Income Payment and Corporate Actions. 3.1. Unless otherwise agreed between the parties in writing, where the period from and including the Trade Date to and excluding the Delivery Date for a particular Transaction extends over the Income Payment Date, then the Seller shall on the date such Income is paid by the issuer transfer to or credit to the account of the Buyer an amount equal to (and in the same currency as) so much of such Income attributable to such Securities as Buyer would have been paid (if it had been the holder of such Securities on such Income Payment Date) by the issuer to the holder together with an amount equal to such amount, if any, in respect of tax or tax benefit as the Buyer would have been entitled to claim or recover (if it had been the holder of such Securities on such Income Payment Date) from the issuer’s jurisdiction in respect of such Income payment provided that where Income is paid before the relevant Delivery Date such Income shall be transferred to the Buyer on the Delivery Date. 3.2. Subject as otherwise provided in this Schedule or as otherwise agreed between the parties, where the Income paid or distributed by the issuer of Securities is not in the form of money but is in the form of other property, the obligation of a party under clause 3.1 to pay to the other party an amount equal to the amount paid by the issuer shall be construed as an obligation to transfer property equivalent to that distributed by the issuer. 3.3. In relation to any Securities the Seller shall notify the Buyer, within a reasonable time after the date on which a holder of such Securities would in the normal course have received such 3.4. Where any voting rights fall to be exercised during the period from and including the Trade Date to and excluding the Delivery Date for a particular Transaction, the Seller shall have no obligation to arrange for voting rights of that kind to be exercised in accordance with the instructions of the other party in relation to such Securities, unless otherwise agreed between the parties.
Appears in 2 contracts
Samples: Terms of Business, Terms of Business
Income Payment and Corporate Actions. 3.1. Unless otherwise agreed between the parties in writing, where the period from and including the Trade Date to and excluding the Delivery Date for a particular Transaction extends over the Income Payment Date, then the Seller shall on the date such Income is paid by the issuer transfer to or credit to the account of the Buyer an amount equal to (and in the same currency as) so much of such Income attributable to such Securities as Buyer would have been paid (if it had been the holder of such Securities on such Income Payment Date) by the issuer to the holder together with an amount equal to such amount, if any, in respect of tax or tax benefit as the Buyer would have been entitled to claim or recover (if it had been the holder of such Securities on such Income Payment Date) from the issuer’s jurisdiction in respect of such Income payment provided that where Income is paid before the relevant Delivery Date such Income shall be transferred to the Buyer on the Delivery Date.
3.2. Subject as otherwise provided in this Schedule Section or as otherwise agreed between the parties, where the Income paid or distributed by the issuer of Securities is not in the form of money but is in the form of other property, the obligation of a party under clause 3.1 to pay to the other party an amount equal to the amount paid by the issuer shall be construed as an obligation to transfer property equivalent to that distributed by the issuer.
3.3. In relation to any Securities the Seller shall notify the Buyer, within a reasonable time after the date on which a holder of such Securities would in the normal course have received suchsuch notice from the issuer, of any notice relating to any proposed conversion, sub-division, consolidation, takeover, pre-emption, option or other similar right or event affecting such Securities or of any Income payment declared in respect of such Securities and issued by the issuer of such Securities to the holders of such Securities within the period from and including the Trade Date to and excluding the Delivery Date for the relevant Transaction. Whether or not such notice is received from the Seller, the Buyer may within a reasonable time before the latest time for the exercise of the right or option give written notice to the Seller that on the Delivery Date or at such time, as may be agreed between the parties, it wishes to receive Securities in such form as will arise if the right is exercised or, in the case of a right which may be exercised in more than one manner, is exercised as is specified in such written notice; provided that if any sum is required to be paid by a holder of the securities to the issuer or any other person in order to exercise such rights, the Buyer shall pay to the Seller an amount equal to such sum.
3.4. Where any voting rights fall to be exercised during the period from and including the Trade Date to and excluding the Delivery Date for a particular Transaction, the Seller shall have no obligation to arrange for voting rights of that kind to be exercised in accordance with the instructions of the other party in relation to such Securities, unless otherwise agreed between the parties.
Appears in 2 contracts
Samples: Terms of Business, Terms of Business
Income Payment and Corporate Actions. 3.1. (a) Unless otherwise agreed between the parties Parties in writing, ,
i. where the period from and including the Trade Date to and excluding the Delivery Settlement Date for of a particular Transaction extends over a Record Date and the Income Payment DateDate is beyond such a period, then the in respect of any Securities subject to that Transaction, Seller shall on the date such Income is paid by the issuer transfer or on such other date as the Parties may from time to time agree pay or credit deliver to Buyer such some of money or property as is agreed between the account Parties or, failing such agreement, a sum of the Buyer an amount equal money or property equivalent to (and in the same currency as) so much the type and amount of such Income attributable to such Securities as Buyer would have been paid (if it had been the holder of such Securities on such Income Payment Date) by the issuer to the holder together with an amount equal to such amount, if any, in respect of tax or tax benefit as the Buyer would have been entitled to claim or recover (if it had been the holder of such Securities on such Income Payment Date) from the issuer’s jurisdiction in respect of such Income payment received; provided that that
ii. where Income is paid in relation to any Securities before the relevant Delivery Date such Income shall will not be transferred from Seller to the Buyer on until the Delivery Date.; and
3.2iii. Subject as otherwise provided in this Schedule for the avoidance of doubt, Party A shall not be liable for any withholding or as otherwise agreed between the parties, where the Income paid deduction for or distributed on account of taxes or duties made by the issuer or a paying agent notwithstanding that a payment of Securities is not in the form of money but is in the form of other property, the obligation of a party under clause 3.1 to pay such Income made directly to the other party an amount equal to the amount paid by the issuer shall Party B could be construed as an free of any withholding or deduction.
