Common use of Custody of Investments Clause in Contracts

Custody of Investments. Acceptance of these terms confirms the appointment of PSIL as your custodian and provides authority for PSIL to hold your investment in safe custody, to transfer securities from your account to meet sales affected for your account, acceptance of offers, or other matters covered by our services and these terms and the Pershing Agreement. You acknowledge that PSIL does not accept responsibility for, or have any obligations in relation to, any monies or securities delivered by you until such monies or securities are received by PSIL or delivered into an account in the name of PSIL, its nominee or its agent. You consent that your investments will not be registered in your own name. Documents of title to your investments shall be held in physical or dematerialised form by PSIL or an Eligible Third Party. Your investments will be held in a safe custody account designated as a client asset account and will be registered either in the name of an eligible nominee company or eligible custodian selected by PSIL in accordance with the CBOI Client Assets Regulations. PSIL will exercise due skill, care and diligence in the selection, appointment and periodic review of any Eligible Third Party and the arrangements for holding and safekeeping of your investments. In exercising such due skill and care, PSIL undertakes an initial due diligence of such Eligible Third Parties which is then repeated on an annual basis. Such due diligence includes, but is not limited to, credit risk review, the review of the legal and regulatory framework in the country where such Eligible Third Party is appointed to act for PSIL and a review of the service provided to PSIL. Notwithstanding the foregoing, PSIL shall not be responsible for any acts, omissions or default of any such Eligible Third Party nominee company, custodian, sub- custodian, securities depositary, intermediate broker or settlement agent, clearing or settlement system or participant in such a system (other than an associate of PSIL) save where such a default is caused by fraud, wilful default, or negligence on the part of PSIL or its nominee company. PSIL may use the services of any custodian, securities depository, clearing or settlement system, any participant in such a system or any associate of PSIL, (each an “Third Party Custody Providers”) to provide custody services in relation to your investments. PSIL may also appoint sub-custodians (including sub-custodians overseas) being eligible custodians, to hold investments for your account on such terms as PSIL considers appropriate. PSIL may use any intermediate brokers or settlement agents (including non Irish brokers) or a Third Party Custody Provider in relation to transactions effected hereunder and pass money or investments held for your account to such brokers or settlement agents. Although PSIL will seek to ensure that adequate arrangements are made to safeguard your ownership rights, especially in the event of its own insolvency, your investments may be at risk if an Eligible Third Party becomes insolvent. Xxxxxx does not accept liability or responsibility for the acts or omissions of the custodians or for the safe custody obligations of any third party (including any Eligible Third Party).

Custody of Investments. Acceptance of these terms confirms the appointment of PSIL as your custodian and provides authority for PSIL to hold your investment in safe custody, to transfer securities from your account to meet sales affected for your account, acceptance of offers, or other matters covered by our services and these terms and the Pershing Agreement. You acknowledge that PSIL does not accept responsibility for, or have any obligations in relation to, any monies or securities delivered by you until such monies or securities are received by PSIL or delivered into an account in the name of PSIL, its nominee or its agent. You consent that your investments will not be registered in your own name. Documents of title to your investments shall be held in physical or dematerialised form by PSIL or an Eligible Third Party. Your investments will be held in a safe custody account designated as a client asset account and will be registered either in the name of an eligible nominee company or eligible custodian selected by PSIL in accordance with the CBOI Client Assets Regulations. PSIL will exercise due skill, care and diligence in the selection, appointment and periodic review of any Eligible Third Party and the arrangements for holding and safekeeping of your investments. In exercising such due skill and care, PSIL undertakes an initial due diligence of such Eligible Third Parties which is then repeated on an annual basis. Such due diligence includes, but is not limited to, credit risk review, the review of the legal and regulatory framework in the country where such Eligible Third Party is appointed to act for PSIL and a review of the service provided to PSIL. Notwithstanding the foregoing, PSIL shall not be responsible for any acts, omissions or default of any such Eligible Third Party nominee company, custodian, sub- sub-custodian, securities depositary, intermediate broker or settlement agent, clearing or settlement system or participant in such a system (other than an associate of PSIL) save where such a default is caused by fraud, wilful default, or negligence on the part of PSIL or its nominee company. PSIL may use the services of any custodian, securities depository, clearing or settlement system, any participant in such a system or any associate of PSIL, (each an “Third Party Custody Providers”) to provide custody services in relation to your investments. PSIL may also appoint sub-custodians (including sub-sub- custodians overseas) being eligible custodians, to hold investments for your account on such terms as PSIL considers appropriate. PSIL may use any intermediate brokers or settlement agents (including non Irish brokers) or a Third Party Custody Provider in relation to transactions effected hereunder and pass money or investments held for your account to such brokers or settlement agents. Although PSIL will seek to ensure that adequate arrangements are made to safeguard your ownership rights, especially in the event of its own insolvency, your investments may be at risk if an Eligible Third Party becomes insolvent. Xxxxxx does not accept liability or responsibility for the acts or omissions of the custodians or for the safe custody obligations of any third party (including any Eligible Third Party).

