Common use of Custody Account Transactions Clause in Contracts

Custody Account Transactions. (a) Financial Assets shall be transferred, exchanged or delivered by Bank or its Subcustodian upon receipt by Bank of Instructions which include all information reasonably required by Bank. Settlement and payment for Financial Assets received for, and delivery of Financial Assets out of, the Custody Account shall be made in accordance with Local Practice. In connection with the foregoing, where Bank believes in good faith that use of a reasonably available alternative practice to Local Practice would be more protective of Financial Assets than Local Practice, Bank shall advise Customer of such practice and Customer may authorize its use solely in such instance or consent that such practice shall thereafter be deemed to be Local Practice. (b) Bank shall effect book entries on a contractual settlement date accounting basis with respect to the settlement of trades in those markets where Bank generally offers contractual settlement day accounting and shall notify Customer of these markets from time to time. On the contractual settlement date for a sale, Bank shall credit the Cash Account with the sales proceeds of the sale and transfer the relevant Financial Assets to an account pending settlement of the trade if not already delivered. On the contractual settlement date for the purchase (or earlier if market practice requires delivery of the purchase price before the contractual settlement date), Bank shall debit the Cash Account with the settlement monies and credit a separate account. Bank then shall post the Securities Account as awaiting receipt of the expected Financial Assets. Customer shall not be entitled to the delivery of Financial Assets that are awaiting receipt until Bank or a Subcustodian actually receives them. Bank reserves the right to restrict in good faith the availability of contractual date settlement accounting for credit reasons. Bank, whenever reasonably possible, will notify Customer prior to imposing such restrictions. (i) Bank may reverse credits or debits made to the Accounts in its discretion if the related transaction fails to settle within a reasonable period, determined by Bank in its discretion, after the contractual settlement date for the related transaction; provided however that prior to taking action, Bank will use every reasonable effort to give Customer written notice of any such reversal which may include back valuation. (ii) If any Financial Assets delivered pursuant to this Section 9 are returned by the recipient thereof, Bank may reverse the credits and debits of the particular transaction at any time.

Custody Account Transactions. (a) Financial Assets Securities shall be transferred, exchanged or delivered by Bank or its Subcustodian upon receipt by Bank of Instructions which include all information reasonably required by Bank. Settlement and payment for Financial Assets Securities received for, and delivery of Financial Assets Securities out of, the Custody Account shall, where reasonably feasible, be made in such manner as set forth in Instructions from Customer, it being understood, however, that settlement and payment shall be made in accordance with Local Practice. In connection customary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, including, without limitation, delivery of Securities to a purchaser, dealer or their agents against a receipt with the foregoingexpectation of receiving later payment and free delivery. Chase shall promptly advise Customer in writing (which advice may consist of applicable market reports) as to those markets, in which securities are held as of the date hereof, where Bank believes in good faith that use of a reasonably available alternative it is local market practice to Local Practice would release and deliver securities prior to the receipt of payment therefor and Chase shall provide information as to additional such markets after Chase first has knowledge that Securities are being purchased therein by Customer. Delivery of Securities out of the Custody Account may also be more protective of Financial Assets than Local Practice, Bank shall advise Customer of such practice and Customer may authorize its use solely made in such instance or consent that such practice shall thereafter be deemed any manner specifically required by Instructions reasonably acceptable to be Local PracticeBank. (b) Bank shall Bank, in its discretion, may effect book the following book-entries on a contractual settlement date accounting basis with respect to the settlement of trades in those markets where Bank generally offers contractual settlement day accounting and shall notify Customer of these markets from time to time. trades: (i) On sales: on the contractual settlement date due for a the sale, Bank shall credit the Cash Account with the sales sale proceeds of the sale and transfer the relevant Financial Assets Securities to an account pending settlement of the trade if not already delivered. . (ii) On purchases: on or before the contractual settlement date for the purchase (or earlier if market practice requires delivery of the purchase price before the contractual settlement date)purchase, Bank shall debit the Cash Account with the settlement monies and credit a separate account. At the same time Bank then shall will post the Securities Account as Accounts with the expected Securities with a note to the effect that Bank is awaiting receipt, pending actual receipt of the expected Financial Assetssuch Securities. The Customer shall not be entitled to the delivery of Financial Assets that settlement monies in respect of Securities which are awaiting receipt until they have actually been received by Bank or a Subcustodian actually receives them. Bank reserves the right to restrict in good faith the availability of contractual date settlement accounting for credit reasons. Bank, whenever reasonably possible, will notify Customer prior to imposing such restrictionsSubcustodian. (ic) Bank may (in its absolute discretion) reverse credits any debit or debits credit made pursuant to subparagraph (b). Customer shall be responsible for any direct or indirect costs or liabilities resulting from such reversal, unless due to the Accounts negligence, fraud or willful default of Bank, and will indemnify Bank accordingly. Customer acknowledges that the procedures described in its discretion if the related transaction fails this sub-clause are of an administrative nature and do not amount to settle within a reasonable period, determined an agreement by Bank in its discretion, after to make loans and/or Securities available to Customer. (d) Unless the Cash Account is debited or credited (as the case may be) on the contractual settlement date as referred to in subparagraph (b), Bank shall credit the Cash Account with the proceeds of any sale or exchanges of Securities and debit the Cash Account for the related transaction; provided however that prior to taking action, Bank will use every reasonable effort to give Customer written notice of any such reversal which may include back valuation. (ii) If any Financial Assets delivered pursuant to this Section 9 are returned by the recipient thereof, Bank may reverse the credits and debits cost of the particular transaction at any timeSecurities purchased or acquired only on the date cash or Securities are actually received by Bank and reconciled to the Account.

