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.