Common use of INSTRUCTIONS AND OTHER COMMUNICATIONS Clause in Contracts

INSTRUCTIONS AND OTHER COMMUNICATIONS. 13.1 Instructions in respect of this Agreement shall be given in accordance with the requirements set forth in this clause 13. The Client may, from time to time, give instructions to the Manager directing the Manager to take, or refrain from taking, particular actions under this Agreement. The Manager shall acknowledge instructions by acting upon them unless the Client is promptly advised that the Manager believes such action may not be practicable or might involve any party in a breach of any law, rule or regulation. 13.2 The Manager and the Client may otherwise communicate in writing (by letter or by electronic means such as fax or e-mail) or by telephone or website, except when it is required to communicate in writing by this Agreement. Any such notice or communication in writing may be delivered by hand, or sent by facsimile or by pre-paid first class post as appropriate to the registered office or principal place of business for the time being of the party to whom it is addressed or to such other address as may, from time to time be notified in accordance with this clause 13. Notices given by hand or facsimile shall be deemed to have been given contemporaneously. Notices given by pre-paid first class post shall be deemed to have been given two Business Days after posting. Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive evidence of posting. 13.3 The Manager may rely and act on any instruction or communication which it reasonably believes it has received from the authorised signatories of the Client as being authorised to instruct or communicate with the Manager in respect of the Account and, subject to this clause 13, by whatever means transmitted and, unless the Manager shall have received written notice to the contrary, whether or not the authority of any such person shall have been terminated. The Manager and any delegates shall not be liable for any actions taken or omitted to be taken in good faith pursuant to any instruction or communication (or any instruction or communication purporting to be such or believed to be such by any such entity or entities) received from the Client. 13.4 The Client acknowledges that instructions or communications conveyed by electronic methods such as facsimile or e-mail are not secure forms of communication and may accordingly give rise to higher risks of manipulation or attempted fraud. Facsimiles and e-mails may also be of poor quality and be corrupted in transit and thus unclear, or indeed, may be lost in transit and not arrive at their destination. The Client agrees to indemnify the Manager and any delegates, from and against all losses, costs, actions, proceedings, claims and demands which may be incurred by or brought or made against any such entity or entities, arising directly or indirectly from its or their having acted upon any such facsimile or e-mail communication(s) or (where so authorised by this clause 13) any such facsimile or e-mail instruction(s). 13.5 The Manager’s and the Client’s contact details are as stated in this Agreement or as separately notified by the Client to the Manager for the purposes of this Agreement.

Appears in 5 contracts

Sources: Investment Management Agreement (Accelerant Holdings), Investment Management Agreement (Accelerant Holdings), Investment Management Agreement (Accelerant Holdings)

