Custody Account Transactions. Subject to the provisions of Section 7, ---------------------------- Securities in a Custody Account will be transferred, exchanged or delivered by the Bank or its subcustodians only: (a) upon sale of such Securities for the particular Portfolio of the Fund involved and receipt by the Bank or its subcustodian of payment therefor, each such payment to be in the amount confirmed by Instructions from Authorized Persons; (b) when such Securities are called, redeemed or retired, or otherwise become payable; (c) in exchange for or upon conversion into other Securities alone or other Securities and cash pursuant to any plan of merger, consolidation, reorganization, recapitalization or readjustment; (d) upon conversion of such Securities pursuant to their terms into other Securities; (e) upon exercise of subscription, purchase or other similar rights represented by such Securities; (f) for the purpose of exchanging interim receipts or temporary Securities for definitive Securities; (g) or the purpose of redeeming in-kind shares of the capital stock of the particular Portfolio of the Fund involved against delivery to the Bank or its subcustodian of such shares to be redeemed; (h) in connection with any borrowings by the particular Portfolio requiring a pledge of Securities, but only against receipt of amounts borrowed; (i) in connection with any loans, but only against receipt of adequate collateral as specified in Instructions which shall reflect any restrictions applicable to the Fund;
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Custody Account Transactions. Subject to the provisions of Section 7, ---------------------------- Securities in a Custody Account will be transferred, exchanged or delivered by the Bank or its subcustodians only:
(a) upon sale of such Securities for the particular Portfolio of the Fund involved and receipt by the Bank or its subcustodian of payment therefor, each such payment to be in the amount confirmed by Instructions from Authorized Persons;
(b) when such Securities are called, redeemed or retired, or otherwise become payable;
(c) in exchange for or upon conversion into other Securities alone or other Securities and cash pursuant to any plan of merger, consolidation, reorganization, recapitalization or readjustment;
(d) upon conversion of such Securities pursuant to their terms into other Securities;
(e) upon exercise of subscription, purchase or other similar rights represented by such Securities;
(f) for the purpose of exchanging interim receipts or temporary Securities for definitive Securities;
(g) or the purpose of redeeming in-kind shares of the capital stock of the particular Portfolio of the Fund involved against delivery to the Bank or its subcustodian of such shares to be redeemed;
(h) in connection with any borrowings by the particular Portfolio requiring a pledge of Securities, but only against receipt of amounts borrowed;
(i) in connection with any loans, but only against receipt of adequate collateral as specified in Instructions which shall reflect any restrictions applicable to the Fund;
Appears in 1 contract
Custody Account Transactions. Subject to the provisions of Section 7, ---------------------------- Securities in a Custody Account will be transferred, exchanged or delivered by the Bank or its subcustodians only:
(a) upon sale of such Securities for the particular Portfolio of the Fund involved and receipt by the Bank or its subcustodian of payment therefor, each such payment to be in the amount confirmed by Instructions from Authorized Persons;
(b) when such Securities are called, redeemed or retired, or otherwise become payable;
(c) in exchange for or upon conversion into other Securities alone or other Securities and cash pursuant to any plan of merger, consolidation, reorganization, recapitalization or readjustment;
(d) upon conversion of such Securities pursuant to their terms into other Securities;
(e) upon exercise of subscription, purchase or other similar rights represented by such Securities;
(f) for the purpose of exchanging interim receipts or temporary Securities for definitive Securities;
(g) or the purpose of redeeming in-kind shares of the capital stock of the particular Portfolio of the Fund involved against delivery to the Bank or its subcustodian of such shares to be redeemed;
(h) in connection with any borrowings by the particular Portfolio requiring a pledge of Securities, but only against receipt of amounts borrowed;
(i) in connection with any loans, but only against receipt of adequate collateral as specified in Instructions which shall reflect any restrictions applicable to the Fund;
(j) for delivery in accordance with the provisions of any agreement among the Fund, the Bank and a broker-dealer registered under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of the National Association of Securities Dealers, Inc. relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organizations, regarding escrow or other arrangements in connection with transactions by the particular Portfolio;
(k) for release of Securities to designated brokers under covered call options, provided, however, that such Securities shall be released only upon payment to the Bank of monies for the premium due and a receipt for the Securities which are to be held in escrow. Upon exercise of the option, or at expiration, the Bank will receive the Securities previously deposited from brokers. The Bank will act strictly in accordance with Instructions in the delivery of Securities to be held in escrow and will have no responsibility or liability for any such Securities which are not returned promptly when due other than to make proper request for such return.
(l) for other proper corporate purposes of the particular Portfolio of the Fund involved; or
(m) upon the termination of this Custody Agreement as hereinafter set forth. All transfers, exchanges or deliveries of Securities in a Custody Account for a purpose permitted by either subsection (a), (b), (c), (d), (e) or (f) of this Section 6 will be made, except as provided in Section 8 hereof, only upon receipt by the Bank of Instructions from Authorized Persons which shall specify the purpose of the transfer, exchange or delivery to be made and the applicable subsection of this Section 6. In the case of any transfer or delivery to be made for the purpose permitted by subsection (g) of this Section 6, the Bank must first receive Instructions from Authorized Persons specifying the Securities held by the Bank or its subcustodian to be so transferred or delivered and naming the person or persons to whom transfers or delivery of such Securities shall be made. In the case of any transfer, exchange or delivery to be made for the purpose permitted by subsections (h) or (l) of this Section 6, the Bank must first receive a certified copy of a resolution of the Board of Directors of the Fund adequately describing such transfer, exchange or delivery, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such Securities shall be made. Any transfer or delivery pursuant to subsection (m) of this Section 6 will be made in accordance with Section 17 hereof.
Appears in 1 contract
Custody Account Transactions. Subject to the provisions of Section 7, ---------------------------- Securities in a the Custody Account will be transferred, exchanged or delivered by the Bank or its subcustodians only:
(a) upon sale of such Securities for the particular Portfolio of the Fund involved and receipt by the Bank or its subcustodian only of payment therefor, each such payment to be in the amount confirmed by Instructions from Authorized Persons;
(b) when such Securities are called, redeemed or retired, or otherwise become payable;
(c) in exchange for or upon conversion into other Securities alone or other Securities and cash pursuant to any plan of merger, consolidation, reorganization, recapitalization or readjustment;
(d) upon conversion of such Securities pursuant to their terms into other Securities;
(e) upon exercise of subscription, purchase or other similar rights represented by such Securities;
(f) for the purpose of exchanging interim receipts or temporary Securities for definitive Securities;
(g) or for the purpose of redeeming in-in kind shares of the capital stock of the particular Portfolio of the Fund involved against delivery to the Bank or its subcustodian of such shares to be so redeemed;
(h) in connection with any borrowings by for other proper corporate purposes of the particular Portfolio requiring a pledge of Securities, but only against receipt of amounts borrowed;Fund; or
(i) upon the termination of this Custody Agreement as hereinafter set forth. All transfers, exchanges or deliveries of Securities in connection with any loans, but only against receipt of adequate collateral as specified in Instructions which shall reflect any restrictions applicable to the Fund;the
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Samples: Custody Agreement (Warburg Pincus Capital Appreciation Fund)
