Resolution of Fails. Custodian shall have the duty in accordance with industry standards to obtain information regarding any failed settlement of a Domestic or Foreign Transaction. Custodian shall promptly notify the Authorized Manager in writing regarding any failed settlement, but in no case later than twenty-four hours after becoming aware of the failed settlement. In conjunction with the Authorized Manager, Custodian shall take prompt action to resolve each and every failed settlement. As a minimum, Custodian shall communicate on a weekly basis with the Authorized Manager to resolve any and all existing unresolved failed settlements. FOREIGN TAX PAYMENT AND RECLAIM Custodian shall pay, or cause to be paid from the Account, all legally applicable taxes and levies in the nature of taxes imposed on the Property in the Account by any foreign governmental authority, and shall take all steps necessary to obtain all tax exemptions, privileges or other benefits, including reclaiming and recovering any foreign withholding tax, as soon as possible following the reclamation date and shall, unless otherwise directed by the Treasurer or any State Fund Administrative Entity, execute any tax reclaim forms, declarations, affidavits, or certificates of ownership which may be necessary in connection therewith. Custodian shall notify an Authorized Manager of all actions taken under this section. COLLECTION OF PAYMENTS AND INCOME FOR THE ACCOUNT Custodian shall, either directly or through its Qualified Sub-Custodians, promptly collect all dividends, income, principal, proceeds from transfer, and other payments with respect to securities held hereunder to which the Account, Fund Accounts or Manager Sub-Accounts shall be entitled. To ensure the collection of payments, Custodian or its Qualified Sub-Custodians shall present for payment all Domestic and Foreign Property which is called, redeemed, or retired, or otherwise becomes payable, shall detach and present for payment all coupons and other income items requiring presentation as they come due, and shall credit cash receipts from such items to the Account, Fund Account or Manager Sub-Accounts.
Resolution of Fails. Custodian shall have the duty in accordance with industry standards to obtain information regarding any failed settlement of a Domestic or Foreign Transaction. Custodian shall promptly notify the Authorized Manager in writing regarding any failed settlement, but in no case later than twenty-four hours after becoming aware of the failed settlement. In conjunction with the Authorized Manager, Custodian shall take prompt action to resolve each and every failed settlement. As a minimum, Custodian shall communicate on a weekly basis with the Authorized Manager to resolve any and all existing unresolved failed settlements.