INSTRUCTIONS AND OTHER COMMUNICATIONS. 13.1 14.1 Instructions in respect of this Agreement shall are to be given and other communications between the parties are to be made by such means as set out in accordance the Service Level Definition. 14.2 Each of the Client and the Manager (as the case may be) shall provide the Custodian with a certificate providing the requirements set forth names, specimen signatures and, as applicable, authority levels of its Authorised Representatives substantially in this clause 13. The Client may, the form of Annex 3 hereof (which may be amended from time to time, give instructions ). The Custodian shall be entitled to rely on any such certificate provided to the Manager directing Custodian by each party until the Custodian has otherwise received an amended certificate from the relevant party or otherwise received a Notice from the relevant party of its revocation of the authority of an Authorised Representative whose name appears on the most recent certificate such party has provided to the Custodian. In the absence of receipt of any notification from the Client specifying any limitations on the authority of the Manager to take, or refrain from taking, particular actions and its Authorised Representatives under this Agreement. The Manager shall acknowledge instructions by acting upon them unless Schedule, the Client is promptly advised that Custodian may rely on the Instructions and other communications from and with the Authorised Representatives of the Manager believes in relation to all matters relating to this Schedule as though such action may not be practicable or might involve any party in a breach of any law, rule or regulationpersons were Authorised Representatives. 13.2 The Manager 14.3 Subject to such information security arrangements as may be agreed between the Custodian and the Client in writing, Instructions may otherwise communicate be given by facsimile at the Client’s sole risk. The Custodian shall not be held liable for acting in writing (accordance with facsimile Instructions which appear to the Custodian to have been made with the Client’s authority. 14.4 In an emergency at the Custodian's absolute discretion, Instructions may be given by letter or telephone, but any such Instructions must be confirmed by electronic means such as fax or e-mail) or by telephone or website, except when it is required to communicate the Client in writing by this Agreement. Any such notice or communication in writing may be delivered by hand, or sent by facsimile or by pre-paid first class post as appropriate to 17.00 hours on the registered office or principal place of business for the time being of the party to whom it is addressed or to such other address as may, from time to time be notified in accordance with this clause 13. Notices given by hand or facsimile shall be deemed to have been given contemporaneously. Notices given by pre-paid first class post shall be deemed to have been given two following Business Days after posting. Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive evidence of posting. 13.3 The Manager may rely and act on any instruction or communication which it reasonably believes it has received from the authorised signatories of the Client as being authorised to instruct or communicate with the Manager Day in respect of the Account and, subject to this clause 13, by whatever means transmitted and, unless Custodian. All oral Instructions shall be given at the Manager Client’s sole risk and the Custodian shall have received written notice to not be held liable for the contraryconsequences arising as a result of it misunderstanding any telephone Instructions accepted and acted on, whether or not they are confirmed in writing. 14.5 Each party may monitor and/or record its telephone conversations with the authority other and/or their Authorised Representatives. All recordings are the property of the recording party and may be used in evidence in any Proceedings brought under Clause 40. 14.6 Where it has acted on Instructions, the Custodian shall have no responsibility for any Liability, howsoever arising, of the Client and will be entitled to rely on the indemnity contained in Clause 0 in respect of any loss, expense or Costs it may incur in acting on such person Instructions. 14.7 The Custodian shall be under no duty to challenge or make any enquiries concerning the validity of Instructions which the Custodian may regard as definitive unless the Custodian declines to act on them pursuant to Clause 0. 14.8 Notwithstanding anything in this Clause 04, the Custodian may (and where the Custodian has delegated any of its duties to a Sub-Custodian, the Custodian may authorise the Sub-Custodian to) without any liability on its part: (a) act on what the Custodian or the Sub-Custodian reasonably believes such Instructions to mean; (b) decline to act on Instructions where to do so would, in the opinion of the Custodian or the Sub-Custodian, involve the Custodian or the Sub-Custodian in acting contrary to any Rules or other duty of the Custodian or the Sub-Custodian; (c) in its absolute discretion (but with no duty to do so) decline to act on Instructions where such Instructions are not of the nature or in the form customarily used by the Client, the Manager or their Authorised Representatives and are not in writing, are incomplete, unclear, ambiguous and/or in conflict with other Instructions received by the Custodian or are believed by the Custodian or the Sub-Custodian on reasonable grounds to have been terminated. The Manager and any delegates shall inaccurately transmitted or not be liable for any actions taken or omitted to be taken genuine; (d) in good faith pursuant its absolute discretion decline to act on Instructions where to do so would result in an unauthorised overdraft or debit balance on the Client’s account; or (e) in its absolute discretion decline to act on Instructions to issue, defend or conduct court or other legal proceedings (including, without limitation, an actual or prospective class action) on behalf of the Client or in respect of any Property; provided that in any case where the Custodian or the Sub-Custodian declines to act on Instructions, the Custodian will notify the Client of such decision as soon as reasonably practicable (except where to do so would be would be contrary to any instruction or communication (or any instruction or communication purporting to be such or believed to be such by any such entity or entities) received from the Client. 13.4 The Client acknowledges that instructions or communications conveyed by electronic methods such as facsimile or e-mail are not secure forms of communication and may accordingly give rise to higher risks of manipulation or attempted fraud. Facsimiles and e-mails may also be of poor quality and be corrupted in transit and thus unclear, or indeed, may be lost in transit and not arrive at their destination. The Client agrees to indemnify the Manager and any delegates, from and against all losses, costs, actions, proceedings, claims and demands which may be incurred by or brought or made against any such entity or entities, arising directly or indirectly from its or their having acted upon any such facsimile or e-mail communication(s) or (where so authorised by this clause 13) any such facsimile or e-mail instruction(sRules). 13.5 The Manager’s and 14.9 Unless the Custodian has received conflicting Instructions, the Custodian or Sub-Custodian may without reference to the Client: (a) exchange Securities where the exchange is purely ministerial including, without limitation, exchanging temporary Securities for definitive Securities and exchanging warrants or other documents evidencing title to Securities for the actual Securities; and (b) perform all such other ancillary acts which the Custodian or any Sub-Custodian may reasonably consider to be necessary or desirable to carry out any Instructions, perform the Services or exercise the Custodian’s contact details are rights under this Schedule. 14.10 Where the Custodian (or where the Custodian has delegated any of its duties to a Sub- Custodian, the Sub-Custodian) has declined to act on Instructions that appear to it in its sole discretion to be incomplete, unclear, ambiguous and/or in conflict with other Instructions received, the Custodian (of the Sub-Custodian, as stated in this Agreement applicable) may, as soon as reasonably practicable upon it becoming evident to the Custodian that the Instructions received were unclear or as separately notified by inadequate for the purpose for which they were presumed to be intended, seek such clarification from the Client to as the Manager for the purposes Custodian requires in respect of this Agreementsuch Instructions.

