Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 18), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered therefor to the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodian: (a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account; (b) present for payment all Securities credited to an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit the cash delivered to such Account pursuant to this Agreement; (i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the Customer, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto; (d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror; (e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account; (f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customer. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and (g) appoint brokers and agents, for which the Custodian shall be responsible, for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Samples: Custodian Agreement (Oppenheimer Senior Floating Rate Fund)
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books for each in the name of a Portfolio (eachall accountsrelating to a single Portfolio hereinafter referred to as, an "Account") for Account")for any and all Property from time to time delivered to received and accepted by the Custodian theCustodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 18), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate 4) on behalf of a Portfolio, and the . The Custodian shall allocate such Property to the Accounts inaccordance with such Instructions (as defined in accordance Section 12); providedthat the Custodian shall have the right, in its sole discretion, to refuse to accept any Property that is not in proper form for deposit for anyreason or with respect to which Instructions have not been received.Subject to Section 1(b) above, the Instructions. The Customer Trust, on behalf of each Portfolio, ,acknowledges its responsibility as a principal for all of its obligations to obligationsto the Custodian arising under or in connection with this Agreement, ,warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize andauthorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the CustomereachPortfolio, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccounts. All transactions, ,including, but not limited to, foreign exchange transactions, ,involving the Property shall be executed or settled solely in accordance inaccordance with Instructions (which shall specifically reference the Account for which such transaction is being settled)Instructions, except that that, until the Custodian receives Custodianreceives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and paymentsandpayments, whether paid in cash or in kind, on the Property, as the same thesame become payable and thereafter promptly credit the same to the appropriate theappropriate Account;
(b) present for payment all Securities credited to held in an Account which are calledarecalled, redeemed or retired or otherwise become payable and all coupons allcoupons and other income items which call for payment upon presentation uponpresentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be isactually aware of such opportunities and credit hold the cash delivered to such received insuch Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (includingministerial(including, without limitation, the exchange of temporary securities for those forthose in definitive form and the exchange of warrants, or other documents of documentsof entitlement to securities, for the Securities themselves) and (ii) when notification whennotification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges ministerialexchanges described in (i) above) is received for an Account, promptly transmit such corporate action to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the Customerendeavor toreceive Instructions, provided that if such Instructions are not received in receivedin time for the Custodian to take timely action, no action shall be taken with takenwith respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest fractionalinterest resulting from a rights issue, stock dividend or stock split is splitis received for an Account and such rights entitlement or fractional interest fractionalinterest bears an expiration date, if after endeavoring to obtain Instructions obtainInstructions such Instructions are not received in time for the Custodian theCustodian to take timely action or if actual notice of such actions was actionswas received too late to seek Instructions, may sell in the discretion of the ofthe Custodian (which sale the Customer is hereby authorizes the Custodian to makeauthorized) such rights entitlement rightsentitlement or fractional interest and credit the Account with the net proceeds netproceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Accountexecute, whenever the Custodian deems it appropriate, such ownership suchownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment thepayment of income from the Property in such Account;
(f) in connection with Property held outside the United States, pay for each Account, foreach Account any and all taxes and levies in the nature of taxes imposed on imposedon interest, dividends or other similar income on the Property in such Account suchAccount by any governmental authority. In the event there is insufficient Cash insufficientCash available in such Account to pay such taxes and levies, the Custodian shall Custodianshall notify the Customer Trust of the amount of the shortfall and the CustomerTrust, at its atits option, may deposit additional Cash in such Account or take steps to have tomake sufficient Cash available it being understood that to the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customerfor such payment. The Customer TheTrust agrees, when and if requested by the Custodian and required in connection inconnection with the payment of any such taxes and levies, to cooperate with cooperatewith the Custodian in furnishing information, executing documents or otherwiseorotherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving transactionsinvolving the Securities described in (a) - (f)) above, including, without limitationwithoutlimitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1815), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the New York UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) ), provided that Custodian will take delivery and hold in the Account any such replacement securities prior to withdrawing the securities being replaced and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio Fund (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such PortfolioFund. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a PortfolioFund, the Customer shall, by Instructions (as hereinafter defined in Section 1814), specifically indicate to which Portfolio Fund such Property belongs or if such Property belongs to more than one Portfolio Fund shall allocate such Property to the appropriate Portfolio, and the Fund. The Custodian shall allocate such Property to the Accounts in accordance with the Instructions; PROVIDED THAT the Custodian shall have the right, in its sole discretion, to refuse to accept any Property that is not in proper form for deposit for any reason. The Customer on behalf of each PortfolioFund, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1814), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the New York UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customer. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.governmental
Appears in 1 contract
Samples: Custodian Agreement (Bt Alex Brown Cash Reserve Fund Inc)
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1814), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered therefor to the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customer. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; andany
