Common use of Use of Securities System Clause in Contracts

Use of Securities System. With respect to Property in the Account ------------------------ which is maintained by the Bank or any Subcustodian through a Securities System employed pursuant to Section 5: (a) The Bank will, and the Subcustodian will be required by its agreement with the Bank to, identify on its books such Property as being maintained for the account of the Bank or by the Subcustodian for the account of customers of the Bank or a subcustodian. (b) Any Property maintained through a Securities System for the account of the Bank or a Subcustodian will be subject only to the instructions of the Bank or such Subcustodian, as the case may be. (c) Property deposited with a Securities System will be maintained in an account holding only assets for customers of the Bank or Subcustodian, as the case may be unless precluded by applicable law, rule or regulation or unless local market practice provides otherwise. (d) The Bank will provide the Custodian with any report obtained by the Bank on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System. (e) Beginning July 2, 2001, the effective date for compliance with Rule 17f-7 of the 1940 Act, the Bank will monitor the custody risks associated with maintaining assets with the Securities System on a continuing basis, and promptly notify the Fund or its investment advisor of any material change in these risks.

Use of Securities System. With respect to Property in the Account ------------------------ which is maintained by the Bank or any Subcustodian through a Securities System employed pursuant to Section 5: (a) The Bank will, and the Subcustodian will be required by its agreement with the Bank to, identify on its books such Property as being maintained for the account of the Bank or by the Subcustodian for the account of customers of the Bank or a subcustodianSubcustoodian. (b) Any Property maintained through a Securities System for the account of the Bank or a Subcustodian will be subject only to the instructions of the Bank or such Subcustodian, as the case may be. (c) Property deposited with a Securities System will be maintained in an account holding only assets for customers of the Bank or Subcustodian, as the case may be unless precluded by applicable law, rule or regulation or unless local market practice provides otherwise. (d) The Bank will provide the Custodian with any report obtained by the Bank on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System. (e) Beginning July 2, 2001, the effective date for compliance with Rule 17f-7 of the 1940 Act, the Bank will monitor the custody risks associated with maintaining assets with the Securities System on a continuing basis, and promptly notify the Fund or its investment advisor of any material change in these risks.