State Street. .. has given PIMCO 2 days’ notice of the amount due and of its intent to so utilize and dispose of custodied Assets; and
State Street the custodian for the Acquiring Fund, shall deliver as soon as practicable after the Closing a certificate of an authorized officer stating that: (a) the Acquired Fund's portfolio securities, cash and any other assets have been delivered in proper form to the Acquiring Fund on the Closing Date and (b) all necessary taxes, including all applicable federal and state stock transfer stamps, if any, have been paid, or provision for payment has been made, in conjunction with the delivery of portfolio securities.
State Street. .. has given PIMCO 2 days’ notice of the amount due and of its intent to so utilize and dispose of custodied Assets; and (ii) the applicable Portfolio shall not have satisfied the obligation. During such 2 day notice period, PIMCO shall have the option to direct State Street … regarding which and in what priority order custodied Assets are to be utilized and disposed of.” As we discussed, several of the PIMCO portfolios have implemented trading strategies that involve voluminous intraday trading activity of securities settling via Fed Book Entry prior to available funding. This trading results in substantial intraday overdrafts in the related PIMCO accounts. The Fed allows State Street to collateralize such overdrafts by way of State Street’s assignment of its custodial lien rights. State Street believes that the Lien Limitation precludes State Street from pledging PIMCO’s assets to the Fed in order to collateralize PIMCO’s intraday overdrafts. Accordingly, State Street must currently indicate to the Fed that PIMCO’s Fed Book Entry assets are not available for pledging. As we discussed, in order to eliminate the problem described above and clarify our mutual understanding of the intent of the Lien Limitation in each of the Custody Agreements, each of the PIMCO entities listed below hereby agrees to waive the Lien Limitation with respect to PIMCO’s custodied assets solely for the purpose of allowing State Street to assign its custodial lien rights with respect to such assets to the Fed in order to allow State Street to collateralize trades through the applicable Fed Book Entry account. Please acknowledge your receipt of and agreement with this letter by signing the enclosed duplicate original and returning it to the undersigned for State Street’s contract file. If you have any questions or concerns, please call me at (000) 000-0000. Sincerely, Xxxxx Xxxx Acknowledge and Agreed: STOCKSPLUS, L.P. PIMCO COMMERCIAL MORTGAGE STOCKSPLUS SUB-FUND B, LLC SECURITIES TRUST, INC., RED RIVER HYPi, LP /s/ Xxxx X. Xxxxxxxx /s/ Xxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxx Title: Treasurer Title: Vice President PIMCO VARIABLE INSURANCE TRUST STOCKPLUS MANAGEMENT, INC. (on its own behalf) /s/ Xxxx X. Xxxxxxxx /s/ Xxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxx Title: Treasurer Title: Vice President PIMCO PRIVATE SERIES COMPANY, LLC /s/ Xxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxx Title: Treasurer PACIFIC INVESTMENT MANAGEMENT COMPANY, LLC, as man...
State Street as Foreign Custody Manager ---------------------------------------
State Street. SECTION 3.01 State Street hereby represents and xxxxxxxx xx Xxxxxxxx xxx xx xxx Xxxxxx xxxx Xtate Street is qualified to act as Custodian under the Custody Agreement.
State Street. In the case of State Street, the filing of the Complaint and the TRO;
State Street. After acceptance of this proposal and commencement of review and negotiation of documents, if the transaction fails to close for reasons beyond the control of State Street, we expect the party requesting these services to pay State Street's acceptance fee, legal fees and out-of-pocket expenses. Dated: July 9, 2002
