Settlement of Securities Transactions. On the settlement date, the Bank shall (i) with respect to the purchase of Securities, debit the Custody Account for the payment of Securities and credit the Custody Account with Securities and (ii) with respect to the sale of Securities, credit the Custody Account with the sale price of Securities and debit the Custody Account for Securities. In the event that a transaction does not settle within a reasonable amount of time, the Bank may reverse the transaction in the Custody Account.
Appears in 12 contracts
Samples: Custody Agreement (Princor Utilities Fund Inc), Custody Agreement (Princor Tax Exempt Cash Management Fund Inc), Custody Agreement (Princor Bond Fund Inc)
