Common use of Securities Depositories Clause in Contracts

Securities Depositories. (a) Bank hereby represents to Customer that each securities depository listed on Schedule B is an Eligible Securities Depository. If Schedule B is amended, this representation shall be effective as to the amended Schedule on the date of such amendment. Bank shall promptly advise Customer if any securities depository listed on Schedule B ceases to be an Eligible Securities Depository. (b) Bank shall provide Customer an analysis of the custody risks (which analyses may be provided to Customer electronically) associated with maintaining Customer's Foreign Assets with each Eligible Securities Depository used by Bank as of a date to be agreed upon between the parties, but which shall in no event be later than June 15, 2001, (or, in the case of an Eligible Securities Depository not used by Bank as of the agreed upon date, prior to the initial placement of Customer's Foreign Assets at such Depository after such date) and at which any Foreign Assets of Customer are held or are expected to be held. Bank shall monitor the custody risks associated with maintaining Customer's Foreign Assets at each such Eligible Securities Depository on a continuing basis, and shall promptly notify Customer or its investment adviser of any material changes in such risks. (c) Bank shall, upon Customer's reasonable request from time to time, provide certain additional information ("Additional Information") to Customer beyond the scope of the information Bank is otherwise obligated to provide to Customer under this Agreement, or any other agreement between the parties relating to Customer's Foreign Assets. For example, Additional Information may relate to a country's financial infrastructure, prevailing custody and settlement practices, laws applicable to the safekeeping and recovery of Foreign Assets held in custody, and the likelihood of nationalization, currency controls and similar risks, but shall not include information required to be provided under this Agreement or any other agreement between the parties relating to Customer's Foreign Assets. (d) Bank's obligation to provide Customer with Additional Information shall be limited to the extent Additional Information is (i) already in the possession of Bank, or (ii) available to Bank using commercially reasonable means. Customer hereby acknowledges that: (i) Additional Information is designed solely to inform Customer of certain market conditions and procedures and is not intended as a recommendation to invest or not invest in particular markets; and (ii) Bank has gathered the information from sources it considers reliable, but does not assume responsibility for inaccuracies or incomplete information attributable to actions or omissions of third parties. (For this purpose, "third parties" shall not include any of the Subcustodians listed on Schedule A, except to the extent that, in a given case, a Subcustodian accurately transmitted information it had itself received from a third party (such as from a regulator or securities depository) rather than information it had generated itself.) (e) Customer and Bank hereby acknowledge and agree that the decision to place Customer's Foreign Assets with an Eligible Securities Depository shall be made by Customer's investment adviser (subject to the Board's oversight) or the Customer, after consideration of the information provided by Bank and other information Customer deems relevant, and based on standards of care that are generally applicable to investment advisers and the Board. Further, the parties understand that the decision to place Customer's Foreign Assets with an Eligible Securities Depository does not have to be made separately, but may be made in the overall context of the decision to invest in a particular country. 7.

Securities Depositories. (a1) Bank hereby represents to Customer that each securities depository listed on Schedule B is The Custodian (or the Domestic Subcustodian) may place and maintain a Fund's Foreign Assets (as defined in Rule 17f-5 under the 0000 Xxx) with an Eligible Securities Depository. If Schedule B is amendedDepository (as defined in Rule 17f-7, this representation which term shall be effective as to the amended Schedule on the date of such amendment. Bank shall promptly advise Customer if include any other securities depository listed on Schedule B ceases for which the SEC by exemptive order has permitted registered investment companies to be an Eligible Securities Depositorymaintain their assets). (b2) Bank shall The Custodian (or the Domestic Subcustodian) shall, for evaluation by the Fund or its adviser, provide Customer an analysis of the custody risks (which analyses may be provided to Customer electronically) associated with maintaining Customerthe Fund's Foreign Assets with each Eligible Securities Depository used utilized directly or indirectly by Bank the Custodian as of a the date to be agreed upon between the parties, but which shall in no event be later than June 15, 2001, hereof (or, in the case of an Eligible Securities Depository not used by Bank so utilized as of the agreed upon datedate hereof, prior to the initial placement of Customerthe Fund's Foreign Assets at such Depository after such datedepository) and at which any Foreign Assets of Customer the Fund are held or are expected to be held. Bank The Custodian (or the Domestic Subcustodian) shall monitor the custody risks associated with maintaining Customerthe Fund's Foreign Assets at each such Eligible Securities Depository on a continuing basis, basis and shall promptly notify Customer the Fund or its investment adviser of any material changes in such risks. (c3) Bank shallBased on the information available to it in the exercise of diligence, upon Customerthe Custodian (or the Domestic Subcustodian) shall determine the eligibility under Rule 17f-7 of each foreign securities depository before maintaining the Fund's reasonable request Foreign Assets therewith and shall promptly advise the Fund if any Eligible Securities Depository ceases to be so eligible. A list of Eligible Securities Depositories used by the Custodian directly or indirectly as of the date hereof, or as amended from time to time, provide certain additional information ("Additional Information"is attached as Appendix A. Notwithstanding Subsection 16(c) hereof, Eligible Securities Depositories may, subject to Customer beyond the scope of the information Bank is otherwise obligated Rule 17f-7, be added to provide or deleted from such list from time to Customer under this Agreement, or any other agreement between the parties relating to Customer's Foreign Assets. For example, Additional Information may relate to a country's financial infrastructure, prevailing custody and settlement practices, laws applicable to the safekeeping and recovery of Foreign Assets held in custody, and the likelihood of nationalization, currency controls and similar risks, but shall not include information required to be provided under this Agreement or any other agreement between the parties relating to Customer's Foreign Assetstime. (d) Bank's obligation to provide Customer with Additional Information shall be limited to the extent Additional Information is (i) already in the possession of Bank, or (ii) available to Bank using commercially reasonable means. Customer hereby acknowledges that: (i) Additional Information is designed solely to inform Customer of certain market conditions and procedures and is not intended as a recommendation to invest or not invest in particular markets; and (ii) Bank has gathered the information from sources it considers reliable, but does not assume responsibility for inaccuracies or incomplete information attributable to actions or omissions of third parties. (For this purpose, "third parties" shall not include any of the Subcustodians listed on Schedule A, except to the extent that, in a given case, a Subcustodian accurately transmitted information it had itself received from a third party (such as from a regulator or securities depository) rather than information it had generated itself.) (e) Customer and Bank hereby acknowledge and agree that the decision to place Customer's Foreign Assets with an Eligible Securities Depository shall be made by Customer's investment adviser (subject to the Board's oversight) or the Customer, after consideration of the information provided by Bank and other information Customer deems relevant, and based on standards of care that are generally applicable to investment advisers and the Board. Further, the parties understand that the decision to place Customer's Foreign Assets with an Eligible Securities Depository does not have to be made separately, but may be made in the overall context of the decision to invest in a particular country. 7.4)

