Common use of Payment and Delivery Instructions Clause in Contracts

Payment and Delivery Instructions. Client stipulates and acknowledges that in some securities markets, securities deliveries and payments may not be, or are not customarily, made simultaneously. Accordingly, Client agrees that, notwithstanding the giving of Authorized Instructions to deliver Securities against payment or to pay for Securities against delivery, Custodian may make or accept payment for, or may deliver, Securities in such form, at such time and in such manner as shall be in accordance with the customs prevailing in the relevant market or among professional custodians engaged in the banking or trust company industry and having professional expertise in financial and securities processing transactions and custody services.

Payment and Delivery Instructions. Client stipulates and acknowledges that in some securities markets, securities deliveries and payments may not be, or are not customarily, made simultaneously. Accordingly, Client agrees that, notwithstanding the giving of Authorized Instructions to deliver Securities against payment or to pay for 14 Securities against delivery, Custodian may make or accept payment for, or may deliver, Securities in such form, at such time and in such manner as shall be in accordance with the customs prevailing in the relevant market or among professional custodians engaged in the banking or trust company industry and having professional expertise in financial and securities processing transactions and custody services.