Custody Account Transactions. (a) Financial Assets shall be transferred, exchanged or delivered by Bank or its Subcustodian upon receipt by Bank of Instructions which include all information reasonably required by Bank. Settlement and payment for Financial Assets received for, and delivery of Financial Assets out of, the Custody Account shall may be made in accordance with Local Practice. In connection with the foregoingcustomary or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction occurs, where Bank believes in good faith that use of a reasonably available alternative practice to Local Practice would be more protective including, without limitation, delivery of Financial Assets than Local Practiceto a purchaser, Bank shall advise Customer dealer or their agents against a receipt with the expectation of such practice receiving later payment and Customer free delivery. Delivery of Financial Assets out of the Custody Account may authorize its use solely also be made in such instance or consent that such practice shall thereafter be deemed any manner specifically required by Instructions acceptable to be Local PracticeBank. (b) In accordance with applicable law, Bank shall will effect book entries on a “contractual settlement date accounting accounting” basis as described below with respect to the settlement of trades in those markets where Bank generally offers contractual settlement day date accounting and shall will notify Customer of these those markets from time to time. Otherwise, such transactions shall be credited or debited to the Accounts on the date cash or Financial Assets are actually received by the Bank and reconciled to the Account. (i) On the contractual settlement date for a sale, Bank shall will credit the Cash Deposit Account with the sales proceeds of the sale and transfer the relevant Financial Assets to an account at Bank pending settlement of the trade if where not already delivered. . (ii) On the contractual settlement date for the purchase (or earlier earlier, if market practice requires delivery of the purchase price before the contractual settlement date), Bank shall will debit the Cash Deposit Account with for the settlement monies amount and credit a separate accountaccount at Bank. Bank will then shall post the Securities Custody Account as awaiting receipt of the expected Financial Assets. Customer shall will not be entitled to the delivery of Financial Assets that are awaiting receipt until Bank or a Subcustodian actually receives them. . (iii) Bank reserves the right to restrict in good faith the availability of contractual settlement date settlement accounting for credit or operational reasons. Bank, whenever reasonably possible, will notify Customer prior to imposing such restrictions. (iiv) Bank may reverse credits or debits made to the Accounts (in its discretion if the related transaction fails absolute discretion) upon oral or written notification to settle within a reasonable period, determined by Bank in its discretion, after the contractual settlement date for the related transaction; provided however that prior to taking action, Bank will use every reasonable effort to give Customer written notice of reverse any such reversal which may include back valuation. (ii) If any Financial Assets delivered debit or credit made pursuant to this Section 9 6 prior to a transaction’s actual settlement, and Customer will be responsible for any costs or liabilities resulting from such reversal. Customer acknowledges that the procedures described in these sub-sections are returned by the recipient thereofof an administrative nature, and Bank may reverse the credits and debits of the particular transaction at any timedoes not undertake to make loans and/or Financial Assets available to Customer other than as provided for in Section 5 or otherwise in this Agreement.

