Receipt of Securities. Except as permitted by the second paragraph of this section, the Custodian or its agent shall hold in a separate account or accounts, and physically segregated at all times from those of any other persons, firms or corporations, pursuant to the provisions hereof, all securities received by it for the account of the Corporation. The Custodian shall record and maintain a record of all certificate numbers. Securities so received shall be held in the name of the Corporation, in the name of an exclusive nominee duly appointed by the Custodian or in bearer form, as appropriate. Subject to such rules, regulations or guidelines as the Securities and Exchange Commission may adopt, the Custodian may deposit all or any part of the securities owned by the Corporation in a securities depository which includes any system for the central handling of securities established by a national securities exchange or a national securities association registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or such other person as may be permitted by the Commission, pursuant to which system all securities of any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities. All securities are to be held or disposed of by the Custodian for, and subject at all times to the instructions of, the Corporation pursuant to the terms of this Agreement. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities, except pursuant to the directive of the Corporation and only for the account of the Corporation as set forth in Section 6 of this Agreement.
Receipt of Securities. (a) Except as provided by Paragraphs 7(c), 8, 27, or 28(g) hereof, and except as otherwise directed by Oral or Written Instructions described in Paragraph 11 hereof, Custodian shall hold and physically segregate in a separate account with respect to each Fund, identifiable from those of any other person, all securities and non-cash property received by it for the Funds. All such securities and non-cash property are to be held or disposed of by Custodian for each Fund pursuant to the terms of this Agreement. In the absence of Written Instructions accompanied by a certified vote authorizing the specific transaction by the Trust's Board of Trustees, and subject to Paragraph 25 hereof, Custodian shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities and investments, except in accordance with the express terms provided for in this Agreement. In no case may any Trustee, officer, employee or agent of the Trust withdraw any securities. In connection with its duties under this Paragraph 7(a), Custodian may enter into sub-custodian agreements with other banks or trust companies for the receipt of certain securities and cash to be held by Custodian for the account of a Fund pursuant to this Agreement, provided Custodian obtains the prior written approval of the Trust to any such sub-custody arrangement. Custodian will provide the Trust with a copy of each sub-custodian agreement it executes pursuant to this Paragraph 7(a). Custodian shall be liable for acts or omissions of any such sub-custodian selected by it pursuant to this Paragraph 7(a), under the standards of care provided for herein, except for any such sub-custodian engaged at the specific direction of the Funds. Notwithstanding anything herein to the contrary, this Paragraph 7(a) shall not apply to Custodian's engagement of foreign sub-custodians, which shall instead be governed by Paragraph 27 hereof.
Receipt of Securities. Except as permitted by the second paragraph of this section, the Custodian or its agent shall hold in a separate account or accounts, and physically segregated at all times from those of any other persons, firms or corporations, pursuant to the provisions hereof, all securities received by it for the account of the Fund. The Custodian shall record and maintain a record of all certificate numbers. Securities so received shall be held in the name of the Fund, in the name of an exclusive nominee duly appointed by the Custodian or in bearer form, as appropriate. Subject to such rules, regulations or guidelines as the SEC may adopt, the Custodian may deposit all or any part of the securities owned by the Fund in a "securities depository" which includes any system for the central handling of securities established by a national securities exchange or a national securities association registered with the SEC under the Securities Exchange Act of 1934, or such other person as may be permitted by the Commission, pursuant to which system all securities of any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities. All securities are to be held or disposed of by the Custodian for, and subject at all times to the instructions of, the Corporation pursuant to the terms of this Agreement. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities, except pursuant to the directive of the Fund and only for the account of the Fund as set forth in Section 6 of this Agreement.
Receipt of Securities. The Fund agrees to place all of the Securities of each Series in its account with the Custodian, but the Custodian shall not be under any obligation or duty to determine whether all Securities of any Series are being so deposited, or to require that such Securities be so deposited, or to take any action or give any notice with respect to the Securities not so deposited. The Custodian agrees to hold such Securities in the account of the Series designated by the Fund, in the name of the Fund or of bearer or of a nominee of the Custodian, and in conformity with the terms of this Agreement. The Custodian also agrees, upon Written Order from the Fund, to receive from persons other than the Fund and to hold in the account of the Series designated by the Fund Securities specified in said Written Order of the Fund, and, if the same are in proper form, to cause payment to be made therefor to the persons from whom such Securities were received, from the funds of the applicable Series held by the Custodian in said account in the amounts provided and in the manner directed by the Written Order from the Fund. The Custodian agrees that all Securities of each Series placed in its custody shall be kept physically segregated at all times from those of any other Series, person, firm or corporation, and shall be held by the Custodian with all reasonable precautions for the safekeeping thereof. Upon delivery of any Securities of any Series to a subcustodian pursuant to Article 3 of this Agreement, the Custodian will create and maintain records identifying those assets which have been delivered to the subcustodian as belonging to the applicable Series.
