Possessed Securities definition

Possessed Securities those securities or other assets which (x) are evidenced by physical certificates, (y) are certificated securities as defined in the UCC (as defined below) registered in the name of Customer, a Series or a third-party agent of Customer or such Series but in all cases such assets are not registered in the name of Custodian or its nominee and (z) are possessed by Custodian directly or indirectly through a Depository or Subcustodian and reflected in the Account.

Examples of Possessed Securities in a sentence

• BNY Mellon agrees to hold Possessed Securities as bailee for Customer.

• BNY Mellon shall maintain continuous possession of the certificated securities evidencing Possessed Securities; provided, however, that BNY Mellon expressly disclaims any ability to “control” (within the meaning of the UCC) the Possessed Securities or otherwise exercise any rights in respect thereof or at the direction of Customer or a Series.

• If any Assets, Investment Files or Possessed Securities remain in any Account after termination, BNY Mellon may deliver to Customer such Assets, Investment Files or Possessed Securities.

• BNY Mellon may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, Investment Files or Possessed Securities, or interest, dividends or other distributions payable on Securities, Investment Files and Possessed Securities, prior to its actual receipt thereof.

• BNY Mellon may follow Instructions with respect to Third Party Data, even if such Instructions direct BNY Mellon to override its usual procedures and data sources or if BNY Mellon, in performing services for itself or others (including services similar to those performed for Customer), receives different Third Party Data for the same or similar Securities, Investment Files or Possessed Securities.

• BNY Mellon will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets, Investment Files, Possessed Securities and other items; provided that (a) BNY Mellon will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation, costs, expenses and other amounts to which it is entitled hereunder.

• BNY Mellon will establish and maintain one or more accounts for each Series in which BNY Mellon will hold Assets, Investment Files and Possessed Securities relating to the relevant Series as provided herein (each, an “Account,” and collectively, the “Accounts”).

• BNY Mellon will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets, Possessed Securities and other items; provided that (a) BNY Mellon will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation, costs, expenses and other amounts to which it is entitled hereunder.

• BNY Mellon may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, Possessed Securities or interest, dividends or other distributions payable on Securities or Possessed Securities prior to its actual receipt thereof.

• If any Assets or Possessed Securities remain in any Account after termination, BNY Mellon may deliver to Customer such Assets or Possessed Securities.