(b) Seller’s obligation to transfer property equivalent Income to Buyer arises upon actual receipt of such Income provided that distributed by Seller has used reasonable endeavors to receive the issuerIncome. Seller is not obligated to enforce the payment of Income.
3.3. (c) In relation to any Securities the case of non-DVP settlement Seller shall notify the Buyer, Buyer in writing within a reasonable time after the date on which a holder of such Securities would in the normal course have received such
3.4such notice from the issuer, of any notice issued by the issuer of such Securities to the holders of such Securities relating to the rights attached thereto on or after the Trade Date and before the Settlement Date, including of any proposed conversion, sub- division, consolidation, takeover, pre-emption, option or other similar right or event affecting such Securities or of any Income payment declared in respect of such Securities. Where any voting rights fall to be exercised during Where, the period from and including the Trade Date to and excluding the Delivery Settlement Date for of a particular Transaction, the Transaction extends over a Record Date in respect of any voting rights Seller shall have no obligation be obligated to arrange for voting rights of that kind to be exercised in accordance with the instructions of the other party Buyer in relation to such the Securities, unless otherwise agreed between the partiesParties. Where, the period from and including the Trade Date to and excluding the Settlement Date of a particular Transaction extends over a Record Date in respect of any rights relating to conversion, sub-division, consolidation, pre- emption, rights arising under a takeover offer, rights to receive securities or a certificate which may at a future date be exchanged for securities or other rights, including those requiring election by the holder for the time being of such Securities, then Buyer may within a reasonable time before the relevant Record Date give written notice to Seller it wishes to receive Securities in such form as will arise if the right is exercised or, in the case of a right which may be exercised in more than one manner, is exercised as is specified in such written notice.
Appears in 1 contract
Income Payment and Corporate Actions. 3.1. Unless otherwise agreed between the parties in writing, ,
(i) where the period from and including the Trade Date to and excluding the Delivery Settlement Date for of a particular Transaction extends over a Record Date and the Income Payment DateDate is beyond such a period, then in respect of any Securities subject to that Transaction, the Seller shall on the date such Income is paid by the issuer transfer or on such other date as the parties may from time to time agree pay or credit deliver to the account Buyer such some of money or property as is agreed between the Buyer an amount equal parties or, failing such agreement, a sum of money or property equivalent to (and in the same currency as) so much the type and amount of such Income attributable to such Securities as Buyer would have been paid received; provided that
(if it had been the holder of such Securities on such Income Payment Dateii) by the issuer to the holder together with an amount equal to such amount, if any, in respect of tax or tax benefit as the Buyer would have been entitled to claim or recover (if it had been the holder of such Securities on such Income Payment Date) from the issuer’s jurisdiction in respect of such Income payment provided that where Income is paid in relation to any Securities before the relevant Delivery Date such Income shall will not be transferred from the Seller to the Buyer on until the Delivery Date; and
(iii) for the avoidance of doubt, BCS shall not be liable for any withholding or deduction for or on account of taxes or duties made by the issuer or a paying agent notwithstanding that a payment of such Income made directly to the Client could be free of any withholding or deduction.
3.2. Subject as otherwise provided in this Schedule or as otherwise agreed between the parties, where the Income paid or distributed by the issuer of Securities is not in the form of money but is in the form of other property, the obligation of a party under clause 3.1 to pay to the other party an amount equal to the amount paid by the issuer shall be construed as an The Seller’s obligation to transfer property equivalent Income to the Buyer arises upon actual receipt of such Income provided that distributed by the issuerSeller has used reasonable endeavors to receive the Income. The Seller is not obligated to enforce the payment of Income.
3.3. In relation to any Securities case of non-DVP settlement the Seller shall notify the Buyer, Buyer in writing within a reasonable time after the date on which a holder of such Securities would in the normal course have received such
3.4such notice from the issuer, of any notice issued by the issuer of such Securities to the holders of such Securities relating to the rights attached thereto on or after the Trade Date and before the Settlement Date, including of any proposed conversion, sub-division, consolidation, takeover, pre-emption, option or other similar right or event affecting such Securities or of any Income payment declared in respect of such Securities. Where any voting rights fall to be exercised during Where, the period from and including the Trade Date to and excluding the Delivery Settlement Date for of a particular Transaction, Transaction extends over a Record Date in respect of any voting rights the Seller shall have no obligation be obligated to arrange for voting rights of that kind to be exercised in accordance with the instructions of the other party Buyer in relation to such the Securities, unless otherwise agreed between agreed. Where, the partiesperiod from and including the Trade Date to and excluding the Settlement Date of a particular Transaction extends over a Record Date in respect of any rights relating to conversion, sub-division, consolidation, pre-emption, rights arising under a takeover offer, rights to receive securities or a certificate which may at a future date be exchanged for securities or other rights, including those requiring election by the holder for the time being of such Securities, then the Buyer may within a reasonable time before the relevant Record Date give written notice to the Seller it wishes to receive Securities in such form as will arise if the right is exercised or, in the case of a right which may be exercised in more than one manner, is exercised as is specified in such written notice.
Appears in 1 contract
Samples: Terms of Business
