Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian to hold the Property in the Account in custody accounts which have been established by the Custodian with (a) one of its U.S. branches or another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended ("1940 Act"), to act as custodian (individually, a "U.S. Subcustodian"), or a U.S. securities depository or clearing agent or system in which the Custodian or a U.S. Subcustodian participates (individually, a "U.S. Securities System") or (b) one of its non-U.S. branches or majority-owned non-U.S. subsidiaries, a non-U.S. branch or majority-owned subsidiary of a U.S. bank or a non-U.S. bank or trust company, acting as custodian (individually, a "non- U.S. Subcustodian"; U.S. Subcustodians and non-U.S. Subcustodians, collectively, "Subcustodians"), or a non-U.S. depository or clearing agency or system in which the Custodian or any Subcustodian participates (individually, a "non-U.S. Securities System"; U.S. Securities System and non-U.S. Securities System, collectively, "Securities System"), provided that in each case in which a U.S. Subcustodian or U.S. Securities System is employed, each such Sub-Custodian or Securities System shall have been approved by Instructions; provided further that in each case in which a non-U.S. Subcustodian or non-U.S. Securities System is employed, (a) such Subcustodian or Securities System either (i) a "qualified U.S. bank" as defined by Rule 17f-5 under the 1940 Act ("Rule 17f-5") or (ii) an "eligible foreign custodian" within the meaning of rule 17f-5 or such Subcustodian or Securities System is the subject of an order granted by the U.S. Securities and Exchange Commission ("SEC") exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 and (b) the agreement between the Custodian and such non-U.S. Subcustodian has been approved by Instructions; it being understood that the Custodian shall have no liability or responsibility for determining whether the approval by the Customer of any Subcustodian or Securities System has been proper under the 1940 Act or any rule or regulations thereunder. Upon receipt of Instructions, the Custodian agrees to cease the employment of any Subcustodian or Securities System with respect to the Customer, and if desirable and practicable, appoint a replacement subcustodian or securities system in accordance with...
Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian to maintain the Property in the Account directly in one of its U.S. branches or indirectly through custody accounts which have been established by the Custodian with the following other securities intermediaries: (a) one of its U.S. branches or another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended ("1940 Act"), to act as custodian (individually, a "U.S. Subcustodian"), or a U.S. securities depository or clearing agency or system in which the Custodian or a U.S. Subcustodian participates (individually, a "U.S. Securities System") or (b) one of its non-U.S. branches or majority-owned non-U.S. subsidiaries, a non-U.S. branch or majority-owned subsidiary of a U.S. bank or a non-U.S. bank or trust company, acting as custodian (individually, a "non-U.S. Subcustodian"; U.S. Subcustodians and non-U.S. Subcustodians, collectively, "Subcustodians"), or a non-U.S. depository or clearing agency or system in which the Custodian or any Subcustodian participates (individually, a "non-U.S. Securities System"; U.S. Securities System and non-U.S. Securities System, collectively, "Securities System"), provided that in each case in which a U.S. Subcustodian or U.S. Securities System is employed, each such Subcustodian or Securities System shall have been approved by Instructions; provided further that in each case in which a non-U.S. Subcustodian or non-U.S. Securities System is employed, (a) such Subcustodian or Securities System either is (i) a "qualified U.S. bank" as defined by Rule 17f-5 under the 1940 Act ("Rule 17f-5") or (ii) an "eligible foreign custodian" within the meaning of Rule 17f-5 or such Subcustodian or Securities System is the subject of an order granted by the U.S. Securities and Exchange Commission ("SEC") exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 and (b) the agreement between the Custodian and such non-U.S. Subcustodian has been approved by Instructions; it being understood that the Custodian shall have no liability or responsibility for determining whether the approval of any Subcustodian or Securities System has been proper under the 1940 Act or any rule or regulation thereunder. Upon receipt of Instructions, the Custodian agrees to cease the employment of any Subcustodian or Securities System with respect to the Customer, and if desirable...
Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian, subject to the provisions of this Section 4, to settle, clear and maintain the Property in each Account directly in one of its U.S. branches or indirectly through custody accounts which have been established by the Custodian with the following other financial intermediaries: (a) another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended (“1940 Act”), to act as custodian (which may or may not be an affiliate of the Custodian) (individually, a “U.S. Subcustodian”), or the Federal Reserve Book-Entry System or a U.S. securities depository or clearing agency or system in which the Custodian or a U.S. Subcustodian participates that is eligible to be utilized under Rule 17f-4 under the 1940 Act (individually, a “U.S. Securities System”) or (b) (i) an “eligible foreign custodian” (as defined by Rule 17f-5 under the 1940 Act (“Rule 17f-5”)) , (ii) a non-U.S. branch of a U.S. bank or (iii) any other person with which Property may be placed and maintained outside of the United States under the 1940 Act pursuant to an order granted by the U.S. Securities and Exchange Commission (“SEC”) exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 (an entity described in (i), (ii) or (iii) of this subsection (b) may individually be referred to as a “non-U.S. Subcustodian”; and U.S. Subcustodians and non-U.S. Subcustodians, collectively, “Subcustodians”), or (c) a non-U.S. securities depository or clearing agency or system in which the Custodian or any non-U.S. Subcustodian participates and which is an Eligible Securities Depository as defined by Rule 17f-7 under the 1940 Act (“Rule 17f-7”) or is any other non-U.S. Securities System which the SEC by exemptive order has permitted investment companies to maintain their foreign assets (individually, a “non-U.S. Securities System”; U.S. Securities System and non-U.S. Securities System, collectively, “Securities System”). Subject to the provisions of this Agreement and requirements of applicable taw. including Rule 17f-5, the Customer hereby designates the Custodian as its foreign custody manager within the meaning of Rule 17f-5(a)(3) or any successor thereto which is itself qualified to act under the 1940 Act (“Foreign Custody Manager”) with respect to all Property for which the primary market is outside of the United States and such ...
