Dividends and Interest. Any dividends, interest or other distributions paid with respect to the Collateral held in any Special Custody Account when collected, may be paid by Custodian to Customer or Customer’s designee if, after giving effect thereto, there is Adequate Margin in the Special Custody Account, provided that, upon Advice of Broker to Custodian that a Default has occurred and is continuing (and so long as Broker shall not have given Custodian Advice that such Default is no longer continuing), Custodian shall apply such dividends and interest in accordance with the Advice, from time to time, of Broker to Custodian.
Appears in 3 contracts
Sources: Special Custody Account Agreement (Caldwell & Orkin Funds Inc), Special Custody Account Agreement (Cushing Renaissance Fund), Special Custody Account Agreement (Cushing Royalty & Income Fund)