Common use of Settlement of Trades Clause in Contracts

Settlement of Trades. (a) When Bank receives an Instruction directing settlement of a transaction in (i.e., purchase or sale of) Financial Assets that includes all information reasonably required by Bank, Bank will use reasonable care and good faith to effect such settlement as instructed. Settlement of transactions in Financial Assets will be conducted in accordance with the rules of the applicable Securities Depository or otherwise in accordance with Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Financial Asset. (b) Bank shall not deliver Financial Assets in advance of receipt or settlement of the expected consideration in cash, or by bank wire transfer, or by credit to the account of Bank, the applicable Subcustodian, or a Securities Depository (in accordance with the rules of such Securities Depository), or otherwise as required by Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Financial Asset, unless instructed to do so by Customer. In the case of the failure of Customer’s counterparty to deliver the expected consideration as agreed, Bank will contact the counterparty to seek settlement, but Bank will not be obligated to institute legal proceedings, file a proof of claim in any insolvency proceeding, or take any similar action; provided, however, that Bank will, and will cause each Subcustodian to, assist the Customer in collecting such amounts. (c) Financial Assets purchased for the account of Customer shall be paid for (i) against delivery thereof to Bank or a Subcustodian, as the case may be, either directly or through a Securities Depository (in accordance with the rules of such Securities Depository), or (ii) otherwise as required by an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Financial Asset.

Settlement of Trades. (a) When Bank receives an Instruction directing settlement of a transaction in (i.e., purchase or sale of) Financial Assets that includes all information reasonably required by Bank, Bank will use reasonable care and good faith to effect such settlement as instructed. Settlement of transactions in Financial Assets will be conducted in accordance with the rules of the applicable Securities Depository or otherwise in accordance with Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Financial Asset. (b) Notwithstanding applicable market standards, Bank shall not deliver Financial Assets in advance of receipt or settlement of the expected consideration in cash, by check or by bank wire transfer, or by credit to the account of Bank, the applicable Subcustodian, or a Securities Depository (in accordance with the rules of such Securities Depository), or otherwise as required by in accordance Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Financial AssetInvestment, unless instructed to do so by Customer. In the case of the failure of Customer’s 's counterparty to deliver the expected consideration as agreed, Bank will contact the counterparty to seek settlement, but Bank will not be obligated to institute legal proceedings, file a proof of claim in any insolvency proceeding, or take any similar action; provided, however, that Bank will, and will cause each Subcustodian to, assist the Customer in collecting such amounts. (c) Financial Assets purchased for the account of Customer shall be paid for (i) against delivery thereof to Bank or a Subcustodian, as the case may be, either directly or through a Securities Depository (in accordance with the rules of such Securities Depository), or (ii) otherwise as required by in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Financial Asset.