Custody of Cash and Securities. 1. The Portfolio will deliver or cause to be delivered to the Custodian all Portfolio Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Assets received by it from or for the account of the Portfolio. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the Portfolio's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio to actually deposit any Portfolio Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio for the Portfolio Assets so deposited. Portfolio Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity. 2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio all monies received by it for the account of the Portfolio, and shall disburse the same only: (a) In payment for Securities purchased for the account of the Portfolio, as provided in Article V; (b) In payment of dividends or distributions, as provided in Article VI hereof; (c) In payment of original issue or other taxes, as provided in Article VII hereof; (d) In payment for shares of the Portfolio redeemed by it, as provided in Article VII hereof; (e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or (f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof. 3. Promptly after the close of business on each day the Portfolio is open and valuing its portfolio, the Custodian shall furnish the Portfolio with a detailed statement of monies held for the Portfolio under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio during said day. Where Securities are transferred to the account of the Portfolio without physical delivery, the Custodian shall also identify as belonging to the Portfolio a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio with a detailed statement of the Securities held for the Portfolio under this Agreement. 4. All Securities held for the Portfolio, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio and which may from time to time be registered in the name of the Portfolio. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio segregated at all times from those of any other Portfolio from those of any other person or persons. 5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio in accordance with this Agreement: (a) Collect all income due or payable to the Portfolio with respect to the Portfolio assets; (b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable; (c) Surrender Securities in temporary form for definitive Securities; (d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and (e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio all rights and similar securities issued with respect to any Securities held by the Custodian hereunder. 6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall: (a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio as owner of any Securities may be exercised; (b) Deliver any Securities held for the Portfolio in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege; (c) Deliver any Securities held for the account of the Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and (d) Make such transfers or exchanges of the assets of the Portfolio and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Portfolio. 7. The Custodian shall promptly deliver to the Portfolio all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction. 8. The Custodian shall promptly deliver to the Portfolio all material received by the Custodian and pertaining to Securities held by the Portfolio with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 2 contracts
Samples: Custody Agreement (Morgan Keegan Select Fund Inc), Custody Agreement (Morgan Keegan Select Fund Inc)
Custody of Cash and Securities. 1. The Portfolio Fund will deliver or cause to be delivered to the Custodian all Portfolio Assetssecurities and all moneys owned by it, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Assets securities and such moneys until actually received by it. Upon such receipt, The Fund shall instruct the Custodian shall hold from time to time in safekeeping and physically segregate at all times from its sole discretion, by means of a certificate signed in the property of any other persons, firms or corporations all Portfolio Assets received by it from or for the account name of the Portfolio. The Custodian will be entitled to reverse any credits made on Fund by two officers in accordance with the Portfolio's behalf where such credits have been previously made on provisions of Article IX, or in connection with the Portfolio's behalf where such credits have been previously made and monies are not finally collected within 90 days purchase or sale of money market securities, by means of the making oral instructions of such credits. The Custodian is hereby an authorized by the Portfolio to actually deposit any Portfolio Assets in the Book-Entry System or in a Depositoryperson, provided, however, that the Custodian shall always be accountable as to the Portfolio for manner in which and in what amounts such securities and moneys are to be deposited on behalf of the Portfolio Assets so deposited. Portfolio Assets deposited Fund in the Book-Entry System or the Depository depository, (as each term is defined in Article IX); provided, however, that prior to the deposit of securities of the Fund in either the Book-Entry System or the depository, including a deposit in connection with the settlement of a purchase or sale, or a delivery of loan collateral, the Custodian shall have received a certified resolution of the Fund's Board of Directors specifically approving such deposits by the Custodian on behalf of the Fund in the Book-Entry System or the depository as the case may be. Securities and moneys of the Fund deposited in either the Book-Entry System or the depository, as the case may be, will be represented in accounts which include only assets held by the Custodian for its customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies moneys received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the Portfoliosecurities purchased, as provided in Article VIII hereof;
(b) In payment of dividends or distributions, distributions as provided in Article VI IV hereof;; or
(c) In payment of original issue or other taxes, as provided in Article VII V hereof;; or
(d) In payment for shares capital stock of the Portfolio Fund redeemed by it, as provided in Article VII V hereof;; or,
(e) Pursuant to Certificates certificates, notices or written instructions of the Fund, signed in its name by any two officers (ias defined in Article IX) directing payment and or, with respect to money market securities (as defined in Article IX), the oral instructions of an authorized person (as defined in Article IX), setting forth the name and address of the person to whom the payment is to be made, the amount of such payment to be paid, and the corporate purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such depositmade; or
(f) In payment of the fees and in reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX VII hereof.
