Foreign Securities Depositories Clause Samples
The Foreign Securities Depositories clause defines the terms under which securities held in foreign countries may be deposited with and maintained by depositories outside the home jurisdiction. It typically outlines the responsibilities of the parties regarding the selection and use of such depositories, and may specify the risks associated with holding assets in foreign systems, such as differences in legal protections or operational practices. This clause is essential for clarifying how cross-border securities are managed and for allocating the risks inherent in using foreign custodians, thereby ensuring transparency and informed consent between the parties.
Foreign Securities Depositories. Except as may otherwise be agreed upon in writing by the Custodian and the Fund, assets of the Fund shall be maintained in foreign securities depositories only through arrangements implemented by the foreign banking institutions serving as sub-custodians pursuant to the terms hereof. Where possible, such arrangements shall include entry into agreements containing the provisions set forth in Section 3.5 hereof.
Foreign Securities Depositories. The Custodian shall provide the Fund with an analysis of the custody risks associated with maintaining assets with the Foreign Securities Depositories set forth on Schedule B hereto, in accordance with Section (a)(1)(i)(A) of Rule 17f-7 under the 1940 Act. The Custodian shall monitor such risks on a continuing basis, shall promptly notify the Fund of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7 and the Funds shall, as soon as reasonably practicable and via Proper Instructions to the Custodian, withdraw the Fund’s assets from such Depository if such Depository no longer meets the requirements of Rule 17f-7. Schedule B shall be updated from time to time by the Custodian’s provision to the Fund of an updated Schedule B at the end of the calendar quarter in which an amendment to such schedule has occurred.
Foreign Securities Depositories. Except as may otherwise be agreed upon in writing by the Bank and the Fund, assets of the Fund shall be maintained in foreign securities depositories only through arrangements implemented by the foreign banking institutions serving as Selected Foreign Sub-Custodians pursuant to the terms hereof. Where possible, such arrangements shall include entry into agreements containing the provisions set forth in subparagraph (d) hereof. Notwithstanding the foregoing, except as may otherwise be agreed upon in writing by the Bank and the Fund, the Fund authorizes the deposit in Euro-clear, the securities clearance and depository facilities operated by ▇▇▇▇▇▇ Guaranty Trust Company of New York in Brussels, Belgium, of Foreign Portfolio Securities eligible for deposit therein and the use of Euro-clear in connection with settlements of purchases and sales of securities and deliveries and returns of securities, until notified to the contrary pursuant to subparagraph (a) hereunder.
Foreign Securities Depositories. The Custodian shall provide the Fund with an analysis of the custody risks associated with maintaining assets with the Foreign Securities Depositories set forth on Schedule B hereto, in accordance with Section (a)(1)(i)(A) of Rule 17f-7. The Custodian shall monitor such risks on a continuing basis, shall promptly notify the Fund of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7 and the Funds shall, as soon as reasonably practicable and via Proper Instructions to the Custodian, withdraw the Fund’s assets from a Foreign Securities Depository if the custody arrangements with such Foreign Securities Depository no longer meets the requirements of Rule 17f-7. Notwithstanding anything to the contrary in Section 8 of this Agreement, for the avoidance of doubt the Custodian shall have no obligation to withdraw assets from a Foreign Securities Depository other than upon receipt of such Proper Instructions from the Funds. Schedule B shall be updated from time to time by the Custodian’s provision to the Fund of an updated Schedule B at the end of the calendar quarter in which an amendment to such schedule has occurred.
Foreign Securities Depositories. (a) Unless otherwise instructed in Written Instructions, Custodian may place and maintain Foreign Assets of the Trust with an Eligible Foreign Securities Depository, provided that it has delivered to the Trust an analysis of the custody risks associated with maintaining assets with such Eligible Securities Depository. Custodian shall monitor such custody risks on a continuing basis and promptly notify the Trust of any material change in such risks.
(b) In performing its obligations under Section 3.11(a) above, Custodian shall exercise reasonable care, prudence and diligence. In the exercise of such care, prudence and diligence, Custodian may rely upon assessments, determinations and monitoring made and performed with respect to an Eligible Foreign Securities Depository by Citibank, N.A. or such other operator of a global custody system as from time to time may be employed by Custodian and approved by the Trust.
Foreign Securities Depositories. Except as may otherwise be agreed upon in writing by the Custodian and the Trust, assets of the Trust shall be maintained in Foreign Securities Depositories only through arrangements implemented by the Custodian or Foreign Custodians pursuant to the terms hereof.
Foreign Securities Depositories. 24 3.4 Agreements with Foreign Banking Institutions .............24 3.5 Access of Independent Accountants of the Fund ............25 3.6
Foreign Securities Depositories. Custodian or any foreign sub-custodian appointed pursuant to Section 3.6 above may maintain securities of the Company in any Eligible Securities Depository set forth on Exhibit C hereto. Exhibit C shall be revised from time to time as Foreign Securities Depositories are added or deleted.
Foreign Securities Depositories. (a) Unless otherwise instructed in Written Instructions, Custodian may place and maintain Foreign Assets of the Company with an Eligible Foreign Securities Depository, provided that it has delivered to the Company an analysis of the custody risks associated with maintaining assets with such Eligible Securities Depository. Custodian shall monitor such custody risks on a continuing basis and promptly notify the Company of any material change in such risks.
(b) In performing its obligations under Section 3.11(a) above, Custodian shall exercise reasonable care, prudence and diligence. In the exercise of such reasonable care, prudence and diligence, Custodian may rely upon assessments, determinations and monitoring made and performed with respect to an Eligible Foreign Securities Depository by Citibank, N.A. or such other operator of a global custody system as from time to time may be employed by Custodian and approved by the Company.
Foreign Securities Depositories. Except as may otherwise be agreed upon in writing by the Custodian and a State Street Portfolio, assets of the State Street Portfolios shall be maintained in a clearing agency which acts as a securities depository or in a book-entry system for the central handling of securities located outside of the United States (each a "Foreign Securities System") only through arrangements implemented by the foreign banking institutions serving as sub-custodians pursuant to the terms hereof. (Foreign Securities Systems and U.S. Securities Systems are collectively referred to herein as "Securities Systems"). Where possible, such arrangements shall include entry into agreements containing the provisions set forth in Section 3A.5 hereof.