Securities Depositories. The Custodian (aor the Domestic Subcustodian) Bank hereby represents to Customer that each securities depository listed on Schedule B is may place and maintain a Fund's Foreign Assets (as defined in Rule 17f-5 under the 1000 Xxx) with an Eligible Securities Depository. If Schedule B is amendedDepository (as defined in Rule 17f-7, this representation which term shall be effective as to the amended Schedule on the date of such amendment. Bank shall promptly advise Customer if include any other securities depository listed on Schedule B ceases for which the SEC by exemptive order has permitted registered investment companies to be an Eligible Securities Depositorymaintain their assets). The Custodian (bor the Domestic Subcustodian) Bank shall shall, for evaluation by the Fund or its adviser, provide Customer an analysis of the custody risks (which analyses may be provided to Customer electronically) associated with maintaining Customerthe Fund's Foreign Assets with each Eligible Securities Depository used utilized directly or indirectly by Bank the Custodian as of a the date to be agreed upon between the parties, but which shall in no event be later than June 15, 2001, hereof (or, in the case of an Eligible Securities Depository not used by Bank so utilized as of the agreed upon datedate hereof, prior to the initial placement of Customerthe Fund's Foreign Assets at such Depository after such datedepository) and at which any Foreign Assets of Customer the Fund are held or are expected to be held. Bank The Custodian (or the Domestic Subcustodian) shall monitor the custody risks associated with maintaining Customerthe Fund's Foreign Assets at each such Eligible Securities Depository on a continuing basis, basis and shall promptly notify Customer the Fund or its investment adviser of any material changes in such risks. Based on the information available to it in the exercise of diligence, the Custodian (cor the Domestic Subcustodian) Bank shallshall determine the eligibility under Rule 17f-7 of each foreign securities depository before maintaining the Fund's Foreign Assets therewith and shall promptly advise the Fund if any Eligible Securities Depository ceases to be so eligible. A list of Eligible Securities Depositories used by the Custodian directly or indirectly as of the date hereof, upon Customer's reasonable request or as amended from time to time, provide certain additional information ("Additional Information"is attached as Appendix A. Notwithstanding Subsection 16(c) to Customer beyond the scope of the information Bank is otherwise obligated to provide to Customer under this Agreementhereof, or any other agreement between the parties relating to Customer's Foreign Assets. For example, Additional Information may relate to a country's financial infrastructure, prevailing custody and settlement practices, laws applicable to the safekeeping and recovery of Foreign Assets held in custody, and the likelihood of nationalization, currency controls and similar risks, but shall not include information required to be provided under this Agreement or any other agreement between the parties relating to Customer's Foreign Assets. (d) Bank's obligation to provide Customer with Additional Information shall be limited to the extent Additional Information is (i) already in the possession of Bank, or (ii) available to Bank using commercially reasonable means. Customer hereby acknowledges that: (i) Additional Information is designed solely to inform Customer of certain market conditions and procedures and is not intended as a recommendation to invest or not invest in particular markets; and (ii) Bank has gathered the information from sources it considers reliable, but does not assume responsibility for inaccuracies or incomplete information attributable to actions or omissions of third parties. (For this purpose, "third parties" shall not include any of the Subcustodians listed on Schedule A, except to the extent that, in a given case, a Subcustodian accurately transmitted information it had itself received from a third party (such as from a regulator or securities depository) rather than information it had generated itself.) (e) Customer and Bank hereby acknowledge and agree that the decision to place Customer's Foreign Assets with an Eligible Securities Depository shall be made by Customer's investment adviser (Depositories may, subject to the Board's oversight) Rule 17f-7, be added to or the Customer, after consideration of the information provided by Bank and other information Customer deems relevant, and based on standards of care that are generally applicable deleted from such list from time to investment advisers and the Board. Further, the parties understand that the decision to place Customer's Foreign Assets with an Eligible Securities Depository does not have to be made separately, but may be made in the overall context of the decision to invest in a particular country. 7time.