3. Promptly The Custodian shall notify the Fund promptly after the close of business on each day with a statement summarizing all transactions and entries for the Portfolio is open account of the Fund during said day; and valuing its portfolioit shall, the Custodian shall furnish the Portfolio with at least monthly and from time to time, render a detailed statement of monies the securities and moneys held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio during said dayAgreement. Where Securities are transferred to the account of the Portfolio without physical delivery, the The Custodian shall also send the Fund confirmation of any purchase or sale of securities and by book entry or otherwise identify as belonging to the Portfolio Fund a quantity of Securities securities in a fungible bulk of Securities securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the depository or the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio with a detailed statement of the Securities held for the Portfolio under this AgreementSystem.
4. All Securities securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities securities held for the Portfolio Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian Custodian, as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository depository or their successor or successors, or their nominee or nominees. The Portfolio Fund agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, depository any Securities securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities securities which are not held in the Book-Entry System by or in the Depository or a Sub-Custodian depository in a separate account or accounts in the name of the Portfolio Fund physically segregated at all times from those of any other Portfolio from those of any other person or persons. The Fund hereby acknowledges its right to receive written confirmation of each transaction, but waives that right upon receiving monthly statements of activity as agreed upon.
5. Unless otherwise instructed to the contrary by a Certificatecertificate signed in the name of the Fund by any two officers, the Custodian by itself, or through the use of the Book-Entry System or the depository with respect to securities therein deposited, shall with respect to all Securities securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio with respect to the Portfolio assetsper usual and customary practices;
(b) Present for payment and collect the amount payable upon all Securities securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities securities in temporary form for definitive Securitiessecurities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, authority now or hereafter in effect; and;
(e) Hold directly, or through the Book-Entry System or the Depository depository with respect to Securities securities therein deposited, for the account of the Portfolio Fund all stock dividends, rights and similar securities issued with respect to any Securities securities held by the Custodian hereunder.
6. Upon receipt of a Certificate certificate signed in the name of the Fund by any two officers (as defined in Article IX), and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate certificate, proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities securities may be exercised;
(b) Deliver any Securities securities held for the Portfolio Fund in exchange for other Securities securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement Agreement, such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and;
(d) Make such transfers or exchanges of the assets of the Portfolio Fund, and take such other steps steps, as shall be stated in said Certificate certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver Notwithstanding anything elsewhere contained herein to the Portfolio all noticescontrary, proxy material the Fund hereby authorizes the Custodian for the term of this Agreement, if it so desires, to maintain in its account(s) with the depository in a manner consistent and executed but unvoted proxies pertaining in accordance with the Investment Company Act of 1940 and any rules and regulations thereunder, securities, if any, as may from time to shareholder meetings of Securities time be held for the Fund and are subject to covered call options issued or written by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written InstructionFund.
8. The Custodian shall promptly deliver to the Portfolio all material received by the Custodian and pertaining to Securities held by the Portfolio with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 2 contracts
Samples: Custodian Agreement (Iaa Trust Money Market Fund Inc), Custodian Agreement (Iaa Trust Money Market Fund Inc)
Custody of Cash and Securities. 1. The Portfolio Fund will deliver or cause to be delivered to the Custodian all Portfolio Fund securities, property, and cash ("Assets, ") including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Assets received by it from or for the account of the Portfolio. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 30 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Fund to actually deposit any Portfolio Assets in the Book-Entry System or in a Depositorydepository, provided, however, that the Custodian shall always be accountable to the Portfolio Fund for the Portfolio Assets so deposited. Portfolio Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) a. In payment for Securities purchased for the account of the Portfolio, as Fund provided in Article VV hereof;
(b) b. In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) c. In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;; or
(e) d. Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio Fund is open and valuing its portfolio, the Custodian shall furnish make available to the Portfolio with Fund a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Fund with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the Portfolio, in the name of any duly appointed registered a nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Fund agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered a nominee of the Custodian or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Fund and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect a. Receive and hold all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund's Assets;
(b) b. Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) c. Surrender Securities in temporary form for definitive Securities;
(d) d. Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect, as may be determined by the Fund to be necessary and as directed by the Fund; and
(e) e. Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) a. Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) b. Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation consolidation, recapitalization or recapitalization sale of assets, of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, privilege and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) c. Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Fund all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written InstructionFund.
