Common use of Trade Settlement Clause in Contracts

Trade Settlement. Transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. The Security Provider and the Secured Party understand that when the Custodian is instructed to deliver Eligible Collateral against payment, delivery of such Eligible Collateral and receipt of payment related to such Eligible Collateral may not be completed simultaneously, and in particular, that when the Custodian receives an Instruction to deliver Eligible Collateral against payment or in exchange for Cash (for example in connection with the settlement of a Eligible Collateral transaction or a redemption, exchange, tender offer or similar corporate action) such payment or exchange of Cash may not occur simultaneously with the delivery of Eligible Collateral and therefore the Custodian may deliver such Eligible Collateral before actually receiving final payment for such delivery of Eligible Collateral. Consequently, as a matter of bookkeeping convenience, the Custodian may credit the Cash Accounts with Cash equal to the amount the Custodian anticipates will be received by it or a Depository prior to actual receipt by the Custodian or Depository of the Cash by way of final payment for such delivery of Eligible Collateral. The Security Provider assumes full responsibility for all risks involved in connection with the Custodian’s delivery of Eligible Collateral pursuant to Authorised Instructions in accordance with local market practice.

Trade Settlement. Transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. The Security Provider Each of the Issuer, the Note Trustee and the Secured Party understand Security Trustee understands that when the Custodian is instructed to deliver Eligible Collateral Securities against payment, delivery of such Eligible Collateral Securities and receipt of payment related to such Eligible Collateral Securities may not be completed simultaneously, and in particular, that when the Custodian receives an Authorised Instruction to deliver Eligible Collateral Securities against payment or in exchange for Cash (for example in connection with the settlement of a Eligible Collateral Securities transaction or a redemption, exchange, tender offer or similar corporate action) such payment or exchange of Cash may not occur simultaneously with the delivery of Eligible Collateral Securities and therefore the Custodian may deliver such Eligible Collateral Securities before actually receiving final payment for such delivery of Eligible CollateralSecurities. Consequently, as a matter of bookkeeping convenience, the Custodian may credit the Issuer's Cash Accounts with Cash equal to the amount the Custodian anticipates will be received by it it, a Subcustodian or a Depository prior to actual receipt by the Custodian Custodian, a Subcustodian or Depository of the Cash by way of final payment for such delivery of Eligible CollateralSecurities. The Security Provider Issuer assumes full responsibility for all risks involved in connection with the Custodian’s 's delivery of Eligible Collateral Securities pursuant to Authorised Instructions in accordance with local market practice.

Trade Settlement. Transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. The Security Provider Each of the LLP and the Secured Party understand Security Trustee understands that when the Custodian is instructed to deliver Eligible Collateral Securities against payment, delivery of such Eligible Collateral Securities and receipt of payment related to such Eligible Collateral Securities may not be completed simultaneously, and in particular, that when the Custodian receives an Authorised Instruction to deliver Eligible Collateral Securities against payment or in exchange for Cash (for example in connection with the settlement of a Eligible Collateral Securities transaction or a redemption, exchange, tender offer or similar corporate action) such payment or exchange of Cash may not occur simultaneously with the delivery of Eligible Collateral Securities and therefore the Custodian may deliver such Eligible Collateral Securities before actually receiving final payment for such delivery of Eligible CollateralSecurities. Consequently, as a matter of bookkeeping convenience, the Custodian may credit the LLP's Cash Accounts with Cash equal to the amount the Custodian anticipates will be received by it or it, a Depository prior to actual receipt by the Custodian or Depository of the Cash by way of final payment for such delivery of Eligible CollateralSecurities. The Security Provider LLP assumes full responsibility for all risks involved in connection with the Custodian’s 's delivery of Eligible Collateral Securities pursuant to Authorised Instructions in accordance with local market practice.