Appears in 4 contracts

Sources: Agency Agreement, Agency Agreement, Agency Agreement

INSTRUCTIONS AND OTHER COMMUNICATIONS. 13.1 Instructions in respect of this Agreement shall be given in accordance with the requirements set forth in this clause 13. The Client may, from time to time, give instructions to the Manager directing the Manager to take, or refrain from taking, particular actions under this Agreement. The Manager shall acknowledge instructions by acting upon them unless the Client is promptly advised that the Manager believes such action may not be practicable or might involve any party in a breach of any law, rule or regulation. 13.2 The Manager and the Client may otherwise communicate in writing (by letter or by electronic means such as fax or e-mail) or by telephone or website, except when it is required to communicate in writing by this Agreement. Any such notice or communication in writing may be delivered by hand, or sent by facsimile or by pre-paid first class post as appropriate to the registered office or principal place of business for the time being of the party to whom it is addressed or to such other address as may, from time to time be notified in accordance with this clause 13. Notices given by hand or facsimile shall be deemed to have been given contemporaneously. Notices given by pre-paid first class post shall be deemed to have been given two Business Days after posting. Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive evidence of posting. 13.3 The Manager may rely and act on any instruction or communication which it reasonably believes it has received from the authorised signatories of the Client as being authorised to instruct or communicate with the Manager in respect of the Account and, subject to this clause 13, by whatever means transmitted and, unless the Manager shall have received written notice to the contrary, whether or not the authority of any such person shall have been terminated. The Manager and any delegates shall not be liable for any actions taken or omitted to be taken in good faith pursuant to any instruction or communication (or any instruction or communication purporting to be such or believed to be such by any such entity or entities) received from the Client. 13.4 The Client acknowledges that instructions or communications conveyed by electronic methods such as facsimile or e-mail are not secure forms of communication and may accordingly give rise to higher risks of manipulation or attempted fraud. Facsimiles and e-mails may also be of poor quality and be corrupted in transit and thus unclear, or indeed, may be lost in transit and not arrive at their destination. The Client agrees to indemnify the Manager and any delegates, from and against all losses, costs, actions, proceedings, claims and demands which may be incurred by or brought or made against any such entity or entities, arising directly or indirectly from its or their having acted upon any such facsimile or e-mail communication(s) or (where so authorised by this clause 13) any such facsimile or e-mail instruction(s). 13.5 The Manager’s and the Client’s contact details are as stated in this Agreement or as separately notified by the Client to the Manager for the purposes of this Agreement. 13.6 Telephone conversations and electronic communications between the Manager (including its Affiliates, delegates, its duly appointed agents and any of their respective related or associated companies) and the Client may be recorded or monitored. The Client agrees that the Manager may deliver copies or transcripts of such recordings to any court or competent authority. A copy of recordings relating to the handling of orders and transactions is available on request for a period of five (5) years (or, where requested by the FCA, for a period of up to seven (7) years) from the date when the record is made. 13.7 In the interests of proper management and administration of the Account and in order to bring new products or services of the Manager or its Affiliates to the attention of the Client, the Manager, its representatives or employees, may wish to call upon or communicate with the Client by telephone, email or personal visit or otherwise communicate with the Client without express invitation. The Client consents to such communication.

Appears in 2 contracts

Sources: Investment Management Agreement (Accelerant Holdings), Investment Management Agreement (Accelerant Holdings)

INSTRUCTIONS AND OTHER COMMUNICATIONS. 13.1 9.1 Instructions in respect of this Agreement shall are to be given and other communications between the Parties are to be made in accordance with this Clause 9. 9.2 Multrees’ day-to-day operational relationship under this Agreement is with the requirements set forth Manager and not its Customers. Except in this clause 13very limited circumstances, the Manager shall not authorise or permit Customers to provide, communications or Instructions directly to Multrees, and Multrees shall not be required to act on or respond to any such communications or Instructions. The Client may, Manager shall ensure that all or any communications or Instructions from Customers are communicated appropriately through the Manager or Authorised Representatives. Multrees will only communicate directly with a Customer if it has been unable to obtain sufficient Instructions from the Manager. 9.3 The Manager shall provide Multrees with a list (as may be amended from time to time) of the (i) names, give instructions (ii) specimen signatures and (iii) authority levels of its Authorised Representatives in a format acceptable to Multrees. Multrees shall be entitled to rely on such list(s) until otherwise notified by the Manager. 9.4 In the absence of any notification from the Manager specifying any limitations on the authority of its Authorised Representatives under this Agreement, Multrees may rely on the Instructions and other communications from and with the Authorised Representatives in relation to all matters relating to this Agreement as though such persons were the Manager itself. 9.5 Instructions may be transmitted through a secured or tested electronic communication system identified by the Manager and acknowledged and accepted by ▇▇▇▇▇▇▇▇ (including ▇▇▇▇▇), and in so doing the Manager (and any Authorised Representatives) and Multrees shall comply with any agreed security or other procedures established in writing between Multrees and the Manager with respect to such means of Instruction. In particular, the Manager shall safeguard and be solely responsible for the safekeeping of any: (i) test keys, (ii) identification codes, (iii) passwords, (iv) other security devices, or (v) statements of account which are provided to it by ▇▇▇▇▇▇▇▇. In furtherance and not in limitation of the foregoing, in the event the Manager or an Authorised Representative utilises any electronic communication system offered by ▇▇▇▇▇▇▇▇, the Manager shall be fully responsible for: (a) the security of its connecting terminal, (b) access thereto and the proper and authorised use thereof, and (c) the initiation and application of continuing effective safeguards in respect thereof. Additionally, if the Manager or an Authorised Representative uses any online or similar communications service made available by ▇▇▇▇▇▇▇▇, the Manager shall be solely responsible for ensuring the security of its access to such service and the use of such service, and shall only attempt to access the service and Multrees’ computer systems in accordance with any procedures as notified by Multrees from time to time. If ▇▇▇▇▇▇▇▇ provides any computer software to the Manager directing relating to the Services, the Manager (and any Authorised Representatives) will only use the software for the purposes for which ▇▇▇▇▇▇▇▇ provided it to takethe Manager, or refrain from taking, particular actions under this Agreement. The Manager shall acknowledge instructions and will abide by acting upon them unless the Client is promptly advised that licence agreement accompanying such software and any other security policies which ▇▇▇▇▇▇▇▇ notifies to the Manager believes such action may not be practicable or might involve any party in a breach of any law, rule or regulationManager. 13.2 The Manager 9.6 At Multrees’ discretion, in an emergency and the Client may otherwise communicate in writing (by letter or by electronic means such as fax or e-mail) or by telephone or website, except only when it is required to communicate in writing by this Agreement. Any such notice or communication in writing is impossible due to a Force Majeure Event, Instructions may be delivered by hand, or sent by facsimile or by pre-paid first class post as appropriate to the registered office or principal place of business for the time being of the party to whom it is addressed or to such other address as may, from time to time be notified in accordance with this clause 13. Notices given by hand or facsimile shall telephone, but any such Instructions must be deemed to have been given contemporaneously. Notices given confirmed by pre-paid first class post shall be deemed to have been given two Business Days after posting. Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive evidence of posting. 13.3 The Manager may rely and act on any instruction or communication which it reasonably believes it has received from the authorised signatories of the Client as being authorised to instruct or communicate with the Manager in respect writing as soon as possible and in any event by 5pm on the following Business Day in the Principal Jurisdiction. Unless normal communication channels are unavailable due to an act or omission of Multrees, all oral Instructions shall be given at the Account andManager’s sole risk, subject to this clause 13, by whatever means transmitted and, unless and Multrees shall not be held liable for the Manager shall have received written notice to the contraryconsequences arising as a result of it misunderstanding any telephone Instructions accepted and acted on in good faith, whether or not they are confirmed in writing. 9.7 The Parties may monitor and/or record its telephone conversations with each other (and/or their Authorised Representatives). All recordings are the authority property of the recording Party and may be used in evidence in any Proceedings. A copy of such person recordings shall have been terminated. The Manager be retained and any delegates shall not will be liable available on request by either Party for any actions taken or omitted a period of a minimum of five years following the date of the recording. 9.8 Subject to be taken Clause 9.10, where it has acted in good faith pursuant to on and in compliance with Instructions, Multrees shall have no responsibility for any instruction or communication (loss, howsoever arising, of the Manager or any instruction Customer and will be entitled to rely on the indemnities contained in Clause 16 (Indemnification of Multrees) in respect of any loss, expense or communication purporting to be such or believed to be such by costs it may incur in acting on any such entity or entitiesInstructions. 9.9 Where (acting reasonably) Multrees determines that an Instruction is either unclear, incomplete, ambiguous and/or in conflict with other Instructions received from the Client. 13.4 The Client acknowledges that instructions Manager or communications conveyed by electronic methods such as facsimile or e-mail are not secure forms of communication and may accordingly give rise to higher risks of manipulation or attempted fraud. Facsimiles and e-mails may also be of poor quality and be corrupted in transit and thus unclearan Authorised Representative, or indeedhas been inaccurately transmitted or is not genuine, may be lost in transit and not arrive at their destination. The Client agrees it shall promptly give notice of this to indemnify the Manager and the Manager shall clarify the Instruction forthwith. Multrees shall not take any delegatesaction in respect of such an Instruction until it is clarified by the Manager. Multrees shall otherwise be under no duty to challenge or make any enquiries concerning the validity of Instructions which Multrees may regard as definitive unless Multrees declines to act on them pursuant to Clause 9.10. 9.10 Notwithstanding anything in this Clause 9, from Multrees may (and against all losseswhere ▇▇▇▇▇▇▇▇ has delegated any of its duties to a Sub-Custodian, costsMultrees may authorise such Sub- Custodian to) without any liability on its part: (a) subject to the provisions at Clause 9.9 above regarding the clarity of Instructions, actionsact on what Multrees or a Sub-Custodian reasonably believes such Instructions to mean; (b) decline to act on Instructions where to do so would, proceedingsin the reasonable opinion of ▇▇▇▇▇▇▇▇ or a Sub-Custodian, claims involve that party acting contrary to any Rules or FCA Rules or other duty of Multrees or such Sub-Custodian; (c) subject to the provisions at Clause 9.6 above regarding telephone Instructions, in its absolute discretion (acting reasonably) decline to act on Instructions where such Instructions are not of the nature or in the form customarily used by the Manager and demands which may are not in writing; (d) in its absolute discretion decline to act on Instructions where to do so would result in an unauthorised overdraft on a Customer Custody Account or Client Bank Account; or (e) decline to act on Instructions to issue or conduct court or other legal proceedings on behalf of the Manager or a Customer or in respect of any Property where Multrees and/or a relevant Sub-Custodian in its absolute discretion considers that it would not be incurred by appropriate for it to act on such Instructions; provided that in any case where ▇▇▇▇▇▇▇▇ or brought or made against a Sub-Custodian declines to act on Instructions, ▇▇▇▇▇▇▇▇ will notify the Manager of such decision as soon as reasonably practicable (except where to do so would be contrary to any such entity or entities, arising directly or indirectly from its or their having acted upon any such facsimile or e-mail communication(s) or (where so authorised by this clause 13) any such facsimile or e-mail instruction(sRules). 13.5 The Manager’s 9.11 Unless Multrees has received conflicting Instructions, Multrees may itself (or through a Sub-Custodian) and the Client’s contact details are as stated in this Agreement or as separately notified by the Client without reference to the Manager Manager: (a) exchange Securities where the exchange is purely administrative, including (without limitation) (i) exchanging temporary Securities for definitive Securities and (ii) exchanging warrants or other documents evidencing title to Securities for the purposes of actual Securities; and (b) perform all such other ancillary acts which Multrees or any Sub-Custodian may reasonably consider to be necessary or desirable to carry out any Instructions, perform the Services or exercise Multrees’ rights under this Agreement.

Appears in 1 contract

Sources: Custody Agreement

INSTRUCTIONS AND OTHER COMMUNICATIONS. 13.1 15.1 Instructions in respect of this Agreement shall are to be given and other communications between the parties are to be made by such means as set out in accordance the Service Level Definition. 15.2 Each of the Client, the Manager and the Security Trustee (as the case may be) shall provide the Custodian with a certificate providing the requirements set forth names, specimen signatures and, as applicable, authority levels of its Authorised Representatives substantially in this clause 13. The Client may, the form of Schedule 3 (Certificate of Authorised Representatives) hereof (which may be amended from time to time, give instructions ). The Custodian shall be entitled to rely on any such certificate provided to the Manager directing Custodian by any of relevant parties until the Custodian has otherwise received an amended certificate from the relevant party or otherwise received a Notice from the relevant party of its revocation of the authority of an Authorised Representative whose name appears on the most recent certificate such party has provided to the Custodian. In the absence of receipt of any notification from the Client specifying any limitations on the authority of the Manager to take, or refrain from taking, particular actions and its Authorised Representatives under this Agreement. The Manager shall acknowledge instructions by acting upon them unless , the Client is promptly advised that Custodian may rely on the Instructions and other communications from and with the Authorised Representatives of the Manager believes in relation to all matters relating to this Agreement as though such action may not be practicable or might involve any party in a breach of any law, rule or regulationpersons were Authorised Representatives. 13.2 The Manager 15.3 Subject to such information security arrangements as may be agreed between the Custodian and the Client in writing, Instructions may otherwise communicate be given by facsimile at the Client's sole risk. The Custodian shall not be held liable for acting in writing (accordance with facsimile Instructions which appear to the Custodian to have been made with the Client's authority. 15.4 In an emergency at the Custodian's absolute discretion, Instructions may be given by letter or telephone, but any such Instructions must be confirmed by electronic means such as fax or e-mail) or by telephone or website, except when it is required to communicate the Client in writing by this Agreement. Any such notice or communication in writing may be delivered by hand, or sent by facsimile or by pre-paid first class post as appropriate to 17.00 hours on the registered office or principal place of business for the time being of the party to whom it is addressed or to such other address as may, from time to time be notified in accordance with this clause 13. Notices given by hand or facsimile shall be deemed to have been given contemporaneously. Notices given by pre-paid first class post shall be deemed to have been given two following Business Days after posting. Evidence that the notice was properly addressed, stamped and put in the post shall be conclusive evidence of posting. 13.3 The Manager may rely and act on any instruction or communication which it reasonably believes it has received from the authorised signatories of the Client as being authorised to instruct or communicate with the Manager Day in respect of the Account and, subject to this clause 13, by whatever means transmitted and, unless Custodian. All oral Instructions shall be given at the Manager Client's sole risk and the Custodian shall have received written notice to not be held liable for the contraryconsequences arising as a result of it misunderstanding any telephone Instructions accepted and acted on, whether or not they are confirmed in writing. 15.5 Each party may monitor and/or record its telephone conversations with the authority other and/or their Authorised Representatives. All recordings are the property of the recording party and may be used in evidence in any Proceedings brought under this Agreement. 15.6 Where it has acted on Instructions, the Custodian shall have no responsibility for any Liability, howsoever arising, of the Client and will be entitled to rely on the indemnity contained in Clause 21 (Indemnification of the Custodian) in respect of any loss, expense or costs it may incur in acting on such person Instructions. 15.7 The Custodian shall be under no duty to challenge or make any enquiries concerning the validity of Instructions which the Custodian may regard as definitive unless the Custodian declines to act on them pursuant to Clause 15.8. 15.8 Notwithstanding anything in this Clause 15, the Custodian may (and where the Custodian has delegated any of its duties to a Sub-Custodian, the Custodian may authorise the Sub-Custodian to) without any liability on its part: (a) act on what the Custodian or the Sub-Custodian reasonably believes such Instructions to mean; (b) decline to act on Instructions where to do so would, in the opinion of the Custodian or the Sub-Custodian, involve the Custodian or the Sub-Custodian in acting contrary to any Rules or other duty of the Custodian or the Sub-Custodian; (c) in its absolute discretion (but with no duty to do so) decline to act on Instructions where such Instructions are not of the nature or in the form customarily used by the Client, the Manager or their Authorised Representatives and are not in writing, are incomplete, unclear, ambiguous and/or in conflict with other Instructions received by the Custodian or are believed by the Custodian or the Sub-Custodian on reasonable grounds to have been terminated. The Manager and any delegates shall inaccurately transmitted or not be liable for any actions taken or omitted to be taken genuine; (d) in good faith pursuant its absolute discretion decline to act on Instructions where to do so would result in an unauthorised overdraft or debit balance on the Client's account; or (e) in its absolute discretion decline to act on Instructions to issue, defend or conduct court or other legal proceedings (including, without limitation, an actual or prospective class action) on behalf of the Client or in respect of any Property; provided that in any case where the Custodian or the Sub-Custodian declines to act on Instructions, the Custodian will notify the Client of such decision as soon as reasonably practicable (except where to do so would be would be contrary to any instruction or communication (or any instruction or communication purporting to be such or believed to be such by any such entity or entities) received from the Client. 13.4 The Client acknowledges that instructions or communications conveyed by electronic methods such as facsimile or e-mail are not secure forms of communication and may accordingly give rise to higher risks of manipulation or attempted fraud. Facsimiles and e-mails may also be of poor quality and be corrupted in transit and thus unclear, or indeed, may be lost in transit and not arrive at their destination. The Client agrees to indemnify the Manager and any delegates, from and against all losses, costs, actions, proceedings, claims and demands which may be incurred by or brought or made against any such entity or entities, arising directly or indirectly from its or their having acted upon any such facsimile or e-mail communication(s) or (where so authorised by this clause 13) any such facsimile or e-mail instruction(sRules). 13.5 The Manager’s and 15.9 Unless the Custodian has received conflicting Instructions, the Custodian or Sub-Custodian may without reference to the Client’s contact details are as stated in this Agreement : (a) exchange Securities where the exchange is purely ministerial including, without limitation, exchanging temporary Securities for definitive Securities and exchanging warrants or as separately notified by the Client other documents evidencing title to the Manager Securities for the purposes of actual Securities; and (b) perform all such other ancillary acts which the Custodian or any Sub-Custodian may reasonably consider to be necessary or desirable to carry out any Instructions, perform the Services or exercise the Custodian's rights under this Agreement. 15.10 Where the Custodian (or where the Custodian has delegated any of its duties to a Sub-Custodian, the Sub-Custodian) has declined to act on Instructions that appear to it in its sole discretion to be incomplete, unclear, ambiguous and/or in conflict with other Instructions received, the Custodian (of the Sub-Custodian, as applicable) may, as soon as reasonably practicable upon it becoming evident to the Custodian that the Instructions received were unclear or inadequate for the purpose for which they were presumed to be intended, seek such clarification from the Client as the Custodian requires in respect of such Instructions.

Appears in 1 contract

Sources: Custody Agreement