Common use of Use of Securities Depositories Clause in Contracts

Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian pursuant to Section 8 hereof. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or a Portfolio or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository with identification of the Fund’s and each Portfolio’s assets on the Custodian’s books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or (any agent of either) from holding client assets in such a separate account, the Custodian, the Subcustodian or other agent as appropriate shall segregate such Investments for the benefit of the Portfolio or Fund or for the benefit of clients of the Custodian generally on its own books with identification of each Portfolio’s assets on the Custodian’s books. Investments of a Portfolio maintained with a Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian, shall be held separately from Investments of any other Portfolio.

Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian pursuant to Section 8 hereof. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or a Portfolio or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository with identification of the Fund’s and each Portfolio’s assets on the Custodian’s books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or (any agent of either) from holding its client assets in such a separate account, the Custodian, the Subcustodian or other agent shall as appropriate shall segregate such Investments for the benefit of the Portfolio or the Fund or for the benefit of clients of the Custodian generally on its own books with identification of the Fund’s and each Portfolio’s assets on the Custodian’s books. Investments of a Portfolio maintained with a Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian, shall be held separately from Investments of any other Portfolio.

Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian pursuant to Section 8 hereofCustodian. Investments held in a Securities Depository shall be held held: (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, ; and (b) in an account for the Fund Trust (or a Portfolio Fund) or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository with appropriate identification of the FundTrust’s (and each Portfolio’s assets the Funds’) Investments on the Custodian’s books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian (or (any nominee or agent of either) from holding its client assets in such a separate non-proprietary account, the Custodian, the Subcustodian or other agent shall as appropriate shall segregate such Investments for the benefit of the Portfolio Trust (or Fund the Funds) or for the benefit of clients of the Custodian generally on its own books with appropriate identification of each Portfoliothe Trust’s assets (or the Funds’) Investments on the Custodian’s books. Investments of a Portfolio Fund maintained with a Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian, shall be held separately from Investments of any other PortfolioFund.

Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either directly directly, or through one or more Subcustodians appointed by the Custodian pursuant to Section 8 hereof. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or a Portfolio or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Securities Depository with identification of the Fund’s 's and each Portfolio’s 's assets on the Custodian’s 's books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or (any agent of either) from holding its client assets in such a separate account, the Custodian, the Subcustodian or other agent shall as appropriate shall segregate such Investments for the benefit of the Portfolio or Fund or for the benefit of clients of the Custodian generally on its own books with identification of the Fund's and each Portfolio’s 's assets on the Custodian’s 's books. Investments of a Portfolio maintained with a Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian, shall be held separately from Investments of any other Portfolio.

Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian pursuant to Section 8 hereofCustodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the each Fund (or a Portfolio portfolio) or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository with appropriate identification of the Fund’s 's (and each Portfolio’s assets portfolio's) Investments on the Custodian’s 's books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian (or (any nominee or agent of either) from holding its client assets in such a separate non-proprietary account, the Custodian, the Subcustodian or other agent shall as appropriate shall segregate such Investments for the benefit of the Portfolio Fund (or Fund portfolio) or for the benefit of clients of the Custodian generally on its own books with appropriate identification of each Portfolio’s assets Fund's (or portfolio's) Investments on the Custodian’s 's books. Investments of a Portfolio maintained with a Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian, shall be held separately from Investments of any other Portfolio.

Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian pursuant to Section 8 hereofCustodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the each Fund (or a Portfolio portfolio) or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository with appropriate identification of the Fund’s (and each Portfolio’s assets portfolio’s) Investments on the Custodian’s books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian (or (any nominee or agent of either) from holding its client assets in such a separate non-proprietary account, the Custodian, the Subcustodian or other agent shall as appropriate shall segregate such Investments for the benefit of the Portfolio Fund (or Fund portfolio) or for the benefit of clients of the Custodian generally on its own books with appropriate identification of each PortfolioFund’s assets (or portfolio’s) Investments on the Custodian’s books. Investments of a Portfolio maintained with a Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian, shall be held separately from Investments of any other Portfolio.

Use of Securities Depositories. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian pursuant to Section 8 hereofCustodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund Trust (or a Portfolio Fund) or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository with appropriate identification of the Fund’s Trust's (and each Portfolio’s assets the Funds') Investments on the Custodian’s 's books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or (any agent of either) from holding its client assets in such a separate account, the Custodian, the Subcustodian or other agent shall as appropriate shall segregate such Investments for the benefit of the Portfolio Trust (or Fund the Funds) or for the benefit of clients of the Custodian generally on its own books with appropriate identification of each Portfolio’s assets the Trust's (or the Funds') Investments on the Custodian’s 's books. Investments of a Portfolio maintained with a Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian, shall be held separately from Investments of any other Portfolio.