Use of Subcustodians Clause Samples
The use-of-subcustodians clause authorizes a primary custodian to delegate the safekeeping of certain assets to third-party subcustodians. In practice, this means that if the primary custodian cannot directly hold specific assets—perhaps due to local regulations or market practices—they may appoint a subcustodian in the relevant jurisdiction to hold those assets on behalf of the client. This clause ensures that assets can be properly safeguarded even in markets where the primary custodian lacks a direct presence, thereby facilitating global asset custody and mitigating operational risks associated with cross-border holdings.
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Use of Subcustodians. The Custodian may make arrangements, where appropriate, with other banks having not less than two million dollars aggregate capital, surplus and undivided profits for the custody of securities. Any such bank selected by the Custodian to act as subcustodian shall be deemed to be the agent of the Custodian. The Custodian also may enter into arrangements for the custody of securities entrusted to its care through foreign branches of United States banks; through foreign banks, banking institutions or trust companies; through foreign subsidiaries of United States banks or bank holding companies, or through foreign securities depositories or clearing agencies (hereinafter also called, collectively, the "Foreign Subcustodian" or indirectly through an agent, established under the first paragraph of this section, if and to the extent permitted by Section 17(f) of the Investment Company Act of 1940 and the rules promulgated by the Securities and Exchange Commission thereunder, any order issued by the Securities and Exchange Commission, or any "no-action" letter received from the staff of the Securities and Exchange Commission. To the extent the existing provisions of the Custodian Agreement are consistent with the requirements of such Section, rules, order or no-action letter, they shall apply to all such foreign custodianships. To the extent such provisions are inconsistent with or additional requirements are established by such Section, rules, order or no-action letter, the requirements of such Section, rules, order or no-action letter will prevail and the parties will adhere to such requirements; provided, however, in the absence of notification from the Corporation of any changes or additions to such requirements, the Custodian shall have no duty or responsibility to inquire as to any such changes or additions.
Use of Subcustodians. The Custodian is authorized to utilize Subcustodians in connection with its performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.
Use of Subcustodians. Hereinafter the term "subcustodian" will refer -------------------- to any Bank branch, any branch of a qualified U.S. bank, any eligible foreign custodian or any eligible foreign securities depository with which the Bank has entered into an agreement of the type contemplated hereunder regarding Securities and/or cash held in or to be acquired for a Custody Account or a Deposit Account. With respect to Property which is maintained by the Bank in the custody of a subcustodian pursuant to Section 3:
(a) The Bank will identify on its books as belonging to the particular Portfolio of the Fund any Property held by such subcustodian.
(b) In the event that a subcustodian permits any of the Securities placed in its care to be held in an Eligible Foreign Securities Depository, such subcustodian will be required by its agreement with the Bank to identify on its books such Securities as being held for the account of the Bank as a custodian for its customers.
(c) Any Securities in a Custody Account held by a subcustodian of the Bank will be subject only to the instructions of the Bank or its agents; and any Securities held in an Eligible Foreign Securities Depository for the account of a subcustodian will be subject only to the instructions of such subcustodian.
(d) The Bank will only deposit Securities in an account with a subcustodian which includes exclusively the assets held by the Bank for its customers, and the Bank will cause such account to be designated by such subcustodian as a special custody account for the exclusive benefit of customers of the Bank.
(e) Any agreement the Bank shall enter into with a subcustodian with respect to the holding of Securities shall require that (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such subcustodian or its creditors except for a claim of payment for its safe custody or administration and (ii) beneficial ownership of such Securities is freely transferable without the payment of money or value other than for safe custody or administration; provided, however, that the foregoing shall not apply to the extent that any of the above-mentioned rights, charges, etc. result from any compensation or other expenses arising with respect to the safekeeping of Securities pursuant to such agreement.
(f) The Bank shall allow independent public accountants of the Fund such reasonable access to the records of the Bank relating to Property held in a Custody Account and a D...
Use of Subcustodians. The Custodian may make arrangements, where appropriate, with other banks having not less than two million dollars aggregate capital, surplus and undivided profits for the custody of securities. Any such bank selected by the Custodian to act as subcustodian shall be deemed to be the agent of the Custodian.
