Common use of Use of Immobilization Programs Clause in Contracts

Use of Immobilization Programs. Provided (i) the Bank has received a certified copy of a resolution of the Trustees of the Trust specifically approving the maintenance of portfolio securities in an immobilization program operated by a bank which meets the requirements of Section 26(a)(1) of the Investment Company Act of 1940, and (ii) for each year following such approval the Trustees of the Trust have reviewed and approved the arrangement and have not delivered an Officer’s Certificate to the Bank indicating that the Trustees have withdrawn their approval, the Bank shall enter into such immobilization program with such bank acting as a subcustodian hereunder.

Appears in 1 contract

Sources: Conforming Custodian Agreement (GMO Series Trust)

Use of Immobilization Programs. Provided (i) the Bank has received a certified copy of a resolution of the Trustees of the Trust specifically approving the maintenance of portfolio securities in an immobilization program operated by a bank which meets the requirements of Section 26(a)(1) of the Investment Company Act of 19401940 Act, and (ii) for each year following such approval the Trustees of the Trust have reviewed and approved the arrangement and have not delivered an Officer’s 's Certificate to the Bank indicating that the Trustees have withdrawn their approval, the Bank shall enter into such immobilization program with such bank acting as a subcustodian hereunder.

Appears in 1 contract

Sources: Custodian Agreement (Gmo Trust)

Use of Immobilization Programs. Provided Provided (i) the Bank has received a certified copy of a resolution of the Trustees of the Trust specifically approving the maintenance of portfolio securities in an immobilization program operated by a bank which meets the requirements of Section 26(a)(126(x)(1) of the Investment Company Act of 1940, and (ii) for each year following such approval the Trustees of the Trust have reviewed and approved the arrangement and have not delivered an Officer’s 's Certificate to the Bank indicating that the Trustees have withdrawn withdrawn-their approval, the Bank shall enter into such immobilization program with such bank acting as a subcustodian hereunder.

Appears in 1 contract

Sources: Custodian Agreement (Gmo Trust)