USE OF FOREIGN CUSTODIANS Sample Clauses

The "Use of Foreign Custodians" clause authorizes the appointment of custodians located outside the home jurisdiction to hold assets or securities on behalf of a client or fund. In practice, this clause outlines the conditions under which foreign custodians may be selected, the standards they must meet, and the responsibilities of the primary custodian in monitoring and managing these relationships. This provision is essential for facilitating international investment and asset management, as it allows for the safekeeping of assets in multiple jurisdictions while addressing the associated risks and regulatory requirements.
USE OF FOREIGN CUSTODIANS. (A) Authorization (i) The Bank may cause Securities which are foreign securities within the meaning of Rule 17f-5(c)(1) promulgated under the Investment Company Act ("Foreign Securities") and amounts of cash and cash equivalents reasonably required to effect the Fund's Foreign Securities transactions ("Cash") in the Custody Account to be held in such country or other jurisdiction as the Fund shall direct in properly authorized Instructions. (ii) Subject to prior approval by the board of trustees of the Fund, the Bank may hold such Foreign Securities and Cash in subcustody accounts, which shall be deemed part of the Custody Account and which have been established by the Bank with (x) branches of "Qualified U.S. Banks", as defined in Rule 17f- 5(c)(3) promulgated under the Investment Company Act ("Branches"), or (y) foreign custodians which satisfy the provisions of Rule 17f-5(c)(2)(i) or (ii) promulgated under the Investment Company Act, or (z) Exempt Subsidiaries or other foreign custodians which are exempt from such provisions under the Exemptive Order or any other order or release issued by the Securities and Exchange Commission (such Branches, foreign custodians and Exempt Subsidiaries, collectively, the "Eligible Foreign Custodians"). (iii) Subject to prior approval by the board of trustees of the Fund, the Bank or an Eligible Foreign Custodian is authorized to hold Foreign Securities of the Fund in an account with any foreign securities depository or foreign clearing agency which in the Bank's judgment satisfies the provisions of Rule 17f-5(c)(iii) or (iv) promulgated under the Investment Company Act, or which is exempt from such provisions under an order, no-action letter or release issued by the Securities and Exchange Commission ("Eligible Foreign Securities Depository"). (iv) Any Foreign Securities or Cash held by an Eligible Foreign Custodian or an Eligible Foreign Securities Depository, shall be subject to applicable laws, regulations, restrictions, customs, procedures, and market practices (i) to which such Eligible Foreign Custodian or Eligible Foreign Securities Depository is subject, (ii) as exist in the country in which such Foreign Securities and Cash is held, and (iii) of the country of the currency in which the Property is denominated. In the event that local laws or regulations to which an Eligible Foreign Custodian or Eligible Foreign Securities Depository is subject change in a way that would prevent or limit the performance of duties...
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USE OF FOREIGN CUSTODIANS. (A) Authorization ------------- (i) The Bank may cause Securities which are foreign securities within the meaning of Rule 17f-5(c)(1) promulgated under the Investment Company Act ("Foreign Securities") and amounts of cash and cash equivalents reasonably required to effect the Fund's Foreign Securities transactions ("Cash") in the Custody Account to be held in such country or other jurisdiction as the Fund shall direct in properly authorized Instructions.
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USE OF FOREIGN CUSTODIANS. (a) AUTHORIZATION. The Bank may cause Securities which are foreign securities within the meaning of Rule 17f-5(c)(1) under the Act ("Foreign Securities") and amounts of cash and cash equivalents reasonably required to effect the Company's Foreign Securities transactions ("Cash") in the Custody Account to be held in such country or other jurisdiction as the Company shall direct in properly authorized instructions. The Bank may hold such Foreign Securities and Cash in subcustody accounts, which shall be deemed part of the Custody Account and which have been established by the Bank with (i)
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Related to USE OF FOREIGN CUSTODIANS

  • Appointment of Foreign Sub-Custodians The Fund hereby authorizes and instructs the Custodian to employ as sub-custodians for the Portfolio's securities and other assets maintained outside the United States the foreign banking institutions and foreign securities depositories designated on Schedule A hereto ("foreign sub-custodians"). Upon receipt of "Proper Instructions", as defined in Section 5 of this Contract, together with a certified resolution of the Fund's Board of Trustees, the Custodian and the Fund may agree to amend Schedule A hereto from time to time to designate additional foreign banking institutions and foreign securities depositories to act as sub-custodian. Upon receipt of Proper Instructions, the Fund may instruct the Custodian to cease the employment of any one or more such sub-custodians for maintaining custody of the Portfolio's assets.

  • Liability of Foreign Sub-Custodians Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian's performance of such obligations. At the Fund's election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.

  • Board Approval of Foreign Subcustodians Unless and except to the extent that the Board has delegated to the Custodian and the Custodian has accepted delegation of review of certain matters concerning the appointment of Subcustodians pursuant to Subsection 8.3, the Custodian shall, prior to the appointment of any Subcustodian for purposes of holding Investments of the Fund outside the United States, obtain written confirmation of the approval of the Board of Trustees or Directors of the Fund with respect to (a) the identity of a Subcustodian, and (b) the Subcustodian agreement which shall govern such appointment, such approval to be signed by an Authorized Person. An Instruction to open an account in a given country shall comprise authorization of the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Custodian shall not be required to make independent inquiry as to the authorization of the Fund to invest in such country.

  • Liability of Foreign Sub-Custodians and Foreign Securities Systems Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties and, to the extent possible, to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian's performance of such obligations. At each Fund's election, a Fund shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that a Fund and any applicable series have not been made whole for any such loss, damage, cost, expense, liability or claim.

  • DELIVERY OF FOREIGN ASSETS The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Portfolios held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases: (i) Upon the sale of such foreign securities for the Portfolio in accordance with commercially reasonable market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing the operation of the Foreign Securities System; (ii) In connection with any repurchase agreement related to foreign securities; (iii) To the depository agent in connection with tender or other similar offers for foreign securities of the Portfolios; (iv) To the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable; (v) To the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; (vi) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case, the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such foreign securities prior to receiving payment for such foreign securities except as may arise from the Foreign Sub-Custodian’s own negligence or willful misconduct; (vii) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; (viii) In the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; (ix) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio; (x) In connection with trading in options and futures contracts, including delivery as original margin and variation margin; (xi) Upon the sale or other delivery of such foreign securities (including, without limitation, to one or more Special Sub-Custodians or Repo Custodians) as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the foreign securities to be delivered and (B) the person or persons to whom delivery shall be made; (xii) In connection with the lending of foreign securities; and (xiii) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the foreign securities to be delivered and (B) the person or persons to whom delivery of such securities shall be made.