maturing or called for redemption and shall take such other action as the Fund may direct in properly authorized instructions.
(b) The Fund may from time to time place orders with the Custodian to buy or sell Securities. The Custodian or any entity authorized to hold Securities in accordance with Sections 1 or 5 hereof may refer each such order to any broker or sub-agent of its choice, including any affiliate of the Custodian, unless otherwise specified, and shall have no liability or responsibility whatsoever for any error, neglect or default of any such broker or sub-agent or for mutilations, interruptions, omissions, errors or delays occurring in the mails, electronic communications, or on the part of any telegraph, cable or wireless company, or any employee of such company, or by reason of any cause beyond its control. In placing such orders, the Fund may from time to time place special orders with the Custodian, and the Custodian will, as agent of the Fund, undertake the purchase or sale of the Securities as set out above, provided that if the order is for the purchase or sale of obligations of the United States Government or its agencies, or municipal bonds, the Custodian may act as principal. The Fund hereby agrees, with respect to all purchases, that immediately available funds for settlement will be on deposit by settlement date. Further, the Fund agrees to provide specific instructions regarding the deposit or delivery of all such Securities to the Custody Account.
(c) All cash received or held by the Custodian acting as custodian or by any entity authorized to hold the Securities hereunder as interest, dividends, proceeds from transfer, and other payments for or with respect to the Securities shall be (i) held in a cash account, or (ii) in accordance with properly authorized instructions received by the Custodian, remitted to the Fund.
(d) If the Custodian has in place a system for providing telecommunication or other electronic access or other means of direct access by cu...
Custodian Duties. The Custodian’s job duties shall include such duties as are set forth on Exhibit “A”, attached hereto.
Custodian Duties. Provide that the Custodian will carry out the duties listed in NU 7 List the duties in the Custodian Agreement
Custodian Duties. Receive delivery and hold certain secured promissory notes delivered by the Company. • Receive promissory notes and deliver to vault for safekeeping. The vault adds the documents and agreements to the records by assigning security numbers. • Take appropriate action to comply with Company requests or deny requests with reasonable explanation. • Withdraw and deliver promissory notes as requested by the Company within three business days.