Common use of Overdrafts and Indebtedness Clause in Contracts

Overdrafts and Indebtedness. The Custodian may, in its sole discretion, advance funds in any currency hereunder and Custodian will endeavor to notify the Trust immediately if the Custodian will not cover an overdraft. If an overdraft occurs in an Account (including, without limitation, overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or if the Fund is for any other reason indebted to the Custodian, the Fund agrees to repay the Custodian on demand or upon becoming aware of the amount of the advance, overdraft or indebtedness, plus accrued interest at the rate set forth on the attached fee schedule, except that the Custodian will not be entitled to interest on any overdraft resulting from an error by the Custodian.

Appears in 4 contracts

Samples: Custody Agreement (Invested Portfolios), Custody Agreement (Ivy Funds Variable Insurance Portfolios), Custody Agreement (Waddell & Reed Advisors Funds)

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Overdrafts and Indebtedness. The Custodian may, in its sole discretion, advance funds in any currency hereunder and the Custodian will endeavor to notify the Trust Fund immediately if the Custodian will not cover an overdraft, provided however that its failure to do so will not impair its rights and remedies hereunder. If an overdraft occurs in an Account (including, without limitation, overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or if the Fund is for any other reason indebted to the Custodian, the Fund agrees to repay the Custodian on demand or upon becoming aware of the amount of the advance, overdraft or indebtedness, plus accrued interest at the rate set forth on the attached fee schedulein Schedule I, except that the Custodian will not be entitled to interest on any overdraft resulting from an error by the Custodian.

Appears in 2 contracts

Samples: Custody Agreement (Sequoia Fund Inc), Custody Agreement (Sequoia Fund Inc)

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