Settlement of Trades. When Bank receives an Instruction directing settlement of a trade in Financial Assets that includes all information required by Bank, Bank shall use reasonable care to effect such settlement as instructed. Settlement of purchases and sales of Financial Assets shall be conducted in accordance with prevailing standards of the market in which the transaction occurs. The risk of loss shall be Customer's whenever Bank delivers Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of the expected consideration. In the case of the failure of Customer's counterparty to deliver the expected consideration as agreed, Bank shall contact the counterparty to seek settlement and, if the settlement is not received, notify Customer, but Bank shall not be obligated to institute legal proceedings, file proof of claim in any insolvency proceeding, or take any similar action.
Appears in 105 contracts
Samples: Global Custody Agreement (Vanguard Specialized Funds), Global Custody Agreement (Vanguard Fixed Income Securities Funds), Global Custody Agreement (Vanguard Valley Forge Funds)
Settlement of Trades. When Bank receives an Instruction directing settlement of a trade in Financial Assets that includes all information required by Bank, Bank shall use reasonable care to effect such settlement as instructed. Settlement of purchases and sales of Financial Assets shall be conducted in accordance with prevailing standards of the market in which the transaction occurs. The risk of loss shall be Customer's ’s whenever Bank delivers Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of the expected consideration. In the case of the failure of Customer's ’s counterparty to deliver the expected consideration as agreed, Bank shall contact the counterparty to seek settlement and, if the settlement is not received, notify Customer, but Bank shall not be obligated to institute legal proceedings, file proof of claim in any insolvency proceeding, or take any similar action.
Appears in 42 contracts
Samples: Global Custody Agreement (Vanguard Chester Funds), Global Custody Agreement (Vanguard Malvern Funds), Global Custody Agreement (Vanguard Scottsdale Funds)
Settlement of Trades. When Bank receives an Instruction directing settlement of a trade in Financial Assets that includes all information required by Bank, Bank shall use reasonable care to effect such settlement as instructed. Settlement of purchases and sales of Financial Assets shall be conducted in accordance with prevailing standards of the market in which the transaction occurs. The risk of loss shall be Customer's whenever Bank delivers Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of the expected consideration. In the case of the failure of Customer's counterparty to deliver the expected consideration as agreed, Bank shall contact the counterparty to seek settlement and, if the settlement is not received, notify Customersettlement, but Bank shall not be obligated to institute legal proceedings, file proof of claim in any insolvency proceeding, or take any similar action.
Appears in 5 contracts
Samples: Global Custody Agreement (Columbia Technology Fund Inc), Agreement (Columbia Strategic Value Fund Inc), Global Custody Agreement (Columbia Balanced Fund Inc /Or)
Settlement of Trades. When Bank receives an Instruction directing settlement of a trade in Financial Assets that includes all information required by Bank, Bank shall will use reasonable care to effect such settlement as instructed. Settlement of purchases and sales of Financial Assets shall will be conducted in accordance with prevailing standards of the market in which the transaction occurs. The risk of loss shall will be Customer's whenever Bank delivers Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of the expected consideration. In the case of the failure of Customer's counterparty to deliver the expected consideration as agreed, Bank shall will contact the counterparty to seek settlement and, if the settlement is not received, notify Customersettlement, but Bank shall will not be obligated to institute legal proceedings, file proof of claim in any insolvency proceeding, or take any similar action.
Appears in 3 contracts
Samples: Global Custody Agreement (Cohen & Steers Institutional Realty Shares Inc), Global Custody Agreement (Friends Ivory & Sime Funds), Domestic Custody Agreement (First Defined Portfolio Management Fund LLC)
Settlement of Trades. When Bank receives an Instruction directing settlement of a trade in Financial Assets that includes all information required by Bank, Bank shall use reasonable care to effect such settlement as instructed. Settlement of purchases and sales of Financial Assets shall be conducted in accordance with prevailing standards of the market in which the transaction occurs. The risk of loss shall be Customer's Customer s whenever Bank delivers Financial Assets or payment in accordance with applicable market practice in advance of receipt or settlement of the expected consideration. In the case of the failure of Customer's Customer s counterparty to deliver the expected consideration as agreed, Bank shall contact the counterparty to seek settlement and, if the settlement is not received, notify Customer, but Bank shall not be obligated to institute legal proceedings, file proof of claim in any insolvency proceeding, or take any similar action.
Appears in 1 contract
Samples: Global Custody Agreement (Vanguard Fixed Income Securities Funds)