Central Securities Depositories Clause Samples

The Central Securities Depositories clause defines the role and use of central securities depositories (CSDs) in the holding and transfer of securities under the agreement. It typically specifies that securities may be held through a CSD, outlines the procedures for settlement and transfer within such systems, and may address the rights and obligations of parties when securities are immobilized or dematerialized. This clause ensures clarity and legal certainty regarding the handling of securities in modern electronic settlement systems, reducing operational risk and facilitating efficient transactions.
Central Securities Depositories 
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Related to Central Securities Depositories

  • Subcustodians and Securities Depositories Subject to the provisions hereinafter set forth in this Section 8, the Fund hereby authorizes the Custodian to utilize Securities Depositories to act on behalf of the Fund and to appoint from time to time and to utilize Subcustodians. With respect to securities and funds held by a Subcustodian, either directly or indirectly (including by a Securities Depository or Clearing Corporation), notwithstanding any provisions of this Agreement to the contrary, payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment, respectively, and securities or payment may be received in a form, in accordance with (a) governmental regulations, (b) rules of Securities Depositories and clearing agencies, (c) generally accepted trade practice in the applicable local market, (d) the terms and characteristics of the particular Investment, or (e) the terms of Instructions.