Common use of Responsibilities of the Customer Clause in Contracts

Responsibilities of the Customer. 4.1. The Customer is responsible for ensuring that when Client Assets are held in the custody or under the control of the Custodian and subject to Clauses 4.1.1, 4.1.2 and 4.1.3, the Client Assets are free from any rights in favour of any third party (including, but not limited to, rights of security granted to a creditor or beneficial interests under a trust), except for: 4.1.1. rights in favour of the Custodian or any third party engaged by the Custodian under these Terms; 4.1.2. rights of beneficiaries under an express trust that are notified to and acknowledged by the Custodian; and 4.1.3. rights in favour of a third party arising in the normal course of a transaction settled by the Custodian pursuant to these Terms. 4.2. The Customer will pay or will reimburse the Custodian for any liability to a third party which the Custodian may suffer or incur as a result of a breach of these Terms by the Customer, except if and to the extent that the relevant expenses or liabilities arise from any negligence or breach of duty of these Terms by the Custodian. 4.3. The Customer shall deliver to the Investment Service Provider or the Custodian (as the case may be) any necessary documentation to ensure the timely processing of Securities transactions as the Custodian may reasonably require. 4.4. The payment of cash or release or delivery of Securities shall be made upon receipt of instructions where relevant and in accordance with the customary or established practices and procedures in the relevant jurisdiction or market or, in the case of a sale or purchase made through a Securities System, in accordance with the rule, regulation and conditions governing the operation of the Securities System. 4.5. The Custodian and its sub-custodians shall not be obliged to accept Securities under these Terms which, in the opinion of the Custodian, are not in good deliverable form. The Custodian is not responsible for checking or otherwise responsible for the title or entitlement to, or validity or genuineness (including good deliverable form) of, any property or evidence of title to property, received by the Custodian under these Terms.

Responsibilities of the Customer. 4.1. 4.1 The Customer is responsible for ensuring that when all of the Client Assets are, at all times when they are held in the custody or under the control of the Custodian and subject to Clauses 4.1.1Custodian, 4.1.2 and 4.1.3, the Client Assets are free from any rights in favour of any third party (including, including but not limited to, to rights of security granted to a creditor or beneficial interests under a trust), except for: 4.1.1. (a) rights in favour of the Custodian or any third party engaged by the Custodian under these Terms; 4.1.2. (b) rights of beneficiaries under an express trust that are notified to and acknowledged by the Custodian; and 4.1.3. (c) rights in favour of a third party arising in the normal course of a transaction settled by the Custodian pursuant to these Terms. 4.2. 4.2 The Customer will pay or will reimburse the Custodian for any liability to a third party which the Custodian may suffer or incur as a result of a breach of these Terms by the Customer, except if and to the extent that the relevant expenses or liabilities arise from any negligence or breach of duty of or these Terms by the Custodian. 4.3. 4.3 The Customer shall deliver to the Investment Service Provider Custodian or the Custodian (as the case may be) Bordier UK any necessary documentation to ensure the timely processing of Securities transactions as the Custodian may reasonably require. 4.4. 4.4 The payment of cash or release or delivery of Securities shall be made upon receipt of instructions where relevant relevant, and (i) in accordance with the customary or established practices and procedures in the relevant jurisdiction or market or, or (ii) in the case of a sale or purchase made through a Securities System, in accordance with the rule, regulation and conditions governing the operation of the Securities System. 4.5. 4.5 The Custodian and its sub-custodians shall not be obliged to accept Securities under these Terms which, which in the opinion of the Custodian, Custodian are not in good deliverable form. The Custodian is not responsible for checking or otherwise responsible for the title or entitlement to, or validity or genuineness (genuineness, including good deliverable form) of, of any property or evidence of title to property, property received by the Custodian under these Terms.