Use of Subcustodians and Depositories (a) BNY Mellon will be entitled to utilize Subcustodians and Depositories in connection with its performance hereunder; provided that BNY Mellon will not utilize a Subcustodian that is an “Eligible Foreign Custodian” (as defined in Rule 17f-5 under the ▇▇▇▇ ▇▇▇) to hold “Foreign Assets” (as defined in such Rule 17f-5) until after BNY Mellon is informed, pursuant to such means as determined by BNY Mellon, that Customer’s board of directors or similar governing body or Customer’s “Foreign Custody Manager” (as defined in such Rule 17f-5) has determined that utilization of such Subcustodian satisfies the applicable requirements of such Rule 17f-5. (b) BNY Mellon will only utilize Subcustodians that have entered into an agreement with BNY Mellon or a BNY Mellon Affiliate, and Assets held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian’s respective agreement.
Use of Subcustodians. The Custodian may, in connection with the purchase and sale by a Fund of securities outside the United states, in its discretion appoint in writing (and may at any time remove) any other. bank or trust company (which may include a foreign branch or agency of a bank or trust company) as its agent hereunder (individually, a “Subcustodian”) to carry out, in accordance with the terms of this Agreement, such of the provisions of the Agreement as the Custodian may, from time to time, direct; provided, however, that such Subcustodian (which itself would meet the qualifications for a successor Custodian set forth in Section 18 and which will have been selected with reasonable care, having in mind the duties to be assigned to it) is understood to be the agent of the Custodian and not the agent of such Fund, and the Custodian shall be fully responsible for the acts of such Subcustodian and shall not be relieved of any of its responsibilities hereunder by the appointment of such Subcustodian.
Use of Subcustodians. The Custodian, in connection with the purchase and sale by a Fund of securities outside the United States, in its discretion and in accordance with the applicable provisions of Rule 17f-5 under the 1940 Act, as such Rule may from time to time be amended, may appoint in writing (and may at any time remove) any other bank or trust company (which may include a foreign branch or agency of a bank or trust company) as its agent hereunder (individually, a "Subcustodian") to carry out, in accordance with the terms of this Agreement, such of the provisions of the Agreement as the Custodian may, from time to time, direct; provided, however, that any such foreign -------- Subcustodian would meet the qualifications pursuant to Rule 17f-5, and any U.S. Subcustodian would meet the qualifications for a successor custodian set forth in Section 18 herein (and which will have been selected with reasonable care, having in mind the duties to be assigned to it); and further provided that the Trust's Board of Trustees has approved such -------- foreign subcustody arrangements in accordance with the requirements of Rule 17f-5. Such Subcustodian shall be the agent of the Custodian and not the agent of such Fund, and the Custodian shall be fully responsible for the acts of such Subcustodian and shall not be relieved of any of its responsibilities or liabilities hereunder by the appointment of such Subcustodian.
Use of Subcustodians. State Street is authorized to utilize Subcustodians in connection with its performance of the Custody Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.
Use of Subcustodians. With respect to Property which is maintained by -------------------- the Bank in the custody of a subcustodian pursuant to Section 3: (a) The Bank will identify on its books as belonging to the particular Portfolio of the Fund any Property held by such subcustodian.
Use of Subcustodians. Subject to Board of Trustees approval pursuant to Rule 17f-5 under the 1940 Act, the Custodian may, in connection with the purchase and sale
by a Fund of securities outside the United States, in its discretion appoint in writing (and may at any time remove) any other bank or trust company (which may include a foreign branch or agency of a bank or trust company) as its agent hereunder (individually, a "Subcustodian") to carry out, in accordance with the terms of this Agreement, such of the provisions of the Agreement as the Custodian may, from time to time, direct; provided, however, that such Subcustodian (which itself would meet the qualifications for successor custodian set forth in Section 18 and which will have been selected with reasonable care, having in mind the duties to be assigned to it) is understood to be the agent of the Custodian and not the agent of such Fund, and the Custodian shall be fully responsible for the acts of such Subcustodian and shall not be relieved of any of its responsibilities hereunder by the appointment of such Subcustodian.