Custodian’s Responsibility Clause Samples
The "Custodian’s Responsibility" clause defines the duties and obligations of a custodian in safeguarding assets or property on behalf of another party. It typically outlines the standards of care the custodian must uphold, such as maintaining accurate records, preventing unauthorized access, and ensuring the security of the assets entrusted to them. This clause serves to clarify the custodian’s role and liability, thereby protecting the interests of the asset owner and minimizing the risk of loss or mismanagement.
Custodian’s Responsibility. (a) The Custodian shall not be liable to the Secured Party for complying with Orders from the Grantor that are received by the Custodian before the Custodian receives and has a reasonable opportunity to act on a Notice of Sole Control or any contradictory Order from the Secured Party.
(b) The Custodian shall not be liable to the Grantor for complying with Orders originated by the Secured Party, even if the Grantor notifies the Custodian that the Secured Party is not legally entitled to issue Orders, unless the Custodian takes the action after being served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and has had a reasonable opportunity to act on the injunction, restraining order or other legal process.
(c) This Agreement does not create any obligation of the Custodian except for those expressly set forth in this Agreement. In particular, the Custodian will have no fiduciary duties under this Agreement to any other party, whether as trustee, agent, bailee or otherwise. The Custodian may rely on notices and communications it believes are given by the appropriate party.
(d) The Custodian shall have no duty to notify the Grantor or make any inquiry into or investigate whether or not an event of default exists under any agreement between the Grantor and the Secured Party or the Secured Party’s right or authority to deliver a Notice of Sole Control or any Orders or instructions.
(e) In no event will the Custodian have any liability to the Grantor or the Secured Party in connection herewith for any (i) consequential, special, punitive or indirect loss or damage whether or not any claim for such damages is based on tort or contract or whether the Custodian knew or should have known the likelihood of such damages in any circumstances, (ii) failure to comply with Orders or delay in complying with Orders if such failure or delay is due to strikes, lockouts or other labor disturbances, riots, fire, earthquake, floods, lightning, pandemics, epidemics, other acts of God, or circumstances beyond the Custodian’s reasonable control, (iii) failure to act by the Grantor or the Secured Party or (iv) failure to act due to its determination that such action would result in the Custodian failing to comply with a statute, rule or regulation, binding upon the Custodian; except to the extent, in each case, such losses, liabilities and damages directly result from Custodian’s gross negligence o...
Custodian’s Responsibility. (a) The Custodian will not be liable to the Secured Party for complying with instructions from the Grantor concerning the Currency-in-Transit that are received by the Custodian before the Custodian receives a Notice of Sole Control.
(b) The Custodian will not be liable to the Grantor or the Secured Party for complying with a Notice of Sole Control or with instructions originated by the Secured Party concerning any of the Currency-in-Transit, even if the Grantor notifies the Custodian that the Secured Party is not legally entitled to issue such Notice of Sole Control or instructions, unless the Custodian takes the actions after it is served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process.
(c) This Agreement does not create any obligation of the Custodian except for those expressly set forth in this Agreement. In particular, the Custodian need not investigate whether the Secured Party is entitled under the Secured Party’s agreements with the Grantor to give instructions concerning any Currency-in-Transit or a Notice of Sole Control. The Custodian may rely on notices and communications it believes to have been given by the appropriate party.
Custodian’s Responsibility. The Custodian shall be responsible for the performance of the duties set forth in this Agreement or contained in Authorized Instructions given to the Custodian that are consistent with the terms of this Agreement. The Custodian is not under any duty to provide the Fund with investment advice or supervise any investments.
Custodian’s Responsibility. The responsibilities of the Custodian shall be specified in the Operating Guidelines, the Operating Document and the Amended and Restated Securities Lending Management Agreement. The Custodian and Trust or the Investment Manager for the Trust may also from time to time establish operating procedures which shall be binding on the Custodian. The Custodian shall also be responsible for furnishing to Credit Suisse on each Business Day a report listing all Available Securities then held in the Funds, pending settlement instructions (if any) with respect to such Available Securities, and such other reports as the Trust and the Custodian shall agree. The Custodian shall have no responsibility to deliver any Security pursuant to Credit Suisse’s Oral or Written Instructions if such Security is subject to a pending settlement instruction. Any Instruction that fails to conform to such data specifications as the Trust and the Custodian shall agree or which are received after the Custodian’s cut-off times may result in a failed agent loan transaction.
Custodian’s Responsibility. The Custodian’s responsibility is as South Dakota Law provides, applying allocations, delegations, and protections under South Dakota Law, and considering all allocations, delegations, and protections this Agreement provides.
Custodian’s Responsibility. The Custodian shall not be liable for any Securities Collateral received by it on behalf of the Secured Party until such Securities Collateral is actually Delivered.
Custodian’s Responsibility. The responsibilities of the Custodian shall be specified in the Domestic-Securities Lending Operating Guide, STI Classic Funds, SunTrust Bank as Custodian, ▇▇▇▇▇▇▇ ▇▇▇▇▇ as Exclusive Borrower, Boston Global Advisors (BGA) as Lending Agent and Administrator as of October 1, 2002 and as amended. The Custodian and Trust or the investment manager(s) for the Trust may also from time to time establish operating procedures which shall be binding on the Custodian. The Custodian shall also be responsible for furnishing to BGA on each Business Day a report listing all Available Securities then held in the Account(s) listed in the Appendix II attached hereto, pending settlement instructions (if any) with respect to such Available Securities, and such other reports as the Trust and the Custodian shall agree. The Custodian shall have no responsibility to deliver any Security pursuant to BGA's Oral or Written Instructions if such Security is subject to a pending settlement instruction. Any Instruction that fails to conform to such data specifications as the Trust and the Custodian shall agree or which are received after the Custodian's cut-off times may result in a failed agent loan transaction.
Custodian’s Responsibility. After 5:00 p.m. any group in the school building must have a supervisor or teacher in charge. This person must remain in the building until all students have left. Custodians are given authority to evacuate the building of unsupervised activities after 5:00 p.m.
Custodian’s Responsibility. 8.1 The Custodian shall in no way be responsible for determining (a) market value or rating of the initial deposit of securities by the Depositor, (b) market value or rating of any securities as may from time to time be substituted by the Depositor, (c) the amount of securities required to be deposited by the Depositor, or (d) monitoring whether or not the securities conform to investment requirements.
8.2 The Custodian is not a party to, and is not bound by or charged with notice of the Reinsurance Agreement or any other agreement out of which this Agreement may arise.
8.3 The Custodian is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of the subject matter of this Agreement or any part thereof, or for the form or execution thereof, for the identity or authority of any person executing or depositing it.
8.4 The Custodian shall be protected in acting upon any written notice, request, affidavit, waiver, consent, certificate, receipt, authorization, power of attorney or other paper or document which the Custodian in good faith believes to be genuine and what purports to be from the Beneficiary or the Depositor.
8.5 The Custodian shall be indemnified and not held liable for anything which it may do or refrain from doing in connection herewith, except its own negligence, willful misconduct, lack of good faith, or breach of fiduciary duty.
8.6 Notwithstanding anything else contained herein to the contrary, the Custodian acknowledges liability for any certificates lost due to theft or any error or omission or other comparable act of the Custodian, or authorized representative thereof, and Custodian agrees that it shall maintain fidelity or other insurance coverage applicable to such liability which shall be in addition to the full faith and credit of the Custodian therefor.