Subcustodians and Securities Systems. Customer authorizes and instructs Custodian to maintain the Property in each Account directly in one of its U.S. branches or indirectly through custody accounts that have been established by Custodian with the following other securities intermediaries: (a) another U.S. bank or trust company (including Deutsche Bank pursuant to the Master Subcustodian Agreement) or branch thereof located in the U.S. that is itself qualified under the 1940 Act, to act as custodian, or a non-U.S. branch of Custodian or of any U.S. Subcustodian (individually, a "Subcustodian"), or (b) a U.S. securities depository or clearing agency or system in which Custodian or a U.S. Subcustodian participates (individually, a "Securities System") provided that in each case in which a U.S. Subcustodian or Securities System is employed, Custodian shall notify Customer of the appointment of such U.S. Subcustodian or Securities System. Upon receipt of Instructions from Customer, Custodian agrees to cease the employment of any Subcustodian or Securities System with respect to Customer, and if desirable and practicable, appoint a replacement Subcustodian or securities system in accordance with the provisions of this Section. In addition, Custodian may, at any time in its discretion, upon written notification to Customer, terminate the employment of any Subcustodian or Securities System.
Subcustodians and Securities Systems. Customer authorizes and instructs the Custodian to maintain the Property in each Account directly in one of its United States ("U.S.") branches or indirectly through custody accounts that have been established by the Custodian with the following other securities intermediaries: another U.S. bank or trust company or branch thereof located in the U.S. that is itself qualified under the 1940 Act, to act as custodian (individually, a "Subcustodian"), or a U.S. securities depository or clearing agency or book-entry system in which the Custodian or a Subcustodian participates (each a "Securities System"), provided that in each case in which a Subcustodian or Securities System is employed, each such Subcustodian or Securities System shall have been approved by Instructions. Exhibit D attached hereto incorporates by reference all Subcustodians and Securities Systems approved by the parties as of the date hereof.
Subcustodians and Securities Systems. Forum authorizes and instructs the Bank to maintain the Property in each Account directly in one of its United States ("U.S.") branches or indirectly through custody accounts that have been established by the Bank with the following other securities intermediaries: (a) another U.S. bank or trust company or branch thereof located in the U.S. that is itself qualified under the 1940 Act, to act as custodian (individually, a "Subcustodian"), or a U.S. securities depository or clearing agency or system in which the Bank or a Subcustodian participates (individually, a "Securities System"), PROVIDED that in each case in which a Subcustodian or Securities System is employed, each such Subcustodian or Securities System shall have been approved by Instructions. Exhibit F attached hereto incorporates by reference all Subcustodians and Securities Systems approved by the parties as of the date hereof. Upon receipt of Instructions, the Bank agrees to cease the employment of any Subcustodian or Securities System with respect to a Portfolio, and if desirable and practicable as determined in the sole discretion of Bank, appoint a replacement Subcustodian or Securities System in accordance with the provisions of this Paragraph. In addition, the Bank may, at any time in its discretion, upon written notification to Forum, terminate the employment of any Subcustodian or Securities System.
Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian to hold the Property in the Account in custody accounts which have been established by the Custodian with (a) one of its branches or another bank or trust company located within or outside of the U.S. (individually, a "Subcustodian"); and (b) a securities depository or clearing agency or system in which the Custodian or a Subcustodian participates (individually, a "Securities System"). The Custodian may, at any time in its discretion, upon written notification to the Customer, terminate the employment of any Subcustodian or Securities System.
Subcustodians and Securities Systems. Customer authorizes and instructs Custodian to maintain the Property in each Account directly in one of its United States ("U.S.") branches or indirectly through custody accounts that have been established by Custodian with the following other securities intermediaries: (a) another U.S. bank or trust company (including Bankers Trust pursuant to the Master Subcustodian Agreement) or branch thereof located in the U.S. that is itself qualified under the 1940 Act, to act as custodian, or a non-U.S. branch of Custodian or of any U.S. Subcustodian, or a U.S. securities depository or clearing agency or system in which Custodian or a U.S. Subcustodian participates (individually, a "U.S. Securities System") or (b) one of Custodian's majority-owned non-U.S. subsidiaries, a majority-owned subsidiary of a
Subcustodians and Securities Systems. The Custodian may hold the Property in each Account in custody accounts which have been established by the Custodian with one of its U.S. branches or another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended ("1940 Act"), to act as custodian (individually, a "Subcustodian"), or a U.S. securities depository or clearing agency or system in which the Custodian or a Subcustodian participates (individually, a "Securities System"), provided that in each case in which a Subcustodian or Securities System is employed, each such Subcustodian or Securities System shall have been approved by Instructions. Upon receipt of Instructions, the Custodian agrees to cease the employment of any Subcustodian or Securities System with respect to the Customer. In addition, the Custodian may, at any time in its discretion, upon written notification to the Customer, terminate the employment of any Subcustodian or Securities System.
Subcustodians and Securities Systems
