Delivery Versus Payment Clause Samples

Delivery Versus Payment. Correspondent agrees that its Customers shall utilize the facilities of a securities depository for the confirmation, acknowledgment, and book entry settlement of all depository eligible transactions in connection with delivery versus payment (“DVP”) transactions, and that Correspondent shall be solely and exclusively responsible for causing any Customers engaging in such transactions to utilize such facilities. Correspondent further agrees to ensure that its Customers shall provide their agent with instructions in accordance with the requirements set forth in NASD Rule 11860.

Delivery Versus Payment. The parties pledge to guarantee secure protection of funds and to safeguard the interests of purchasers and sellers so that sellers of securities do not gain access to the proceeds of the sale without delivery of the securities, and vice versa. The payment instructions that the Central Bank carries out at the request of the ISD in connection with securities settlement are to satisfy the claim to the securities to be delivered in each instance; that is, all underlying securities must be delivered at the time of payment. The ISD is responsible for matching the payment instructions and the securities to be delivered.

Delivery Versus Payment. All securities managed by P&A will be settled on a delivery versus payment (DVP) basis into the Client designated Depository Account. DVP will assure that no Client funds are released until the security is received and verified by the Depository of the Client.

Delivery Versus Payment. Securities purchased by the City shall be settled into the City’s safekeeping agent on a delivery versus payment (DVP) basis. DVP assures that City funds will not be released until the purchased security has been received. Securities will be held by an independent third-party safekeeping agent as evidenced by safekeeping receipts.