8. The Custodian shall promptly deliver to the Portfolio Fund all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
9. All securities and investments of the Fund which are held in physical custody by the Custodian shall be maintained in accordance with the following:
a. The securities and similar investments held in such custody by the Custodian shall at all times be individually segregated from the securities and investments of any other person and marked in such manner as to clearly identify them as the property of the Fund, both upon physical inspection thereof and upon examination of the books of the Custodian. The physical segregation and marking of such securities and investments may be accomplished by putting them in separate containers bearing the name of such Fund or by attaching tags or labels to such securities and investments.
b. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise to dispose of any such securities and investments, except pursuant to the direction of the Fund and only for the account of the Fund.
c. Such securities and investments shall be subject to no lien or charge of any kind in favor of the Custodian or any persons claiming through the Custodian.
d. Such securities and investments shall be verified by actual examination at the end of each annual and semi-annual fiscal period by an independent public accountant retained by the Fund, and shall be examined by such accountant at least one other time, chosen by the accountant, during each fiscal year. A certificate of such accountant stating that an examination of such securities has been made, and describing the nature and extent of the examination, shall be attached to a completed Form N-17f-1 and transmitted by such accountant to the Securities and Exchange Commission promptly after each examination.
e. Such securities and investments shall, at all times, be subject to inspection by the Securities and Exchange Commission through its employees or agents.
f. The provisions of subsections (a) and (b) of this Section 9 shall not apply to securities and similar investments bought for or sold to the Fund by the Custodian until the securities have been reduced to the physical possession of the Custodian and have been paid for by the Fund; provided, that the Custodian shall take possession of such securities at the earliest practicable time. Nothing in this subsection shall be construed to relieve any Company which is a member of a national securities exchange of any obligation under existing law or under the rules of any national securities exchange.
10. The Custodian may deposit the securities in a clearing agency which acts as a securities depository or the book-entry system, or both, under an arrangement that contains the following elements:
a. The Custodian may deposit the securities directly or through one or more agents which are also qualified to act as custodians for investment companies.
b. The Custodian (or its agent) shall deposit the securities in an account that includes only assets held by it for customers.
c. The Custodian shall send the Fund a confirmation of any transfers to or from the account of the Fund. Where securities are transferred to that account, the Custodian shall also, by book-entry or otherwise, identify as belonging to the Fund a quantity of securities in a fungible bulk of securities (i) registered in the name of the Custodian (or its nominee) or (ii) shown on the Custodian's account on the books of the clearing agency, the book-entry system, or the Custodian's agent. For this purpose, the term "confirmation" means advice or notice of a confirmation required of broker-dealers under the Securities Exchange Act of 1934.
Appears in 2 contracts
Samples: Custody Agreement (Ameritor Security Trust), Custody Agreement (Ameritor Investment Fund)
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio AssetsFund Asset, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the Portfolioa Fund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the Portfolioa Fund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Trust to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio a Fund all monies received by it for the account of the Portfolioa Fund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the Portfolioa Fund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio a Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Trust by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or;
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof; or
(g) For transfer to a demand or time deposit account of a Fund in any bank, whether domestic or foreign, or in any savings and loan association.
3. Promptly after the close of business on each day the Portfolio Trust is open and valuing its portfolioportfolios, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Trust under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Funds during said day. Where Securities are transferred to the account of the Portfolio Funds without physical delivery, the Custodian shall also identify as belonging to the Portfolio a Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Funds under this Agreement.