Receipt of Securities. (i) PNC Bank shall hold all securities received by it for the account of the Fund in a separate account that physically segregates such securities from those of any other persons, firms or corporations, except for securities held in a Book-Entry System. All such securities shall be held or disposed of only upon Written Instructions of the Fund pursuant to the terms of this Agreement. PNC Bank shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities or investment, except upon the express terms of this Agreement and upon Written Instructions, accompanied by a certified resolution of the Fund's Governing Board, authorizing the transaction. In no case may any member of the Fund's Governing Board, or any officer, employee or agent of the Fund withdraw any securities. At PNC Bank's own expense and for its own convenience, PNC Bank may enter into sub-custodian agreements with other banks or trust companies to perform duties described in this sub-paragraph c. Such bank or trust company shall have an aggregate capital, surplus and undivided profits, according to its last published report, of at least one million dollars ($1,000,000), if it is a subsidiary or affiliate of PNC Bank, or at least twenty million dollars ($20,000,000) if such bank or trust company is not a subsidiary or affiliate of PNC Bank. In addition, such bank or trust company must agree to comply with the relevant provisions of the 1940 Act and other applicable rules and regulations. PNC Bank shall remain responsible for the performance of all of its duties as described in this Agreement and shall hold the Fund harmless from PNC Bank's own (or any sub-custodian chosen by PNC Bank under the terms of this sub-paragraph c) acts or omissions, under the standards of care provided for herein. (d)
Receipt of Securities. (a) The Custodian shall hold in safekeeping in a separate account, and physically segregated at all times from those of any other persons, firms, corporations or trusts or any other series of the Trust, pursuant to the provisions hereof, all securities received by it from or for the account of each series of the Trust, and the Trust will deliver or cause to be delivered to the Custodian all securities owned by the Trust. All such securities are to be held or disposed of by the Custodian under, and subject at all times to the instructions pursuant to, the terms of this Agreement. The Custodian shall have no power or authority to assign, hypothecate, pledge, lend or otherwise dispose of any such securities and investments, except pursuant to instructions and only for the account of the Trust as set forth in Section 5 of this Agreement.
Receipt of Securities. In accordance with Proper Instructions, the Bank shall pay for Securities purchased out of monies held in the Custody Account and receive Securities purchased for the account of the Company. The Bank shall notify the Company promptly (and in any event no later than the next business day) of any failure to receive Securities.
Receipt of Securities. (a) Except as provided by paragraph 12 hereof, the Custodian shall hold all securities and non-cash Property received by it for the Trust. All such securities and non-cash Property are to be held or disposed of by the Custodian for the Trust pursuant to the terms of this Agreement. In the absence of Proper Instructions, the Custodian shall have no power or authority to withdraw, deliver, assign, hypothecate, pledge or otherwise dispose of any such securities and non-cash Property, except in accordance with the express terms provided for in this Agreement. In no case may any trustee, officer, employee or agent of the Trust, acting as individuals, withdraw any securities or non-cash Property.
Receipt of Securities. Custodian shall hold in a separate account, and physically segregated at all times from those of any other persons, firms or corporations, pursuant to the provisions hereof, all securities received by it from or for the account of the Corporation. All such securities are to be held or disposed of by Custodian for, and subject at all times to the instructions of, the Corporation pursuant to the terms of this Agreement. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities and investments, except pursuant to the direction of the Corporation and only for the account of the Corporation as set forth in Section 5 of this Agreement.
Receipt of Securities. (i) Segregation. PFPC Trust shall segregate all securities received by it for a particular Account hereunder from securities of any other persons, firms or corporations. All such securities shall be held or disposed of only upon Written Instructions or otherwise pursuant to the terms of this Agreement. PFPC Trust shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any such securities or investment, except upon the express terms of this Agreement or upon Written Instructions, authorizing the transaction. In no case may any member of a Fund's Board of Trustees, or any officer, employee or agent of the Fund withdraw any securities maintained with respect to a Portfolio of that Fund.
