Selection of Eligible Foreign Custodian Clause Samples
The 'Selection of Eligible Foreign Custodian' clause defines the process and criteria by which a party, typically a fund or investment manager, designates a foreign entity to hold and safeguard assets outside the home jurisdiction. This clause outlines the standards that must be met for a custodian to be considered eligible, such as regulatory compliance, financial stability, and operational capabilities. For example, it may require that the foreign custodian be subject to oversight by a recognized regulatory authority and possess adequate insurance or bonding. The core function of this clause is to ensure that assets held abroad are protected by reputable and reliable custodians, thereby mitigating risks associated with international asset custody.
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian, provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering factors relevant to the safekeeping of such assets including without limitation:
(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices;
(ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets;
(iii) The Eligible Foreign Custodian's general reputation and standing; and
(iv) Whether the Fund will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian's appointment of an agent for service of process in the United States or consent to jurisdiction in the United States. The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian; PROVIDED that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering all factors relevant to the safekeeping of such assets including without limitation:
(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices; (ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets;
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian; provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering all factors relevant to the safekeeping of such assets including, without limitation:
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Trust’s and each Company’s Assets with an Eligible Foreign Custodian; provided that the Delegate shall have determined that the Trust’s or Company’s Assets placed with the Eligible Foreign Custodian will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering all factors relevant to the safekeeping of such assets, including without limitation:
i. The Eligible Foreign Custodian’s practices, procedures, and internal controls, including, but not limited to, thephysical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices;
ii. Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Trust’s or Company’s Assets placed with the Eligible Foreign Custodian;
iii. The Eligible Foreign Custodian’s general reputation and standing: and
iv. Whether the Trust or a Company will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian’s appointment of an agent for service of process in the United States or consent to jurisdiction in the United States. The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Fund’s Assets with CTC; provided that the Delegate shall have determined that the Fund’s Assets will be subject to reasonable care by CTC based on the standards applicable to custodians in Taiwan after considering all factors relevant to the safekeeping of such assets including without limitation:
(i) CTC’s practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices;
(ii) Whether CTC has the requisite financial strength to provide reasonable care for the Fund’s Assets;
(iii) CTC’s general reputation and standing; and
(iv) Whether the Fund will have jurisdiction over and be able to enforce judgments against the CTC, such as by virtue of the existence of any offices of CTC in the United States or CTC’s appointment of an agent for service of process in the United States or consent to jurisdiction in the United States. The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain each Fund's Assets with an Eligible Foreign Custodian, provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering factors relevant to the safekeeping of such assets including without limitation:
(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices; (ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets;
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Portfolios’ Assets with an Eligible Foreign Custodian; provided that the Delegate shall have determined that the Portfolios’ Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering all factors relevant to the safekeeping of such assets including without limitation:
(i) The Eligible Foreign Custodian’s practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the method of keeping custodial records, and the security and data protection practices;
(ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Portfolios’ Assets;
(iii) The Eligible Foreign Custodian’s general reputation and standing and, in the case of a Securities Depository, the depository’s operating history and number of participants; and
(iv) Whether the Portfolios will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian’s consent to service of process in the United States.
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Trusts Assets with an Eligible Foreign Custodian; provided that the Delegate shall have determined that the Trusts Assets placed with the Eligible Foreign Custodian will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering all factors relevant to the safekeeping of such assets, including without limitation:
i. The Eligible Foreign Custodians practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices; ii. Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Trusts Assets placed with the Eligible Foreign Custodian; iii. The Eligible Foreign Custodians general reputation and standing: and iv. Whether the Trust will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodians appointment of an agent for service of process in the United States or consent to jurisdiction in the United States. The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.
Selection of Eligible Foreign Custodian. The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian; provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering all factors relevant to the safekeeping of such assets including without limitation:
(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any securities depository, the method of keeping custodial records, and the security and data protection practices, and its Euro conversion safeguards, preparations and precautions;
(ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets and to take reasonable steps to procure that Fund Assets (excluding cash) are protected in the event of an Eligible Foreign Custodian's insolvency;
(iii) The Eligible Foreign Custodian's general reputation and standing; and
(iv) Whether the Fund will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian's appointment of an agent for service of process in the United States or consent to jurisdiction in the United States.