Custody Account Transactions. (a) Financial Assets shall be transferred, exchanged or delivered by Bank or its Subcustodian upon receipt by Bank of Instructions which include all information reasonably required by Bank. Settlement and payment for Financial Assets received for, and delivery of Financial Assets out of, the Custody Account shall be made in accordance with Local Practice. In connection with the foregoing, where Bank believes in good faith that use of a reasonably available alternative practice to Local Practice would be more protective of Financial Assets than Local Practice, Bank shall advise Customer of such practice and Customer may authorize its use solely in such instance or consent that such practice shall thereafter be deemed to be Local Practice. (b) Bank shall effect book entries on a contractual settlement date accounting basis with respect to the settlement of trades in those markets where Bank generally offers contractual settlement day accounting and shall notify Customer of these markets from time to time. On the contractual settlement date for a sale, Bank shall credit the Cash Account with the sales proceeds of the sale and transfer the relevant Financial Assets to an account pending settlement of the trade if not already delivered. On the contractual settlement date for the purchase (or earlier if market practice requires delivery of the purchase price before the contractual settlement date), Bank shall debit the Cash Account with the settlement monies and credit a separate account. Bank then shall post the Securities Account as awaiting receipt of the expected Financial Assets. Customer shall not be entitled to the delivery of Financial Assets that are awaiting receipt until Bank or a Subcustodian actually receives them. Bank reserves the right to restrict in good faith the availability of contractual date settlement accounting for credit reasons. Bank, whenever reasonably possible, will notify Customer prior to imposing such restrictions. (i) Bank may reverse credits or debits made to the Accounts in its discretion if the related transaction fails to settle within a reasonable period, determined by Bank in its discretion, after the contractual settlement date for the related transaction; provided however that prior to taking action, Bank will use every reasonable effort to give Customer written notice of any such reversal which may include back valuation. (ii) If any Financial Assets delivered pursuant to this Section 9 are returned by the recipient thereof, Bank may reverse the credits and debits of the particular transaction at any time; provided however that Bank will use every reasonable effort to give Customer prior written notice of any such reversal.

Custody Account Transactions. (a) Financial Assets shall be transferred, exchanged or delivered by Bank or its Subcustodian upon receipt by Bank of Instructions which include all information reasonably required by Bank. Settlement and payment for Financial Assets received for, and delivery of Financial Assets out of, the Custody Account shall be made in accordance with Local Practice. In connection with the foregoing, where Bank believes in good faith that use of a reasonably available alternative practice to Local Practice would be more protective of Financial Assets than Local Practice, Bank shall advise Customer of such practice and Customer may authorize its use solely in such instance or consent that such practice shall thereafter be deemed to be Local Practice. (b) Bank shall effect book entries on a contractual settlement date accounting basis with respect to the settlement of trades in those markets where Bank generally offers contractual settlement day accounting and shall notify Customer of these markets from time to time. On the contractual settlement date for a sale, Bank shall credit the Cash Deposit Account with the sales proceeds of the sale and transfer the relevant Financial Assets to an account pending settlement of the trade if not already delivered. On the contractual settlement date for the purchase (or earlier if market practice requires delivery of the purchase price before the contractual settlement date), Bank shall debit the Cash Deposit Account with the settlement monies and credit a separate account. Bank then shall post the Securities Account as awaiting receipt of the expected Financial Assets. Customer shall not be entitled to the delivery of Financial Assets that are awaiting receipt until Bank or a Subcustodian actually receives them. Bank reserves the right to restrict in good faith the availability of contractual date settlement accounting for credit reasons. Bank, whenever reasonably possible, will notify Customer prior to imposing such restrictions. (i) Bank may reverse credits or debits made to the Accounts in its discretion if the related transaction fails to settle within a reasonable period, determined by Bank in its discretion, after the contractual settlement date for the related transaction; provided however that prior to taking action, Bank will use every reasonable effort to give Customer written notice of any such reversal which may include back valuation. (ii) If any Financial Assets delivered pursuant to this Section 9 7 are returned by the recipient thereof, Bank may reverse the credits and debits of the particular transaction at any time; provided however that Bank will use every reasonable effort to give Customer prior written notice of any such reversal.