Common use of PROPERTY ACCEPTED Clause in Contracts

PROPERTY ACCEPTED. (A) Subject to Section 3(C) below, the Custodian agrees to accept for custody in the Custody Account any Securities which are capable of deposit under the terms of this Agreement. (B) Subject to Section 3(C) below, the Custodian agrees to accept for deposit in the Custody Cash Account, cash in any currency (which shall, if necessary, be credited by the Custodian to different accounts in the currencies concerned), such cash to be owed to the Client by the Custodian as banker. (C) The Custodian may in its reasonable discretion refuse to accept (in whole or in part) any proposed deposit in either the Custody Account or the Custody Cash Account if the Custodian reasonably believes that the acceptance of such deposit would violate any law, rule, regulation, practice or policy to which the Custodian is subject. The Custodian shall immediately notify the Client of any such refusal and shall, to the extent possible without any such violation, establish lawful custody thereof subject to Client's approval.

PROPERTY ACCEPTED. (A) Subject to Section 3(C) below, the Custodian agrees to accept for custody in the Custody Account any Securities which are capable of deposit under the terms of this Agreement. (B) Subject to Section 3(C) below, the Custodian agrees to accept for deposit in the Custody Cash Account, cash in any currency (which shall, if necessary, be credited by the Custodian to different accounts in the currencies concerned), such cash to be owed to the Client by the Custodian as banker. (C) The Custodian may in its reasonable discretion refuse to accept (in whole or in part) any proposed deposit in either the Custody Account or the Custody Cash Account if the Custodian reasonably believes that the acceptance of such deposit would violate any law, rule, regulation, practice or policy to which the Custodian is subject. The Custodian shall immediately notify the Client of any such refusal and shall, to the extent possible without any such violation, establish lawful custody thereof subject to Client's ’s approval.