Security Interest to Secure Obligations. The Client, on behalf of the Fund, hereby assigns, conveys, mortgages, pledges, hypothecates, and charges in favour of, and grants a security interest to the Custodian in all of the Fund’s right, title and interest in and to all Property now owned or hereafter acquired by the Fund and held in custody by the Custodian pursuant to this Agreement and all proceeds thereof, as continuing collateral security for the due payment and performance of the obligations, liabilities and indebtedness of the Client to the Custodian from time to time, whether present or future, absolute or contingent, liquidated or unliquidated, in any currency or otherwise, arising pursuant to this Agreement in respect of unpaid fees, disbursements, expenses, and overdraft amounts for the purpose of executing and settling trades and in connection with foreign exchange transactions (collectively, the “Obligations”). The Client and the Custodian agree that it is their intention that the security interests hereby created shall attach immediately to any Property in which the Fund has any interest on the date hereof, and, with respect to after-acquired Property, forthwith at the time the Fund acquires an interest therein, all in accordance with the terms hereof. The Client acknowledges and agrees that the Custodian shall be under no obligation to waive, subordinate or discharge such security interest except upon the indefeasible payment and satisfaction in full of the Obligations.
Appears in 3 contracts
Samples: Custodian Agreement, Custodian Agreement, Custodian Agreement
Security Interest to Secure Obligations. The Client, on behalf of the each Fund, hereby assigns, conveys, mortgages, pledges, hypothecates, and charges in favour of, and grants a security interest to the Custodian in all of the Fund’s right, title and interest in and to all Property now owned or hereafter acquired by the Fund and held in custody by the Custodian pursuant to this Agreement and all proceeds thereof, as continuing collateral security for the due payment and performance of the obligations, liabilities and indebtedness of the Client to the Custodian in respect of that Fund from time to time, whether present or future, absolute or contingent, liquidated or unliquidated, in any currency or otherwise, arising pursuant to this Agreement in respect of unpaid fees, disbursements, expenses, and overdraft amounts for the purpose of executing and settling trades and in connection with foreign exchange transactions transactions, all in respect of that Fund (collectively, the “Obligations”). The Client and the Custodian agree that it is their intention that the security interests hereby created shall attach immediately to any Property in which the relevant Fund has any interest on the date hereof, and, with respect to after-acquired Property, forthwith at the time the relevant Fund acquires an interest therein, all in accordance with the terms hereof. The Client acknowledges and agrees that for purposes of the STA, the Custodian is acting in the capacity as Securities Intermediary for the Client’s Funds, and the Custodian shall be under no obligation to waive, subordinate or discharge such security interest except upon the indefeasible payment and satisfaction in full of the Obligations.
Appears in 2 contracts
Samples: Master Custodian Agreement, Master Custodian Agreement