Futures and Over-the-Counter (OTC) Contracts Sample Clauses

Futures and Over-the-Counter (OTC) Contracts. If, pursuant to an Instruction, the Custodian shall become a party to an agreement with the Fund and a futures commission merchant regarding margin or a counterparty to an OTC contract (Tri-Party Agreement), the Custodian shall (a) receive and retain, to the extent the same is provided to the Custodian, confirmations or other documents evidencing the purchase or sale by the Fund of exchange-traded futures contracts or the entering into of an option, forward or other derivatives transaction by the Fund; (b) when required by such Tri-Party Agreement, deposit and maintain in an account opened pursuant to such Agreement (Margin Account) segregated either physically or by book-entry in a Securities Depository for the benefit of any futures commission merchant, such Investments as the Fund shall have designated as initial, maintenance or variation “margin” deposits or other collateral intended to secure the Fund’s performance of its obligations under the terms of any exchange-traded futures contracts and commodity options; and (c) thereafter pay, release or transfer Investments into or out of the Margin Account in accordance with the provisions of such Tri-Party Agreement. Alternatively, the Custodian may deliver Investments, in accordance with an Instruction, to a futures commission merchant for margin purposes or to the counterparty or its custodian. The Custodian shall in no event be responsible for the acts and omissions of any futures commission merchant or the counterparty or its custodian, to whom Investments are delivered pursuant to this Section; for the sufficiency of Investments held in any Margin Account; for funding margin deposits or otherwise providing Advances (as defined in Section 13) for the purpose of margin or other collateral in any Margin Account; or, for the performance of any terms of any exchange-traded futures contracts, commodity options, forward contracts and other derivative transactions. In addition, the Custodian shall not be required to transfer margin or any other assets of the Fund to a Margin Account if at the time of such request, such transfer would reduce the aggregate market value of all unencumbered securities, cash, cash equivalents and other unencumbered liquid assets of the Fund in the custody of the Custodian to less than ten (10) percent of the then current net asset value of the Fund.
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Related to Futures and Over-the-Counter (OTC) Contracts

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