Common use of Purchase and Sale of Account Property Clause in Contracts

Purchase and Sale of Account Property. Promptly after each purchase or sale of Account Property (and prior to the time at which the Custodian is required to release or deliver any Account Property in connection therewith), the Instructing Party shall deliver to the Custodian Written Instructions specifying all information necessary for the Custodian to settle such purchase or sale. If any Written Instruction does not specify all the information necessary, the Instructing Party hereby authorizes the Custodian to access the required information from Bloomberg and the Custodian shall be entitled to rely on such information from Bloomberg without liability. The Custodian will execute all trades for the purchase and sale of Account Property in accordance with the Written Instructions of the Instructing Party until such Written Instructions have been rescinded by the Instructing Party, including the timely delivery of Account Property against payment as required in such Written Instructions. The Custodian shall account for all purchases and sales of Account Property on the actual settlement date unless otherwise agreed by the Custodian.