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Samples: Custodian Agreement (FMB Funds Inc)
Custody Account. The Except as provided in the last paragraph of Section 4, Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of Customer on behalf of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 18)Instructions, specifically indicate to in which Portfolio such Property belongs or if such Property belongs to more than one Portfolio Portfolio, shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer Customer, on behalf of each Portfolio, acknowledges (i) its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, notwithstanding, that it may be acting on behalf of other persons, and (ii) warrants its authority to deposit in the appropriate Account any Property delivered received therefor to the by Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, Account all Property in such Account and, to the extent such Property constitutes "financial assets for purposes of assets" as defined in the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which that are called, redeemed or retired or otherwise become payable and all coupons and other income items which that call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and Customer may, or may cause the CustomerPortfolio to, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that available. Customer, on behalf of the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customer. The Customer Portfolios agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes taxes, to cooperate with the Custodian in furnishing information, executing documents or otherwise; and;
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian; and
(h) in the event of any loss of Securities or Cash, use its best efforts to ascertain the circumstances relating to such loss and promptly report the same to Customer.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions Instruction (as hereinafter defined devised in Section 1814), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the . The Custodian shall allocate such Property to the Accounts in accordance with the Instructions; PROVIDED THAT the Custodian shall have the right, in its sole discretion, to refuse to accept any Property that is not in proper form for deposit for any reason. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver delivery securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions Instruction to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and an all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;:
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of or entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) abovei)above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the Customer, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or of stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action actions or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar similarly income on the Property in such Account by any governmental authority. In the event there is insufficient in sufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at as its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with wit the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agent for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1813), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Portfolios. The Custodian shall allocate such Property to the Accounts in accordance with the Instructions; provided that the Custodian shall have the right, in its sole discretion, to refuse to accept any Property that is not in proper form for deposit for any reason. The Customer on behalf of each Portfolio, acknowledges its the responsibility of each Portfolio as a principal for all of its such Portfolios obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The For Securities delivered in physical form, the Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action notification to the Customer via e-mail or other delivery mechanism as agreed and act upon in order receive Instructions from the Customer's Instructions with respect thereto, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Custodian Bank agrees to establish and maintain one or more separate custody accounts ---------------- on its books each in the name of a the Custodian, on behalf of the Fund for each Portfolio (eachindividually, an "Account" and collectively, the "Accounts") for any and all Property from time to time delivered to received and accepted by the Custodian Bank or any Subcustodian of its Subcustodians for the account of such Portfolio. Upon delivery by the Customer Fund or the Custodian to the Custodian Bank of any acceptable Property belonging to a Portfolio, the Customer shallFund or the Custodian, by Instructions (as hereinafter defined in Section 18)the case may be, shall specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts Portfolio(s) all in accordance with the InstructionsInstructions (as defined in Section 13). The Customer Custodian and the Fund, on behalf of the Portfolios, each Portfolio, acknowledges acknowledge its responsibility as a principal for all of its obligations to the Custodian Bank arising under or in connection with this Agreement, notwithstanding in the case of the Custodian, that it may be acting on behalf of other persons and warrants its authority to deposit in the appropriate Account Accounts any Property delivered received therefor to by the Custodian Bank or a its Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian Bank may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Fund, on behalf of the Portfolios, and the Custodian agree that the Bank shall not be subject to, nor shall its rights and obligations under this Agreement or with respect to the Accounts be affected by, any agreement between the Fund or the Custodian and any other person, except as otherwise provided herein. The Bank shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, global subcustodian all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settledas defined in Section 13), except that until the Custodian Bank, or its Subcustodian, receives Instructions to the contrary, the Custodian will directly or through a SubcustodianBank will:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to an held in the Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian Bank or its Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to such received in the Account pursuant to this Agreement;
(ic) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the Customer, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto);
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an the Account and such rights entitlement or fractional interest bears an expiration date, endeavor to receive Instructions, provided that if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian Bank to take timely action or if actual notice of such actions was received too late to seek Instructionsaction, may sell in the discretion of the Custodian Bank, or its Subcustodian (which sale the Customer hereby authorizes Fund, on behalf of the Portfolios, and the Custodian hereby authorize the Bank to make) ), such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the CustomerCustodian's or Fund's name for an the Account, whenever the Custodian Bank, or its Subcustodian, deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;Property; and