4. All Securities held for the Portfolioa Fund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio a Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio a Fund and which may from time to time be registered in the name of the PortfolioFunds. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio each Fund segregated at all times from those of any other Portfolio Fund maintained and operated by the Trust and from those of any other person or persons. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any Securities held for the Trust, except pursuant to Oral or Written Instructions or a Certificate, or as otherwise provided herein and only for the account of a Fund as provided herein.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio a Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio a Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio a Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio a Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio a Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Portfolioa Fund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolioa Fund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio a Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 2 contracts
Samples: Custody Agreement (Variable Insurance Funds), Custody Agreement (Bb&t Mutual Funds Group)
Custody of Cash and Securities. 1. The Portfolio Fund will deliver or cause to be delivered to the Custodian all Portfolio Fund securities, property, and cash attributable to its Shepherd Class shares ("Class Assets, ") including cash received for the issuance of its beneficial interests ("Shepherd Class shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Class Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Assets received by it from or for the account of the Portfolio. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 30 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Fund to actually deposit any Portfolio Class Assets in the Book-Entry System or in a Depositorydepository, provided, however, that the Custodian shall always be accountable to the Portfolio Fund for the Portfolio Class Assets so deposited. Portfolio Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) a. In payment for Securities purchased for the account of the Portfolio, as Fund provided in Article VV hereof;
(b) b. In payment of dividends or distributions, as provided in Article VI V hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) c. In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;; or
(e) d. Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio Funds is open and valuing its portfolio, the Custodian shall furnish make available to the Portfolio with Fund a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Fund with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the Portfolio, in the name of any duly appointed registered a nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Fund agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Fund and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) a. Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund's Assets;
(b) b. Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) c. Surrender Securities in temporary form for definitive Securities;
(d) d. Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) e. Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) a. Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) b. Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation consolidation, recapitalization or recapitalization sale of assets, of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, privilege and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) c. Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganizationreorganizations, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Fund all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.,
8. The Custodian shall promptly deliver to the Portfolio Fund all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
9. All securities and investments of the Fund which are held in physical custody by the Custodian shall be maintained in accordance with the following:
a. The securities and similar investments held in such custody by the Custodian shall at all times be individually segregated from the securities and investments of any other person and marked in such manner as to clearly identify them as the property of the Fund, both upon physical inspection thereof and upon examination of the books of the Custodian. The physical segregation and marking of such securities and investments may be accomplished by putting them in separate containers bearing the name of such Fund or by attaching tags or labels to such securities and investments.
b. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise to dispose of any such securities and investments, except pursuant to the direction of the Fund and only for the account of the Fund.
c. Such securities and investments shall be subject to no lien or charge of any kind in favor of the Custodian or any persons claiming through the Custodian.
d. Such securities and investments shall be verified by actual examination at the end of each annual and semi-annual fiscal period by an independent public accountant retained by the Fund, and shall be examined by such accountant at least one other time, chosen by the accountant, during each fiscal year. A certificate of such accountant stating that an examination of such securities has been made, and describing the nature and extent of the examination, shall be attached to a completed Form N-17f-1 and transmitted to the Securities and Exchange Commission promptly after each examination.
e. Such securities and investments shall, at all times, be subject to inspection by the Securities and Exchange Commission through its employees or agents.
f. The provisions of subsections (a), (b) and (c) of this Section 9 shall not apply to securities and similar investments bought for or sold to the Fund by the Custodian until the securities have been reduced to the physical possession of the Custodian and have been paid for by the Fund; Provided, That the Custodian shall take possession of such securities at the earliest practicable time. Nothing in this subsection shall be construed to relieve any Company which is a member of a national securities exchange of any obligation under existing law or under the rules of any national securities exchange.
10. The Custodian may deposit the securities in a clearing agency which acts as a securities depository or the book-entry system, or both, under an arrangement that contains the following elements:
a. The Custodian may deposit the securities directly or through one or more agents which are also qualified to act as custodians for investment companies.
b. The Custodian (or its agent) shall deposit the securities in an account that includes only assets held by it for customers.
c. The Custodian shall send the Fund a confirmation of any transfers to or from the account of the Fund. Where securities are transferred to that account, the Custodian shall also, by book-entry or otherwise, identify as belonging to the Fund a quantity of securities in a fungible bulk of securities (i) registered in the name of the Custodian (or its nominee) or (ii) shown on the Custodian's account on the books of the clearing agency, the book-entry system, or the Custodian's agent. For this purpose, the term "confirmation" means advice or notice of a confirmation required of broker-dealers under the Securities Exchange Act of 1934.
Appears in 2 contracts
Samples: Custody Agreement (Ameritor Security Trust), Custody Agreement (Ameritor Investment Fund)
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFunds. The Any credits from third parties that are made to the Funds' account by the Custodian will may be entitled to reverse any credits made on if the Portfolio's behalf where such credits have been previously made on the Portfolio's behalf where such credits have been previously made and monies are for them is not finally collected within 90 days of from the making of such creditsday the credits are made. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Funds, to actually deposit any Portfolio fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Funds Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio each respective Fund all monies received by it for the account of the Portfoliosuch Fund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the Portfoliosuch Fund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio such Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment payments is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question questions such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio is funds are open and valuing its portfoliotheir portfolios, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Funds during said day. Where Securities securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Funds a quantity of Securities in a fungible rungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Funds under this Agreement.
