Appointment of Subcustodians; Use of Securities Depositories Sample Clauses
Appointment of Subcustodians; Use of Securities Depositories. (a) Bank is authorized under this Agreement to act through and hold Customer's Global Assets with subcustodians, being at the date of this Agreement the entities listed in Schedule 1 and/or such other entities as Bank may appoint as subcustodians ("Subcustodians"). At the request of Customer, Bank may, but need not, add to Schedule 1 an Eligible Foreign Custodian where Bank has not acted as Foreign Custody Manager with respect to the selection thereof. Bank shall notify Customer in the event that it elects to add any such entity. Bank shall use reasonable care, prudence and diligence in the selection and continued appointment of such Subcustodians. In addition, Bank and each Subcustodian may deposit Global Assets with, and hold Global Assets in, any securities depository, settlement system, dematerialized book entry system or similar system (together a "Securities Depository") on such terms as such systems customarily operate and Customer shall provide Bank with such documentation or acknowledgements that Bank may require to hold the Global Assets in such systems.
(b) Any agreement Bank enters into with a Subcustodian for holding Bank's customers' assets shall provide that: (i) such assets shall not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors, except a claim of payment for their safe custody or administration or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws; (ii) beneficial ownership of such assets shall be freely transferable without the payment of money or value other than for safe custody or administration; (iii) adequate records will be maintained identifying the assets as belonging to Customer or as being held by a third party for the benefit of Customer; (iv) Customer and Customer's independent public accountants will be given reasonable access to those records or confirmation of the contents of those records; and (v) Customer will receive periodic reports with respect to the safekeeping of Customer's assets, including, but not limited to, notification of any transfer to or from Customer's account or a third party account containing assets held for the benefit of Customer. Where a Subcustodian deposits Securities with a Securities Depository, Bank shall cause the Subcustodian to identify on its records as belonging to Bank, as agent, the Securities shown on the Subc...
Appointment of Subcustodians; Use of Securities Depositories. (a) ▇.▇. ▇▇▇▇▇▇ is authorized under this Agreement to act through and hold the Customer’s Financial Assets with Subcustodians. ▇.▇. ▇▇▇▇▇▇ will make available on its website a list of Subcustodians. ▇.▇. ▇▇▇▇▇▇ may modify the list of Subcustodians from time to time upon notice to the Customer. In addition, ▇.▇. ▇▇▇▇▇▇ and each Subcustodian may deposit Financial Assets with, and hold Financial Assets in any Securities Depository on such terms as such Securities Depository customarily operates, and the Customer will provide ▇.▇. ▇▇▇▇▇▇ with such documentation or acknowledgements that ▇.▇. ▇▇▇▇▇▇ may require to hold the Financial Assets in such Securities Depository. On the basis of such terms, a Securities Depository may have a security interest or lien over, or right of set-off in relation to the Financial Assets.
(b) Any agreement that ▇.▇. ▇▇▇▇▇▇ enters into with a Subcustodian for holding ▇.▇. ▇▇▇▇▇▇’▇ customers’ assets will provide (i) that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment for their safe custody or administration, or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and (ii) that the beneficial ownership thereof will be freely transferable without the payment of money or value other than for safe custody or administration, unless in each case required otherwise by Applicable Law in the relevant market. ▇.▇. ▇▇▇▇▇▇ shall be responsible for all claims for payment of fees for safe custody or administration so that no Subcustodian exercises any claim for such payment against the Customer’s assets. Where a Subcustodian deposits Financial Assets with a Securities Depository, ▇.▇. ▇▇▇▇▇▇ will direct the Subcustodian to identify on its records that the Financial Assets deposited by the Subcustodian at such Securities Depository belong to ▇.▇. ▇▇▇▇▇▇, as agent of the Customer. Global Custody Agreement - New York - General - February 2025
(c) ▇.▇. ▇▇▇▇▇▇ reserves the right to add, replace or remove Subcustodians. ▇.▇. ▇▇▇▇▇▇ shall notify Customer promptly of any such action, which will be advance notice if practicable. Upon request by the Customer, ▇.▇. ▇▇▇▇▇▇ will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority t...
