Common use of Use of Immobilization Programs Clause in Contracts

Use of Immobilization Programs. Provided (i) the Bank has received a certified copy of a resolution of the Board specifically approving the maintenance of Portfolio Securities in an immobilization program operated by a bank which meets the requirements of

Use of Immobilization Programs. Provided (i) the Bank has received a certified copy of a resolution of the Board Manager specifically approving the maintenance of Portfolio Securities in an immobilization program operated by a bank, and (ii) for each year following such approval the Manager has reviewed and approved the arrangement and has not delivered an Officer's Certificate to the Bank indicating that the Manager has withdrawn its approval, the Bank shall enter into such immobilization program with such bank which meets the requirements ofacting as a subcustodian hereunder.

Use of Immobilization Programs. Provided (i) the Bank has received a certified copy of a resolution of the Board or the Manager specifically approving the maintenance of Portfolio Securities in an immobilization program operated by a bank, and (ii) for each year following such approval the Board or the Manager has reviewed and approved the arrangement and has not delivered an Officer's Certificate to the Bank indicating that the Board or the Manager has withdrawn its approval, the Bank shall enter into such immobilization program with such bank which meets the requirements ofacting as a subcustodian hereunder.