4. All Securities held for the PortfolioFunds, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Funds may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Funds and which may from time to time be registered in the name of the PortfolioFunds. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Funds segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Funds in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Funds with respect to the Portfolio assetseach Fund's Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Funds all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of or the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Funds in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Funds to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive received and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Funds and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFunds.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFunds. The Custodian shall not vote or authorize authorized the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Funds with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, . firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFunds. The Any credits from third parties that are made to the Funds’ account by the Custodian will may be entitled to reverse any credits made on reversed if the Portfolio's behalf where such credits have been previously made on the Portfolio's behalf where such credits have been previously made and monies are for them is not finally collected within 90 days of from the making of such creditsday the credits are made. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Funds, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Funds Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio each respective Fund all monies received by it for the account of the Portfoliosuch Fund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the Portfoliosuch Fund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio such Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question questions such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, . directing the Custodian to deposit a specified amount of collected funds in the form of U.S. U S dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; : or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio is funds are open and valuing its portfoliotheir portfolios, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Funds during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Funds a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's ’s account on the books of the Book-Entry System or the Depository. Depository At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Funds under this Agreement.
4. All Securities held for the PortfolioFunds, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Funds may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Funds and which may from time to time be registered in the name of the Portfolio. Funds The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Funds segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Funds in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Funds with respect to the Portfolio assetseach Fund’s Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, . now or hereafter in effect; : and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Funds all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Portfolio.
7. The Custodian shall promptly deliver to the Portfolio all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio all material received by the Custodian and pertaining to Securities held by the Portfolio with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall Custodians hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio fund is open and valuing its portfolio, the . The Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Samples: Custody Agreement (Gateway Trust)
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Funds Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFunds. The Any credits from third parties that are made to the Funds' account by the Custodian will may be entitled to reverse any credits made on reversed if the Portfolio's behalf where such credits have been previously made on the Portfolio's behalf where such credits have been previously made and monies are for them is not finally collected within 90 days of from the making of such creditsday the credits are made. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Funds, to actually deposit any Portfolio fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Funds Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio each respective Fund all monies received by it for the account of the Portfoliosuch Fund, and shall disburse the same only:
(a) In payment for Securities purchased purchases for the account of the Portfoliosuch Fund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio such Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX IV hereof.
3. Promptly after the close of business on each day the Portfolio is funds are open and valuing its portfoliotheir portfolios, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Funds during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Funds a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System system or the Depository. At least monthly and from form time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Funds under this Agreement.
4. All Securities securities held for the PortfolioFunds, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Funds may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Funds and which may from time to time be registered in the name of the PortfolioFunds. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Funds segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Funds in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Funds with respect to the Portfolio assetseach fund's Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Funds all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of or the Portfolio fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio funds in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Funds to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive received and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Funds and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFunds.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFunds. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Funds with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund's Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund's Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund's Assets received by it from or for the account of the PortfolioFunds. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the Portfoliofund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Trust acting on behalf of the Funds, to actually deposit any Portfolio Fund's Assets in the Book-Entry System system or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund's Assets so deposited. Portfolio Fund's Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Funds all monies received by it for the account of the PortfolioFunds, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFunds, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;:
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Funds redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Funds by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio fund is open and valuing its portfolio, the . The Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Funds under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Funds during said day. Where Securities are transferred to the account of the Portfolio Funds without physical delivery, the Custodian shall also identify as belonging to the Portfolio Funds a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Funds under this Agreement.
4. All Securities held for the PortfolioFunds, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Funds may be registered in the name of the PortfolioFunds, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Funds and which may from time to time be registered in the name of the PortfolioFunds. The Custodian shall hold all such Securities which are not held in the Book-Entry System or by the a Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Funds segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.,
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Funds in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Funds with respect to the Portfolio assetsFunds Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Funds all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Funds as owner of any Securities may be exercisedexercised ;
(b) Deliver any Securities held for the Portfolio Funds in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Funds to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Funds and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFunds.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFunds. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Funds with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Corporation will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Subject to the provisions of Article IX, Section 5 and Article IV, Section 5 the Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the Portfolioa Fund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Corporation, acting on behalf of each Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Corporation for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the Portfolioa Fund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;,
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; , or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio a Fund is open and valuing its portfolio, portfolio the Custodian shall furnish the Portfolio Corporation with a detailed statement of monies held for the Portfolio each Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund(s) during said day. Where Securities are transferred to the account of the Portfolio a Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Corporation with a detailed statement of the Securities held for the Portfolio each Fund under this Agreement.
