Common use of ON PURCHASES Clause in Contracts

ON PURCHASES. on or before the settlement day for the purchase, debit the Cash Account of the Fund with the settlement monies and credit a separate account in the name of the Fund. At the same time Chase will post the Securities Account of the Fund with the expected Financial Assets with a note to the effect that Chase is awaiting receipt, pending actual receipt of such Financial Assets. The Fund shall not be entitled to the delivery of Financial Assets which are awaiting receipt until they have actually been received by Chase or a Eligible Foreign Custodian.