(f) pay for each the Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such the Account to pay such taxes and levies, the Custodian Bank, or its Subcustodian, shall notify the Customer Custodian of the amount of the shortfall and the CustomerCustodian may, or may cause the Fund to, at its option, may deposit additional Cash in such the Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agreesCustodian and the Fund, on behalf of the Portfolios agree, when and if requested by the Custodian Bank and required in connection with the payment of any such taxes to cooperate with the Custodian Bank, or its Subcustodian, in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions transaction involving the Securities described in (a) - (f)Securities, including, without limitation, affiliates of the Custodian Bank or any Subcustodian. Except as otherwise may be agreed upon by the parties hereto, the Bank shall not be required to comply with any Instructions to settle the purchase of any Securities for an Account unless there is sufficient Cash in that Account at the time or to settle the sale of any Securities in an Account unless such Securities are in deliverable form. Notwithstanding the foregoing, if the purchase price of such Securities exceeds the amount of Cash in an Account at the time of such purchase, the Bank may, in its sole discretion, advance the amount of the difference in order to settle the purchase of such Securities. The amount of any such advance shall be deemed a loan from the Bank to the applicable Account payable on demand and bearing interest accruing from the date such loan is made to, but not including, the date such loan is repaid at a rate per annum customarily charged by the Bank on similar loans.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1814), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the . The Custodian shall allocate such Property to the Accounts in accordance with the Instructions; PROVIDED THAT the Custodian shall have the right, in its sole discretion, to refuse to accept any Property that is not in proper form for deposit for any reason. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Except as provided in the last paragraph of Section 4, Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of Customer on behalf of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 18)Instructions, specifically indicate to in which Portfolio such Property belongs or if such Property belongs to more than one Portfolio Portfolio, shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer Customer, on behalf of each Portfolio, acknowledges (i) its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, notwithstanding, that it may be acting on behalf of other persons, and (ii) warrants its authority to deposit in the appropriate Account any Property delivered received therefor to the by Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, Account all Property in such Account and, to the extent such Property constitutes "financial assets for purposes of assets" as defined in the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which that are called, redeemed or retired or otherwise become payable and all coupons and other income items which that call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and Customer may, or may cause the CustomerPortfolio to, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that available. Customer, on behalf of the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customer. The Customer Portfolios agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes taxes, to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian;
(h) in the event of any loss of Securities or Cash, use its best efforts to ascertain the circumstances relating to such loss and promptly report the same to Customer. Custodian shall provide cash management services to Customer.
Appears in 1 contract
Samples: Custodial Services Agreement (Sound Shore Fund Inc)
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery deliver by the Customer to the Custodian of any acceptable Property belonging to a any Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1814), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the . The Custodian shall allocate such Property to the Accounts in accordance with the Instructions; provided that the Custodian shall have the right, in its sole discretion, to refuse to accept any Property that is not in proper form for deposit for any reason. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives received Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;.
(b) present Present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) above is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Except as provided in the last paragraph of Section 4, Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of Customer on behalf of a Portfolio Fund (each, an "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such PortfolioFund. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a PortfolioFund, the Customer shall, by Instructions (as hereinafter defined in Section 18)Instructions, specifically indicate to in which Portfolio Fund such Property belongs or if such Property belongs to more than one Portfolio Fund, shall allocate such Property to the appropriate PortfolioFund, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer Customer, on behalf of each PortfolioFund, acknowledges (i) its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, notwithstanding, that it may be acting on behalf of other persons, and (ii) warrants its authority to deposit in the appropriate Account any Property delivered received therefor to the by Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, Account all Property in such Account and, to the extent such Property constitutes "financial assets for purposes of assets" as defined in the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio Fund in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which that are called, redeemed or retired or otherwise become payable and all coupons and other income items which that call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and Customer may, or may cause the CustomerFund to, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that available. Customer, on behalf of the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customer. The Customer Funds agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes taxes, to cooperate with the Custodian in furnishing information, executing documents or otherwise; and;
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian; and
(h) in the event of any loss of Securities or Cash, use its best efforts to ascertain the circumstances relating to such loss and promptly report the same to Customer.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one custody account or more custody accounts ---------------- on its books each in the name of a Portfolio the Customer (each, an the "Account") for any and all Property from time to time delivered to received and accepted by the Custodian or any Subcustodian for the account of such Portfoliothe Customer. Upon delivery The Account shall contain, in the manner and on the terms specified herein, exclusively assets held by the Customer to the Custodian of any acceptable Property belonging to as a Portfoliofiduciary, the Customer shall, by Instructions (as hereinafter defined in Section 18), specifically indicate to which Portfolio such Property belongs custodian or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the otherwise for customers. The Custodian shall allocate such have the right, in its sole discretion, to refuse to accept any Property to the Accounts that is not in accordance with the Instructionsproper form for deposit for any reason. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered received therefor to by the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each the Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintainedAccount. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled)Instructions, except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
; (b) present for payment all Securities credited to an held in the Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to such received in the Account pursuant to this Agreement;; (c)
