Depositary Function Sample Clauses
The Depositary Function clause defines the responsibilities and duties of a party designated to hold and safeguard assets, documents, or funds on behalf of others during the course of a transaction or agreement. Typically, this clause outlines how the depositary must manage, protect, and release the items in accordance with the terms agreed upon by the parties, such as only releasing funds upon fulfillment of certain conditions. Its core practical function is to provide a neutral and secure mechanism for holding assets, thereby reducing risk and ensuring trust between parties in the transaction.
Depositary Function. To accept and hold any securities or other property received by it under any of the provisions of this Article VI, whether or not the Trustee would be authorized hereunder then to invest therein;
Depositary Function. 12 (g) Borrowing Powers; Encumbering Trust Assets.............................. 12 (h)