Common use of Fees and Expenses of Custodian Clause in Contracts

Fees and Expenses of Custodian. In addition to the terms of the Custodian Agreement, Party B hereby agrees to pay and reimburse Custodian for any advances, fees, costs, expenses (including, without limitation, reasonable attorney's fees and costs) and disbursements that may be paid or incurred by Custodian in connection with this Agreement or the arrangement contemplated hereby, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement. Any fees, expenses or other amounts that may be owing to Custodian from time to time pursuant to the terms hereof, or of the Custodian Agreement shall be secured by any lien, encumbrance or other right Custodian may have under the Custodian Agreement or applicable law, and Custodian shall be entitled to exercise its rights and remedies against the Collateral and Collateral Accounts in accordance with the terms and conditions of the Custodian Agreement. It is hereby expressly acknowledged and agreed by the parties that Custodian (including its agents) shall not be obligated to advance cash or investments to, for or on behalf of Party B in the Collateral Accounts, provided, however, that if Custodian does advance cash or investments to the Collateral Accounts for any purpose (including but not limited to securities settlements, foreign exchange contracts, assumed settlement or account overdraft) for the benefit of Party B, any property at any time held pursuant to this Agreement and the Custodian Agreement shall be security therefor and, should Party B fail to repay Custodian promptly, Custodian shall be entitled to utilize available cash and to dispose of Collateral in the Collateral Accounts to the extent necessary to obtain reimbursement.

Appears in 2 contracts

Samples: Control Agreement (Platinum Underwriters Holdings LTD), Control Agreement (Platinum Underwriters Holdings LTD)

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Fees and Expenses of Custodian. In addition to the terms of the Custodian Agreement, Party B hereby agrees to pay and reimburse Custodian for any advances, fees, costs, expenses (including, without limitation, reasonable attorney's fees and costs) and disbursements that may be paid or incurred by Custodian in connection with this Agreement or the arrangement contemplated hereby, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement. Any fees, expenses or other amounts that may be owing to Custodian from time to time pursuant to the terms hereof, or of the Custodian Agreement shall be secured by any lien, encumbrance or other right Custodian may have under the Custodian Agreement or applicable law, and Custodian shall be entitled to exercise its rights and remedies against the Collateral and Collateral Accounts in accordance with the terms term's and conditions of the Custodian Agreement. It is hereby expressly acknowledged and agreed by the parties that Custodian (including its agents) shall not be obligated to advance cash or investments to, for or on behalf of Party B in the Collateral Accounts, provided, however, that if Custodian does advance cash or investments to the Collateral Accounts Accoun1s for any purpose (including but not limited to securities settlements, foreign exchange contracts, assumed settlement or account overdraft) for the benefit of Party B, any property at any time held pursuant to this Agreement and the Custodian Agreement shall be security therefor and, should Party B fail to repay Custodian promptly, Custodian shall be entitled to utilize available cash and to dispose of Collateral in the Collateral Accounts to the extent necessary to obtain reimbursement.

Appears in 1 contract

Samples: Retrocession Agreement (Platinum Underwriters Holdings LTD)

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Fees and Expenses of Custodian. In addition to the terms of the Custodian Agreement, Party B hereby agrees to pay and reimburse Custodian for any advances, fees, costs, expenses (including, without limitation, reasonable attorney's fees and costs) and disbursements that may be paid or incurred by Custodian in connection with this Agreement or the arrangement contemplated hereby, including any that may be incurred in performing its duties or responsibilities pursuant to the terms of this Agreement. Any fees, expenses or other amounts that may be owing to Custodian from time to time pursuant to the terms hereof, or of the Custodian Agreement shall be secured by any lien, encumbrance or other right Custodian may have under the Custodian Agreement or applicable law, and Custodian shall be entitled to exercise its rights and remedies against the Collateral and Collateral Accounts in accordance with the terms and conditions of the Custodian Agreement. It is hereby expressly acknowledged and agreed by the parties that Custodian (including its agents) shall not be obligated to advance cash or investments to, for or on behalf of Party B in the Collateral Accounts, provided, however, that if Custodian does advance cash or investments to the Collateral Accounts for any purpose (including but not limited to securities settlements, foreign exchange contracts, assumed settlement or account overdraft) for the benefit of Party B, any property at any time held pursuant to this Agreement and the Custodian Agreement shall be security therefor and, should Party B fail to repay Custodian promptly, Custodian shall be entitled to utilize available cash and to dispose of Collateral in the Collateral Accounts to the extent necessary to obtain reimbursement.the

Appears in 1 contract

Samples: Control Agreement (Platinum Underwriters Holdings LTD)

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