Status of the Custodian Sample Clauses

The "Status of the Custodian" clause defines the legal standing, responsibilities, and authority of the custodian within the context of the agreement. It typically clarifies whether the custodian acts as an agent, trustee, or in another capacity, and outlines the scope of their duties regarding the assets or information they are entrusted with. By establishing the custodian's role and obligations, this clause ensures all parties understand the custodian's powers and limitations, thereby reducing the risk of misunderstandings or disputes about asset management or control.
Status of the Custodian. Custodian agrees that it is acting as a securities intermediary, as defined in Section 8-102 of the UCC with respect to the Collateral in the Securities Account, except Identified Securities. Custodian agrees, with respect to the Deposit Account, that it is acting as a “bank” as such term is used in Section 9-102(a)(8) of the UCC. The parties hereto agree that (i) the Deposit Account constitutes a “deposit account” within the meaning of Article 9 of the UCC, (ii) the Securities Account constitutes a “securities account” within the meaning of Article 8 of the UCC, and (iii) all Collateral other than cash now or hereafter held, credited or carried by, in or to the credit of Securities Account shall be treated as “financial assets” within the meaning of Article 8 of the UCC.
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Status of the Custodian. Custodian agrees that it is acting as a securities intermediary, as defined in Section 8-102 of the UCC, with respect to the Collateral in the Collateral Account, except Identified Securities. The parties hereto agree that (i) the Collateral Account constitutes a “securities account” within the meaning of Article 8 of the UCC, and (ii) all Collateral, including cash, now or hereafter held, credited or carried by, in or to the credit of Collateral Account shall be treated as “financial assets” within the meaning of Article 8 of the UCC.
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Related to Status of the Custodian

  • DUTIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY OF THE FUND HELD BY THE CUSTODIAN IN THE UNITED STATES

  • Appointment of the Custodian The Trustee may, with the consent of the Master Servicer and the Company, or shall, at the direction of the Company and the Master Servicer, appoint custodians who are not Affiliates of the Company, the Master Servicer or any Seller to hold all or a portion of the Custodial Files as agent for the Trustee, by entering into a Custodial Agreement. Notwithstanding anything to the contrary contained herein, the Company, Master Servicer and Trustee acknowledge that the functions of the Trustee hereunder with respect to the acceptance, custody, inspection and release of Custodial Files, and the preparation and delivery of the Interim Certification required pursuant to Section 2.02, shall be performed by the Custodian as and to the extent set forth in the Custodial Agreement. Subject to Article VIII, the Trustee agrees to comply with the terms of each Custodial Agreement with respect to the Custodial Files and to enforce the terms and provisions thereof against the related custodian for the benefit of the Certificateholders. Each custodian shall be a depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at least $15,000,000 and shall be qualified to do business in the jurisdiction in which it holds any Custodial File. Each Custodial Agreement, with respect to the Custodial Files, may be amended only as provided in Section 11.01. The Trustee shall notify the Certificateholders of the appointment of any custodian (other than the custodian appointed as of the Closing Date) pursuant to this Section 8.11.

  • Responsibility of the Custodian In performing its duties and obligations hereunder, the Custodian shall use reasonable care under the facts and circumstances prevailing in the market where performance is effected. Subject to the specific provisions of this Section, the Custodian shall be liable for any direct damage incurred by the Fund in consequence of the Custodian's negligence, bad faith or willful misconduct. In no event shall the Custodian be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if the Custodian has been advised of the possibility of such damages. It is agreed that the Custodian shall have no duty to assess the risks inherent in the Fund's Investments or to provide investment advice with respect to such Investments and that the Fund as principal shall bear any risks attendant to particular Investments such as failure of counterparty or issuer.

  • Administrative Duties of the Custodian The Custodian shall perform the following administrative duties with respect to Investments of the Fund.

  • Representations of the Custodian The Custodian hereby represents that it is a depository institution subject to supervision or examination by a federal or state authority, has a combined capital and surplus of at least $15,000,000 and is qualified to do business in the jurisdictions in which it will hold any Mortgage File.