Insured Depositories. Your monthly account statement will indicate the Insured Depositories in which your Account funds have been deposited. Each Insured Depository is a separate federally insured depository institution. If you or your customer does not wish to have your Account funds deposited into any specific Insured Depository, you must identify those institutions to StoneCastle using the Insured Depository Exclusion Disclosure form provided to you with the Custody Agreement. You are responsible for providing the completed Insured Depository Exclusion Disclosure to StoneCastle. StoneCastle will not direct any of the applicable Account funds into any such Insured Depository that you have elected to exclude unless you notify StoneCastle in writing that such exclusion request is no longer in effect. Amounts in your Account along with funds from other Account Depositors will be deposited by the Account Custodian at the direction of StoneCastle into one or more Depository Accounts at multiple Insured Depositories. The Depository Account(s) at each Insured Depository will be named as follows (or in a substantially similar manner): “[NAME OF SUB-CUSTODIAN]” as custodian for persons or entities who are listed on its records, each acting for itself and on behalf of others.” Each Sub-Custodian will act as custodian for the Account Custodian which acts as Custodian for the Account Depositors. In the event of the failure of an Insured Depository, where the deposits are not assumed by another Insured Depository, StoneCastle will promptly cause the Sub-Custodian to submit an insurance claim to the FDIC on behalf of the Account Depositors who have amounts on deposit through one or more Depository Accounts at the Insured Depository. During the time your insurance claim is being processed by the FDIC, you will not have access to the funds that you had on deposit with such Insured Depository StoneCastle selects the Insured Depositories for all Account participants. StoneCastle may, in its discretion, include additional Insured Depositories for all Account participants, remove Insured Depositories from being available to Account participants, allocate balances between Insured Depositories and determine the amounts and order of deposits into Insured Depositories, in each case in its sole discretion. In the event that an Insured Depository rejects additional deposits, or decides to return funds to the Account Custodian (or closes the Depository Accounts at the Insured Depository entirely), or S...
