Common use of Income Collection Clause in Contracts

Income Collection. Bank will use its diligent efforts to contact appropriate parties to collect unpaid interest, dividends or redemption proceeds, but neither Bank nor its Subcustodians will be obliged to file any formal notice of default, institute legal proceedings, file a proof of claim in any insolvency proceeding, or take any similar action; provided, however, that Bank shall not be responsible for: (a) the collection of amounts due and payable with respect to Financial Assets that are in default or (b) the collection of cash or share entitlements with respect to Financial Assets that are not registered in the name of Bank or its Subcustodians. Bank is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Financial Assets. With Bank’s prior written permission, which shall not be unreasonably withheld, Customer may use the name of Bank or a Subcustodian when necessary to commence and prosecute such legal proceedings to collect amounts due, and Bank will, and will cause each Subcustodian to, cooperate fully to assist Customer in collecting such amounts.

Income Collection. Bank will use its diligent efforts to contact appropriate parties to collect unpaid interest, dividends or redemption proceeds, but neither Bank nor its Subcustodians will be obliged to file any formal notice of default, institute legal proceedings, file a proof of claim in any insolvency proceeding, or take any similar action; provided, however, that Bank shall not be responsible for: (a) the collection of amounts due and payable with respect to Financial Assets that are in default or (b) the collection of cash or share entitlements with respect to Financial Assets that are not registered in the name of Bank or its Subcustodians. Bank is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Financial Assets. With Bank’s 's prior written permission, which shall not be unreasonably withheld, Customer may use the name of Bank or a Subcustodian when necessary to commence comment and prosecute such legal proceedings to collect amounts due, and Bank will, and will cause each Subcustodian to, cooperate fully to assist Customer in collecting such amounts.