Delivery Failures. In case of the sale of any security, commodity, or other property by the BNPP Entities at the direction of Customer and the BNPP Entities’ inability to deliver the same to the purchaser by reason of failure of Customer to supply the BNPP Entities therewith, Customer authorizes the BNPP Entities to borrow or purchase any such security, commodity, or other property reasonably necessary to make delivery thereof. Customer hereby agrees to be responsible for any cost, expense or loss which the BNPP Entities may sustain thereby, except any such loss caused by a BNPP Entity’s gross negligence, willful misconduct or fraud.
Appears in 9 contracts
Samples: u.s. Pb Agreement (FS Global Credit Opportunities Fund), u.s. Pb Agreement (FS Multi-Alternative Income Fund), u.s. Pb Agreement (FS Energy Total Return Fund)
Delivery Failures. In case of the sale of any security, commodity, or other property by the BNPP Entities at the direction of Customer and the BNPP Entities’ inability to deliver the same to the purchaser by reason of failure of Customer to supply the BNPP Entities therewith, Customer authorizes the BNPP Entities to borrow or purchase any such security, commodity, or other property reasonably necessary to make delivery thereof. Customer hereby agrees to be responsible for any cost, expense or loss which the BNPP Entities may actually sustain therebydirectly as a result thereof, except other than any such cost, expense or loss caused by a BNPP Entity’s arising out of or relating to the gross negligence, fraud or willful misconduct or fraudof any BNPP Entity.
Appears in 1 contract
Samples: u.s. Pb Agreement (Pathway Energy Infrastructure Fund, Inc.)
