Customary Practices. Settlement of transactions may be effected in accordance with trading and processing practices customary in the jurisdiction or market where the transaction occurs. The Company acknowledges that this may, in certain circumstances, require the delivery of cash or Securities (or other property) without the concurrent receipt of Securities (or other property) or cash. In such circumstances, the Custodian shall have no responsibility for nonreceipt of payments (or late payment) or nondelivery of Securities or other property (or late delivery) by the counterparty unless it has breached its standard of care under this Agreement.
Appears in 6 contracts
Sources: Mutual Fund Custody and Services Agreement (Gabelli Utility Trust), Mutual Fund Custody and Services Agreement (Gabelli Equity Trust Inc), Mutual Fund Custody and Services Agreement (Gabelli Utility Trust)