Common use of CREST Clause in Contracts

CREST. 1.1 Where the Custodian provides any services to the Issuer in connection with the holding of property within CREST, the Issuer acknowledges for the benefit of Euroclear UK & Ireland Limited ("EUI") and the Custodian that the holding of securities for its account on the Custodian's/its nominees' CREST accounts and all transactions over those CREST accounts or otherwise in relation to facilities relating to the Custodian's and/or its nominees' membership of CREST will be subject to all of the provisions of the CREST membership agreement between EUI and the Custodian (the "CREST Membership Agreement") and to the CREST Requirements including and in particular (but without limiting the generality of the foregoing): (a) that the Securities are to be introduced into CREST only if they have been purchased or are held on terms authorising the holder to deal with them free from any proprietary or equitable interest of any other person and in particular free from any unpaid vendor's lien; and (b) that EUI with certain limited exceptions expressly provided for in the CREST Membership Agreement, is exempt from liability caused directly by or indirectly by the provision or operation of CREST or any art thereof, or by any loss, interruption or failure in the provision or operation of CREST or any part thereof, and that CREST is entitled without liability to act without further enquiry on instructions or information or purported instructions or information received through CREST or otherwise in accordance with the CREST Manual or the CREST Rules.