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrantswan-ants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an the Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
; (d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an the Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
; (e) execute in the Customer's name for an the Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such the Account;
; (f) pay for each the Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such the Account by any governmental authority. In the event there is insufficient Cash available in such the Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such the Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
and (g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Samples: Custodian Agreement (Ark Funds/Ma)
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1815), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered therefor to the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodian:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit the cash delivered to such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Samples: Custodian Agreement (Scudder Rreef Securities Trust)
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 1815), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered therefor to the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the New York UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodianwill:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to held in an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit hold the cash delivered to received in such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, tender or exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action endeavor to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the CustomerInstructions, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customeravailable. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, agents for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Custody Account. The Custodian agrees to establish and maintain one or more custody accounts ---------------- on its books each in the name of a Portfolio (each, an "Account") for any and all Property from time to time delivered to and accepted by the Custodian or any Subcustodian for the account of such Portfolio. Upon delivery by the Customer to the Custodian of any acceptable Property belonging to a Portfolio, the Customer shall, by Instructions (as hereinafter defined in Section 18), specifically indicate to which Portfolio such Property belongs or if such Property belongs to more than one Portfolio shall allocate such Property to the appropriate Portfolio, and the Custodian shall allocate such Property to the Accounts in accordance with the Instructions. The Customer on behalf of each Portfolio, acknowledges its responsibility as a principal for all of its obligations to the Custodian arising under or in connection with this Agreement, warrants its authority to deposit in the appropriate Account any Property delivered therefor to the Custodian or a Subcustodian and to give, and authorize others to give, instructions relative thereto. The Custodian may deliver securities of the same quantity, issuer and class in place of those deposited in or credited to the Account. The Custodian shall hold, keep safe and protect as custodian for each Account, on behalf of the Customer, all Property in such Account and, to the extent such Property constitutes financial assets for purposes of the UCC, shall maintain those financial assets in such Account as security entitlements in favor of the Portfolio in whose name the Account is maintained. All transactions, including, but not limited to, foreign exchange transactions, involving the Property shall be executed or settled solely in accordance with Instructions (which shall specifically reference the Account for which such transaction is being settled), except that until the Custodian receives Instructions to the contrary, the Custodian will directly or through a Subcustodian:
(a) collect all interest and dividends and all other income and payments, whether paid in cash or in kind, on the Property, as the same become payable and credit the same to the appropriate Account;
(b) present for payment all Securities credited to an Account which are called, redeemed or retired or otherwise become payable and all coupons and other income items which call for payment upon presentation to the extent that the Custodian or Subcustodian is actually aware or should in the normal of business be aware of such opportunities and credit the cash delivered to such Account pursuant to this Agreement;
(i) exchange Securities where the exchange is purely ministerial (including, without limitation, the exchange of temporary securities for those in definitive form and the exchange of warrants, or other documents of entitlement to securities, for the Securities themselves) and (ii) when notification of a tender, exchange offer or substantially similar corporate action (other than ministerial exchanges described in (i) above) is received for an Account, promptly transmit such corporate action to Customer via e-mail or other delivery mechanism as agreed upon in order receive Instructions from the Customer, provided that if such Instructions are not received in time for the Custodian to take timely action, no action shall be taken with respect thereto;
(d) whenever notification of a rights entitlement or a fractional interest resulting from a rights issue, stock dividend or stock split is received for an Account and such rights entitlement or fractional interest bears an expiration date, if after endeavoring to obtain Instructions such Instructions are not received in time for the Custodian to take timely action or if actual notice of such actions was received too late to seek Instructions, may sell in the discretion of the Custodian (which sale the Customer hereby authorizes the Custodian to make) such rights entitlement or fractional interest and credit the Account with the net proceeds of such sale, if such rights entitlement or fractional interest is marketable in accordance with local market practice, rules, regulations or the terms of the offer, including but not limited to tendering such right entitlement or fractional interest to the offeror;
(e) execute in the Customer's name for an Account, whenever the Custodian deems it appropriate, such ownership and other certificates as may be required for the Custodian to fully perform under this Agreement including to obtain the payment of income from the Property in such Account;
(f) pay for each Account, any and all taxes and levies in the nature of taxes imposed on interest, dividends or other similar income on the Property in such Account by any governmental authority. In the event there is insufficient Cash available in such Account to pay such taxes and levies, the Custodian shall notify the Customer of the amount of the shortfall and the Customer, at its option, may deposit additional Cash in such Account or take steps to have sufficient Cash available it being understood that the Custodian shall have no obligation to advance payments out of its own funds and that payments shall be made solely from amounts immediately available in the applicable Account or from Cash received from the Customer. The Customer agrees, when and if requested by the Custodian and required in connection with the payment of any such taxes to cooperate with the Custodian in furnishing information, executing documents or otherwise; and
(g) appoint brokers and agents, for which the Custodian shall be responsible, for any of the ministerial transactions involving the Securities described in (a) - (f), including, without limitation, affiliates of the Custodian or any Subcustodian.
Appears in 1 contract
Samples: Custodian Agreement (Oppenheimer Senior Floating Rate Fund)
