Common use of Care of Property; Reliance on Instructions Clause in Contracts

Care of Property; Reliance on Instructions. a. Custodian shall exercise the same care with respect to the Pledged Securities as custodian exercises with respect to custodian's own property. Custodian assumes responsibility only for loss to any Pledged Securities occasioned by the negligence of, or conversion, misappropriation or theft by custodian's agents and/or employees, and then only to the extent of the market value on the date of the discovery of the loss. Custodian, at its option, may insure itself against loss from any cause but shall be under no obligation to obtain insurance directly for the benefit of either PMIB or Depository Bank.

Care of Property; Reliance on Instructions. a. Custodian shall exercise the same care with respect to the Pledged Securities as custodian exercises with respect to custodian's own property. Custodian assumes responsibility only for loss to any Pledged Securities occasioned by the negligence of, or conversion, misappropriation or theft by custodian's agents and/or employees, and then only to the extent of the market value on the date of the discovery of the loss. Custodian, at its option, may insure itself against loss from any cause but shall be under no obligation to obtain insurance directly for the benefit of either PMIB or Depository Bankdepository bank.