Appointment of Subcustodians; Use of Securities Depositories. 19 5.2 Liability for Subcustodians 20 5.3 Use of Agents 21 6. ADDITIONAL PROVISIONS RELATING TO CUSTOMER 21 6.1 Representations of Customer and Bank 21
Appointment of Subcustodians; Use of Securities Depositories. (a) Bankis authorized under this Agreement toact through andhold Customer'sGlobalAssetswithsubcustodians,beingatthedateofthis Agreement theentitieslistedinSchedule1and/orsuchotherentitiesasBankmay appoint assubcustodians("Subcustodians").Bankshallusereasonablecare, prudenceand diligenceintheselection <PAGE> andcontinued appointment ofsuch Subcustodians. Inaddition, Bank andeach Subcustodian maydeposit Global Assetswith, andholdGlobal Assets in,any securities depository, settlementsystem, dematerializedbookentry systemor similar system (together a "Securities Depository") onsuch terms assuch systems customarily operate and Customer shall provide Bank with such documentation or acknowledgements thatBankmay require toholdthe Global Assetsinsuchsystems.
(b) AnyagreementBankentersintowitha Subcustodian forholding Bank's customers' assetsshallprovide that: (i)suchassetsshallnotbe subjectto anyright,charge,securityinterest,lienorclaimofanykindinfavor ofsuch Subcustodianoritscreditors, exceptaclaimofpaymentfortheirsafe custody oradministration or,inthecaseofcashdeposits, exceptforliensor rights infavorofcreditorsoftheSubcustodian arisingunderbankruptcy, insolvency orsimilar laws; (ii) beneficial ownership ofsuch assets shallbe freely transferable withoutthepaymentofmoneyorvalueotherthanforsafe custody or administration; (iii)adequate recordswillbemaintained identifyingthe assets as belonging to Customer orasbeing heldbyathird party forthe benefitofCustomer;(iv)CustomerandCustomer'sindependentpublic accountants willbegivenreasonableaccesstothoserecordsorconfirmationofthe contents ofthoserecords;and(v)Customerwillreceiveperiodicreportswith respectto the safekeeping of Customer's assets, including, but not limited to, notification ofany transfer toorfrom Customer's accountora thirdparty accountcontainingassetsheldforthebenefitofCustomer.Wherea Subcustodian deposits Securities with a Securities Depository, Bank shall cause the Subcustodian toidentifyonitsrecordsas belonging toBank, as agent, the Securitiesshownonthe Subcustodian's accountatsuchSecurities Depository. The foregoing shall not applytothe extent ofany special agreement or arrangementmadebyCustomerwithanyparticularSubcustodian.
(c) Bankshallhaveno responsibility foranyactor omissionby (orthe insolvencyof)anySecurities Depository. IntheeventCustomer incurs aloss duetothe negligence, bad faith, willful misconduct, or insolvency ofa Securities Depository, Bankshallmake reasonable endeavorstoseek recovery fromt...
Appointment of Subcustodians; Use of Securities Depositories. (a) Bank is authorized under this Agreement to act through and hold Customer’s Financial Assets and cash with Subcustodians, being at the date of this Agreement the entities listed in Schedule 2. Bank, as Customer’s Foreign Custody Manager, will maintain the standards required by Rule 17f-5 in the selection and continued appointment of such Subcustodians. In addition, Bank and each Subcustodian may deposit Financial Assets and cash with, and hold Financial Assets and cash in, any Reported Depository or “other U.S. Securities Depository.” Customer will provide Bank with such documentation or acknowledgements that Bank may reasonably require to hold the Financial Assets and cash in such Securities Depositories.
(b) Any agreement Bank enters into with a Subcustodian for holding Bank’s customers’ assets will provide that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment for their safe custody or administration, or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar law, and that the beneficial ownership thereof will be freely transferable without the payment of money or value other than for safe custody or administration. Where a Subcustodian deposits Securities with a Securities Depository, Bank will cause the Subcustodian to identify on its records as belonging to Bank, as agent on behalf one or more customers, the Securities shown on the Subcustodian’s account at such