4. All Securities held for the Portfolio, a Fund which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio a Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Corporation agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio a Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System or by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund, segregated at all times from those of any other Portfolio Fund maintained and operated by the Corporation and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio a Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
; (d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund, all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian Custodian, directly or through the use of the Book-Entry System or the Depository Depository, shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio a Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio a Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio a Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio a Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Corporation all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolioeach Fund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Corporation all material received by the Custodian and pertaining to Securities held by the Portfolio Funds with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Samples: Custody Agreement (Croft Funds Corp)
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Funds Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFunds. The Any credits from third parties that are made to the Funds' account by the Custodian will may be entitled to reverse any credits made on reversed if the Portfolio's behalf where such credits have been previously made on the Portfolio's behalf where such credits have been previously made and monies are for them is not finally collected within 90 days of from the making of such creditsday the credits are made. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Funds, to actually deposit any Portfolio fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Funds Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio each respective Fund all monies received by it for the account of the Portfoliosuch Fund, and shall such disburse the same only:
(a) In payment for Securities purchased purchases for the account of the Portfoliosuch Fund, as provided in Article V;
; (b) In payment of dividends or distributions, as provided in Article VI hereof;
; (c) In payment of original issue or other taxes, as provided in Article VII hereof;
; (d) In payment for shares of the Portfolio such Fund redeemed by it, as provided in Article VII hereof;
; (e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX IV hereof.
3. Promptly after the close of business on each day the Portfolio is funds are open and valuing its portfoliotheir portfolios, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Funds during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Funds a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System system or the Depository. At least monthly and from form time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Funds under this Agreement.
4. All Securities securities held for the PortfolioFunds, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Funds may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Funds and which may from time to time be registered in the name of the PortfolioFunds. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Funds segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Funds in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Funds with respect to the Portfolio assets;
each fund's Assets; (b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
; (c) Surrender Securities in temporary form for definitive Securities;
; (d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
and (e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Funds all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of or the Portfolio fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio funds in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Funds to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive received and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Funds and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFunds.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFunds. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Funds with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio AssetsFund Asset, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the Portfolioa Fund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the Portfolioa Fund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Trust to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry BookEntry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio a Fund all monies received by it for the account of the Portfolioa Fund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the Portfolioa Fund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio a Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Trust by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or;
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof; or
(g) For transfer to a demand or time deposit account of a Fund in any bank, whether domestic or foreign, or in any savings and loan association.
3. Promptly after the close of business on each day the Portfolio Trust is open and valuing its portfolioportfolios, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Trust under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Funds during said day. Where Securities are transferred to the account of the Portfolio Funds without physical delivery, the Custodian shall also identify as belonging to the Portfolio a Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Funds under this Agreement.
4. All Securities held for the Portfolioa Fund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio a Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio a Fund and which may from time to time be registered in the name of the PortfolioFunds. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio each Fund segregated at all times from those of any other Portfolio Fund maintained and operated by the Trust and from those of any other person or persons. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise dispose of any Securities held for the Trust, except pursuant to Oral or Written Instructions or a Certificate, or as otherwise provided herein and only for the account of a Fund as provided herein.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio a Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio a Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio a Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio a Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio a Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Portfolioa Fund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolioa Fund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio a Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits, provided that the Custodian shall credit any credit previously reversed in the event months are finally collected after each 90-day period. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio each respective Fund all monies received by it for the account of the Portfoliosuch Fund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the Portfoliosuch Fund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio such Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question questions such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio is Funds are open and valuing its portfoliotheir portfolios, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the Portfolio, in the name of any duly appointed held by a registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System or by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund, segregated at all times from those of any other Portfolio Fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund, all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian Custodian, directly or through the use of the Book-Entry System or the Depository Depository, shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Samples: Custody Agreement (44 Wall Street Equity Fund Inc /Md/)
