Compulsory Depository definition

Compulsory Depository means a non-U.S. securities depository or clearing agency the use of which is mandatory (x) by law or regulation (y) because Securities cannot be withdrawn from the depository or clearing agency or (z) because maintaining Securities outside the securities depository or clearing agency was not consistent with prevailing local custodial practices.

Compulsory Depository means a Securities Depository the use of which is mandatory by law or regulation or because securities cannot be withdrawn from such Securities Depository, or because maintaining securities outside the Securities Depository would not permit purchases and sales of these securities to occur in accordance with routine settlement timing and procedures in the relevant market.

Compulsory Depository means any Foreign Depository the use of which is mandatory by law or regulation, or because securities cannot be withdrawn from such Foreign Depository, or because maintaining securities outside such Foreign Depository is not consistent with prevailing custodial practices in the relevant market.

Examples of Compulsory Depository in a sentence

• Custodian and Subcustodians are authorized to hold any of the Financial Assets in their accounts with any securities depository in which Custodian or Subcustodians participate, subject in the case of a Compulsory Depository to the provisions set forth in section 9(e) hereof.

• The Custodian shall have no obligation hereunder for costs, expenses, damages, liabilities or claims (including, without limitation, attorneys' or accountants' fees) which are sustained or incurred by reason of any action or inaction by any depository (including any Depository or Compulsory Depository), clearing corporation or other or other agent, sub-custodian or intermediary, unless such action or inaction is caused by the negligence, bad faith or willful misconduct of the Custodian.

• Custodian shall provide risk analysis and monitoring of any such Compulsory Depository as provided in Rule 17f-7 under the Act, and will exercise reasonable care, prudence, and diligence in performing these responsibilities.

• At our election we will be entitled to be subrogated to your rights with respect to any claims you may have against a Subcustodian or Compulsory Depository as a consequence of any loss, damage, cost, expenses, liabilities or claim incurred by us if and to the extent that we have not been made whole by you for any such loss, damage, expense, liability or claim; it being understood that the foregoing does not constitute a representation by you that subrogation will be permitted by applicable law.

• Custodian and Subcustodians are authorized to hold any of the Financial Assets in their accounts with any securities depository in which Custodian or Subcustodians' participant, subject in the case of a Compulsory Depository to the provisions set forth in section 9(e) hereof.

More Definitions of Compulsory Depository

Compulsory Depository means an eligible foreign custodian:

Compulsory Depository means a Securities Depository listed on Appendix 1-A hereto, as the Board, its delegate or its duly authorized officer(s) may amend from time to time, upon notice to First Union.

Compulsory Depository means an eligible foreign custodian underparagraph (d)(2)(ii) of this section, the use of which is mandatory:

Compulsory Depository means a securities depository (as defined in Rule 17f-5(a)(6)) or clearing agency the use of which is compulsory because: (1) its use is required by law or regulation of the particular country or (2) maintaining securities outside the depository is not consistent with prevailing custodial practices in the country which the depository serves. Compulsory Depositories in the jurisdictions covered by this Delegation Agreement as of the date of this Agreement are set forth in Appendix C. Appendix C may be amended upon written notice to the Funds from time to time. In that connection, Delegate shall notify the Funds promptly of pending changes to Appendix C. Delegate shall provide the Trust such information as is specified in Appendix D. It is understood by the parties hereto that in furnishing the information specified by Appendix D, the Delegate is not rendering to the Funds legal, tax, accounting, investment management or other professional services. The opinions of local counsel so furnished are solely those of such counsel and not of the Delegate and the other information so furnished has been derived from sources believed by the Delegate to be reliable. The Delegate does not guarantee the accuracy or timeliness of the opinions or information so furnished. Any notice to be furnished to the Funds in accordance with this Section 5(a) shall be furnished to the Trust.

Compulsory Depository means any securities depository or clearing agency within the meaning of Section (a)(1)(ii) or (a)(1)(iii) of Rule 17f-5, the use of which is mandatory by law or regulation or because securities cannot be withdrawn from such a securities depository or clearing agency or because maintaining securities outside such securities depository or clearing agency is not consistent with prevailing custodial practices in the relevant market. In performing the Delegated Responsibilities, we agree to exercise reasonable care, prudence and diligence such as a person having responsibility for the safe keeping of assets of the Funds would exercise. We also agree to provide information to the Board notifying it of the placement of Fund assets with a particular Compulsory Depository and of any material change in the Funds' arrangements therewith, at such times as the Board deems reasonable and appropriate based on the circumstances of the Funds' foreign custody arrangements.

Compulsory Depository shall have the meaning set forth in Section 2.3.

Compulsory Depository means an eligible foreign custodian: (a) the use of which is mandatory because (1) its use is required by law or regulation, (2) securities cannot be withdrawn from the depository or (3) maintaining securities outside the depository is not consistent with prevailing custodial practices.