Depository Notes Sample Clauses
The Depository Notes clause defines the terms and conditions under which notes or securities are held in a depository system rather than in physical form. Typically, this clause outlines the procedures for issuing, transferring, and evidencing ownership of such notes through electronic records maintained by a central depository, such as a clearing house or securities depository. By establishing a standardized framework for handling depository notes, the clause facilitates efficient trading, reduces the risks associated with physical certificates, and ensures clear record-keeping of ownership and transfers.
Depository Notes. The parties agree that in the administering of Bankers’ Acceptances, each Canadian Lender may avail itself of the debt clearing services offered by a clearing house for depository notes pursuant to the Depository Bills and Notes Act (Canada) and that the procedures set forth in Section 3.02 be deemed amended to the extent necessary to comply with the requirements of such debt clearing services.