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause cause. to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the Portfolio's Funds behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, distributions as provided in Article VI hereof;
(c) In payment of original issue or other taxes, taxes as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, Custodian as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on an each day the Portfolio fund is open and valuing its portfolio, the . The Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where When Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, time the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, transfer or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained. and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, Certificate the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, Custodian any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, . merger, . consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Samples: Custody Agreement (Gateway Trust)
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio AssetsFund Assets owned by it, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account Account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, ) the amount of such payment and the purpose for which payment is to be made (the made(the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio is open and valuing its portfolio, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by or the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund physically segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, redeemed or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name names changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Fund will deliver or cause to be delivered to the Custodian all Portfolio AssetsSecurities and monies owned by it on behalf of each Series, including cash received for the issuance of its beneficial interests ("shares")shares of each Series of the Fund, at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Assets Securities and such monies until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Assets received by it from or for the account of the Portfolio. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days collected. The Fund shall instruct the Custodian from time to time in its sole discretion, by means of a Certificate or, in connection with the purchase or sale of Securities, by means of Oral Instructions or a Certificate, as to the manner in which and in what amounts such Securities and monies are to be deposited on behalf of each Series of the making of such credits. The Custodian is hereby authorized by the Portfolio to actually deposit any Portfolio Assets Fund in the Book-Entry System or in a the Depository, provided, however, that prior to the deposit of Securities of the Fund in either the Book-Entry System or the Depository, including a deposit in connection with the settlement of a purchase or sale or a delivery of loan collateral, the Custodian shall always be accountable to have received a certified resolution of the Portfolio for Trustees specifically approving such deposits by the Portfolio Assets so deposited. Portfolio Assets Custodian on behalf of the Fund in the Book-Entry System or the Depository, or physically deposited in the vault of the Custodian, as the case may be. Securities and funds of the Fund deposited in either the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to establish and maintain a separate account or accounts in the name of each Series of the Portfolio Fund and credit thereto all monies received by it for the account of such Series of the PortfolioFund, and monies credited to the separate accounts shall disburse be disbursed by the same Custodian only:
(a) In payment for Securities purchased for the account of the Portfoliopurchased, as provided in Article VIV hereof;
(b) In payment of dividends or distributionsdistributions with respect to the Shares, as provided in Article VI V hereof;
(c) In payment of original issue or other taxestaxes with respect to the Shares, as provided in Article VII VI hereof;
(d) In payment for shares of the Portfolio Shares redeemed by it, as provided in Article VII VI hereof;
(e) Pursuant to Certificates (i) directing payment and Certificates, or with respect to the purchase or sale of Securities, pursuant to Oral Instructions or Certificates, setting forth the name and address of the person to whom the payment is to be made, the amount of such amounts to be paid, the account from which the payment is to be made, and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such depositmade; or
(f) In payment of the fees and in reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 Article VIII hereof. The Custodian shall maintain all cash, other than cash maintained by the Fund in a bank account established and used in accordance with Rule 17f-3 under the Investment Company Act of Article IX hereof1940, of the Fund in such separate accounts, subject only to draft or other order by the Custodian acting pursuant to the terms of this Agreement. If and when authorized and instructed by the Fund, the Custodian may open and maintain an additional account or accounts in such other bank or Fund companies as may be designated by such instructions, such account or accounts, however, to be in the name of the Custodian in its capacity as Custodian and subject only to its draft or order in accordance with the terms of this Agreement.
3. Promptly after the close of On each business on each day the Portfolio is open and valuing its portfolio, the Custodian shall furnish the Portfolio Fund with a detailed written statement of monies held (i) summarizing all transactions and entries for the Portfolio under this Agreement and with confirmations and a summary of all transfers to or from the account of each Series of the Portfolio during said Fund effected the immediately preceding business day, and (ii) confirming any purchase or sale of Securities on such preceding business day. Where Securities are transferred to the account of a Series of the Portfolio without physical deliveryFund, the Custodian shall also by book entry or otherwise so identify as belonging to the Portfolio Fund and to the appropriate Series a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to timemonthly, the Custodian shall furnish the Portfolio Fund with a detailed statement of the Securities and monies held for each Series of the Portfolio Fund under this Agreement.
4. All Securities securities held for the Portfolio, Fund which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the PortfolioFund with designation of the appropriate Series, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees, and may be held by a sub-custodian designated by the Custodian. The Portfolio Fund agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, Depository any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by or in the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund with designation of the appropriate Series physically segregated at all times from those of any other Portfolio from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian by itself, or through the use of the Book-Entry System or the Depository with respect to Securities therein deposited, shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio with respect to the Portfolio assetsand payable;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, redeemed or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodiancustodian, any necessary declarations or certificates of ownership under the Federal income tax laws Income Tax Laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, authority now or hereafter in effect; and
(e) Hold Receive and hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all stock dividends, rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilegeprivilege and receive and hold hereunder any cash or other securities received in exchange;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and;
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall shill be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver cooperate in the preparation of reports to holders of shares of the Fund, to the Portfolio Securities and Exchange Commission, to State authorities and to others, in the auditing of accounts, and in other matters of like nature.
