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 on a timely basis upon receipt by Bank of Instructions which include all information required by Bank. Unless Bank receives proper Instructions specifying another mode of settlement and payment, settlement and payment for Financial Assets received for, and delivery of Financial Assets out of, the Custody Account shall be made in accordance with the 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 Financial Assets to a purchaser, dealer or their agents against a receipt with the expectation of collecting payment from the purchaser, dealer or agent to whom the securities were so delivered in the United States and in such other markets where available, on the same day. Delivery of Financial Assets out of the Custody Account may also be made in any manner specifically required by Instructions reasonably acceptable to Bank. (b) Bank, in its discretion, may credit or debit the Accounts on a contractual settlement date with cash or Financial Assets with respect to any sale, exchange or purchase of Financial Assets. Otherwise, such transactions shall be credited or debited to the Accounts on the date cash or Financial Assets are actually received by Bank and reconciled to the Account. (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. (ii) If any Financial Assets delivered pursuant to this Section 6 are returned by the recipient thereof, Bank may reverse the credits and debits of the particular transaction at any time. (iii) Bank shall make information regarding any credits, debits, credit reversals or debit reversals, all as referred to above in this Section 6(b), available electronically for monitoring on the same business day by providing Customer with electronic access to such information via the Internet or by other means reasonably acceptable to Customer.

Custody Account Transactions. (a) Financial Assets shall Securities will be transferred, exchanged or delivered by the Bank or its Subcustodian on a timely basis upon receipt by the Bank of Instructions which include all information required by the Bank. Unless Bank receives proper Instructions specifying another mode of settlement and payment, settlement Settlement and payment for Financial Assets Securities received for, and delivery of Financial Assets Securities out of, the Custody Account shall, where feasible, be made in such manner as set forth in Instructions form the Customer it being understood, however, that settlement and payment shall be made in accordance with the 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 Financial Assets Securities to a purchaser, dealer or their agents against a receipt with the expectation of collecting receiving later payment from and free delivery. In connection with the purchaserforegoing, dealer or agent to whom where Customer specifies delivery versus payment in a settlement Instruction for a given trade, the securities were so delivered Bank shall promptly advise Customer in the United States event that such method is unavailable and then shall settle such trade either in accordance with local market practice or, if the Customer has made particular arrangements for delivery versus payment of which the Customer shall advise the Bank and which are acceptable to the Bank, in accordance with such other markets where available, on the same dayarrangements. Delivery of Financial Assets Securities out of the Custody Account may also be made in any manner specifically required by Instructions reasonably acceptable to the Bank. (b) The Bank, in its discretion, may credit or debit the Accounts on a contractual settlement date with cash or Financial Assets Securities with respect to any sale, exchange or purchase of Financial AssetsSecurities. Otherwise, such transactions shall will be credited or debited to the Accounts on the date cash or Financial Assets Securities are actually received by the Bank and reconciled to the Account. (i) The 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 the Bank in its discretion, after the contractual settlement date for the related transaction. (ii) If any Financial Assets Securities delivered pursuant to this Section 6 are returned by the recipient thereof, the Bank may reverse the credits and debits of the particular transaction at any time. (iii) Bank shall make information regarding any credits, debits, credit reversals or debit reversals, all as referred to above in this Section 6(b), available electronically for monitoring on the same business day by providing Customer with electronic access to such information via the Internet or by other means reasonably acceptable to Customer.

Custody Account Transactions. (a) Financial Assets Securities shall be transferred, exchanged or delivered by Bank or its Subcustodian on a timely basis upon receipt by Bank of Instructions which include all information required by Bank. Unless Bank receives proper Instructions specifying another mode of settlement and payment, settlement Settlement and payment for Financial Assets Securities received for, and delivery of Financial Assets Securities out of, the Custody Account shall may be made in accordance with the 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 Financial Assets Securities to a purchaser, dealer or their agents against a receipt with the expectation of collecting receiving later payment from the purchaser, dealer or agent to whom the securities were so delivered in the United States and in such other markets where available, on the same dayfree delivery. Delivery of Financial Assets Securities out of the Custody Account may also be made in any manner specifically required by Instructions reasonably acceptable to Bank. (b) Bank, in its discretion, may credit or debit the Accounts on a contractual settlement date with cash or Financial Assets Securities with respect to any sale, exchange or purchase of Financial AssetsSecurities. Otherwise, such transactions shall be credited or debited to the Accounts on the date cash or Financial Assets Securities are actually received by Bank and reconciled to the Account. (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. (ii) If any Financial Assets Securities delivered pursuant to this Section 6 are returned by the recipient thereof, Bank may reverse the credits and debits of the particular transaction at any time. (iiic) Bank shall make information regarding any credits, debits, credit reversals or debit reversals, all as referred to above in this Section 6(bIn reviewing bearer Securities (excluding STRIPS), available electronically Bank shall, as part of the delivery to and settlement for monitoring the Account by it, use reasonable efforts to cross-reference the certificate number for any such securities against the applicable Securities Information Center ("SIC") report. In the event that Bank confirms that a Security is identified on such report, it shall promptly so advise Customer in writing. Bank expressly disclaims any liability for the: (i) accuracy or completeness of both any SIC report and Bank's own review process; and (ii) validity, legality or authenticity of any Security. Customer acknowledges the same business day by providing Customer foregoing limitations of liability and shall hold Bank harmless with electronic access respect to such information via the Internet or by other means reasonably acceptable to CustomerBank's performance as described herein.