Custody of Investments. Acceptance of these terms confirms the appointment of PSIL as your custodian and provides authority for PSIL to hold your investment in safe custody, to transfer securities from your account to meet sales affected effected for your account, acceptance of offers, or other matters covered by our services and these terms and this agreement. Where you have elected to use the Pershing Agreement. You acknowledge that PSIL does not accept responsibility for, or have any obligations in relation to, any monies or securities delivered by you until such monies or securities are received by PSIL or delivered into an account in the name safe custody services of PSIL, its nominee or its agent. You you consent that your investments will not be registered in your own name. Documents of title to your investments shall be held in physical or dematerialised form by PSIL or an Eligible Third Party. Your investments will be held in a safe custody account designated as a client asset account and will be registered either in the name of an eligible a nominee company owned by PSIL, a member of PSIL’s group, an exchange which is a regulated market, or eligible custodian selected by PSIL an Eligible Third Party, in accordance with the CBOI Client Assets RegulationsRequirements. PSIL will exercise due skill, care and diligence in the selection, appointment and periodic review of any Eligible Third Party and the arrangements for holding and safekeeping of your investments. In exercising such due skill and care, PSIL undertakes an initial due diligence of such Eligible Third Parties which is then repeated on an annual basis. Such due diligence includes, but is not limited to, credit risk review, the review of the legal and regulatory framework in the country where such Eligible Third Party is appointed to act for PSIL and a review of the service provided to PSIL. Notwithstanding the foregoing, PSIL shall not be responsible for any acts, omissions or default of any such Eligible Third Party nominee company, custodian, sub- custodian, securities depositary, intermediate broker or settlement agent, clearing or settlement system or participant in such a system (other than an associate of PSIL) save where such a default is caused by fraud, wilful default, default or negligence on the part of PSIL or its nominee company. PSIL may use the services of any custodian, securities depository, clearing or settlement system, any participant in such a system or any associate of PSIL, (each an “Third Party Custody Providers”) to provide custody services in relation to your investments. PSIL may also appoint sub-custodians (including sub-custodians overseas) being eligible custodians, to hold investments for your account on such terms as PSIL considers appropriate. PSIL may use any intermediate brokers or settlement agents (including non Irish brokers) or a Third Party Custody Provider in relation to transactions effected hereunder and pass money or investments held for your account to such brokers or settlement agents. Although PSIL will seek to ensure that adequate arrangements are made to safeguard your ownership rights, especially in the event of its own insolvency, your investments may be at risk if an Eligible Third Party becomes insolvent. Xxxxxx does not accept liability or responsibility for the acts or omissions of the custodians or for the safe custody obligations of any third party (including any Eligible Third Party).. Warning: In the event that an Eligible Third Party becomes insolvent you may not receive back all or any of the assets or funds that the Eligible Third Party holds on your behalf. In the event that you instruct Xxxxxx in writing that investments purchased through Cantor/PSIL be held in certificated form in your name or be registered in the name of some other person (other than PSIL, Xxxxxx, their agents or nominees) whom you specify, you will bear the risk and responsibility for the holding and registration of such investments. PSIL shall, where it has agreed to do so, administer any such investments in accordance with the provisions of these terms. You consent to the fact that your investments may be registered either in the name of an eligible nominee wholly owned by PSIL, a member of PSIL’s group, an exchange which is a regulated market, or an Eligible Third Party, in accordance with the CBOI Client Assets Requirements. Additionally, you consent to the fact that overseas investments may be registered or recorded in the name of an Eligible Third Party or in the name of PSIL in one or more jurisdictions outside of Ireland where, due to legal requirements or the nature of market practice in the jurisdictions concerned, it is not in your best interest or it is not feasible to do otherwise. Please refer to paragraph 8 below in relation to the consequences of your investments being held overseas. You acknowledge that any investments held with an Eligible Third Party may be subject under the applicable laws to a right of security, lien, set-off, retention or sale or other encumbrance in favour of such Eligible Third Party. Your investments will be segregated from investments belonging to PSIL. Investments registered or recorded in the name of an Eligible Third Party may be pooled with those of one or more of PSIL’s or Xxxxxx’x other clients. The effect of pooling is described in paragraph 9 below. PSIL may use a wide range of Eligible Third Parties globally to hold your investments. You should be aware that PSIL may use another company in the group of companies to which PSIL belongs as an Eligible Third Party. All instructions regarding the administration of investments held by or to the order of PSIL on your behalf should be made in writing to Xxxxxx, for onward transmission to PSIL. PSIL will be responsible for claiming and receiving dividends, interest payments and other entitlements accruing in relation to investments held by or to the order of PSIL. Xxxxxx will be responsible for instructing PSIL to: