Representations of Foreign Custody Manager and Client Clause Samples
The 'Representations of Foreign Custody Manager and Client' clause defines the assurances and statements made by both the foreign custody manager and the client regarding their authority, capacity, and compliance with relevant laws and regulations. Typically, this clause requires each party to confirm that they are duly authorized to enter into the agreement, that they are not violating any laws or contractual obligations, and that they possess the necessary licenses or approvals to perform their roles. By establishing these representations, the clause helps to ensure that both parties are legally capable of fulfilling their obligations, thereby reducing the risk of disputes or invalid agreements due to misrepresentation or lack of authority.
Representations of Foreign Custody Manager and Client. The Foreign Custody Manager represents to Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 19.2 as is incurred by placing and maintaining the Client’s Foreign Assets in each Covered Foreign Country.
Representations of Foreign Custody Manager and Client. The Foreign Custody Manager represents to Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 18.2 as is incurred by placing and maintaining the Client’s Foreign Assets in each Covered Foreign Country. Information Classification: Limited Access
Representations of Foreign Custody Manager and Client. The Foreign Custody Manager represents to Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first Information Classification: Confidential Information Classification: Limited Access 8 sentence of Section 19.2 as is incurred by placing and maintaining the Client’s Foreign Assets in each Covered Foreign Country.