Foreign Branches of U Sample Clauses

Foreign Branches of U. S. banks are eligible to act as trustee or custodian of unit investment trusts under Section 26(a)(1) of the Investment Company Act of 1940, as amended, (the “1940 Act”) and therefore possession of Portfolio Assets by such Foreign Branches would comply with the provisions of Section 26(a)(2)(D) of the 1940 Act. In rendering the foregoing opinion we have not considered, among other things, the merchantability of the Portfolio Assets, whether the Portfolio Assets have been duly authorized and delivered or the tax status of the Portfolio Assets under any federal, state or local laws. We are members of the New York Bar only and do not hold ourselves out as experts on, nor do we express any opinion as to, the laws of any jurisdiction other than the laws of the State of New York and the federal laws of the United States. This opinion is for your benefit and may not be disclosed to or relied upon by any other person without our prior written consent. Very truly yours, /s/ Xxxxxx & Xxxxxxx LLP