Common use of Custodian's Acts Without Instructions Clause in Contracts

Custodian's Acts Without Instructions. Unless and until the Custodian receives contrary Written Instructions from the Company, the Custodian shall, without order from the Company: (a) Present for payment all bills, notes, checks, drafts, and similar items, and all coupons or other income items (except stock dividends), held or received for the account of the Company, and which require presentation in the ordinary course of business, and credit such items to the Company Account pursuant to the Custodian’s then current funds availability schedule, but the Custodian shall have no duty to take action to effect collection of any amount if the assets upon which such payment is due are in default or if payment is refused after due demand and presentation; (b) Deposit any cash received by it from, for or on behalf of the Company to the credit of the Company in the Company Account (in its own deposit department without liability for interest); and (c) Charge against the Company Account for Company disbursements authorized to be made by the Custodian hereunder and actually made by it, and notify the Company of such charges at least once a month.