8. Notwithstanding any other provision of this Agreement, it is expressly understood and agreed that the Custodian is authorized to deposit all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings or any part of Securities held the securities owned by the PortfolioFund in the Book-Entry System of the Federal Reserve Banks, as provided under the provisions of Rule l7f-4 of the Investment Company Act of 1940 as from time to time amended.
9. Notwithstanding any other provisions of this Agreement, it is expressly understood and agreed that the Custodian is authorized in the performance of its duties hereunder to use the facilities of any Depository.
10. The Custodian shall not vote or authorize calculate daily the voting "net income" of any Securities or give any consent, waiver or approval each Series in a manner consistent with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio all material received by Fund's governing document and in accordance with the Custodian and pertaining to Securities held by then current prospectus of the Portfolio Fund with respect to tender or exchange offerseach Series, calls for redemption or purchase, expiration and shall advise the Fund and the Transfer and Dividend Disbursement Agent of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in the Fund daily of the total amount of such Securitiesnet income.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Company will deliver or cause to be delivered to the Custodian all Portfolio Fund securities property and cash ("Fund Assets, ") including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Assets received by it from or for the account of the Portfolio. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 30 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Company acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depositorydepository, provided, however, that the Custodian shall always be accountable to the Portfolio Company for the Portfolio fund Assets so deposited. Portfolio Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio each respective Fund all monies received by it for the account of the Portfoliosuch Fund, and shall disburse the same only:
(a) a. In payment for Securities purchased for the account of the Portfoliosuch Fund, as provided in Article V;
(b) b. In payment of dividends or distributions, as as. provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) c. In payment for shares of the Portfolio such Fund redeemed by it, as provided in Article VII hereof;; or
(e) d. Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds fund in the form of U.S. dollars at a specified Federal Reserve Bank bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio is funds are open and valuing its portfoliotheir portfolios, the Custodian shall furnish make available to the Portfolio Company with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Company with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Company agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Company and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) a. Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetseach Fund's Assets;
(b) b. Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) c. Surrender Securities in temporary form for definitive Securities;
(d) d. Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) e. Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or of through the use of the Book-Entry System or the Depository shall:
(a) a. Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of or the Portfolio Fund as owner of any Securities may be exercised;
(b) b. Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation consolidation, recapitalization or recapitalization sale of assets, of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, privilege and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) c. Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganizationreorganizations, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Company all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.,
8. The Custodian shall promptly deliver to the Portfolio Company all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rightseights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
9. All securities and investments of the Company which are held in physical custody by the Custodian shall be maintained in accordance with the following:
a. The securities and similar investments held in such custody by the Custodian shall at all times be individually segregated from the securities and investments of any other person and marked in such manner as to clearly identify them as the property of the Fund, both upon physical inspection thereof and upon examination of the books of the Custodian. The physical segregation and marking of such securities and investments may be accomplished by putting them in separate containers bearing the name of such Fund or by attaching tags or labels to such securities and investments.
b. The Custodian shall shave no power or authority to assign, hypothecate, pledge or otherwise to dispose of any such securities and investments, except pursuant to the direction of the Company and only for the account of the Company.
c. Such securities and investments shall be subject to no lien or charge or any kind in favor of the Custodian of any persons claiming through the Custodian.
d. Such securities and investments shall be verified by actual examination at the end of each annual and semi-annual fiscal period by an independent public accountant retained by the Company, and shall be examined by such accountant at least one other time, chosen by the accountant, during each fiscal year. A certificate of such accountant stating that an examination of such securities has been made, and describing the nature and extent of the examination, shall be attached to a completed Form N-17f-1 and transmitted to the Securities and Exchange Commission promptly after each examination.
e. Such securities and investments shall, at all times, be subject to inspection by the Securities and Exchange Commission through its employees or agents.
f. The provisions of subsection (a), (b) and (c) of this Section 9 shall not apply to
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Corporation will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Corporation, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Corporation for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio fund is open and valuing its portfolio, the . The Custodian shall furnish the Portfolio Corporation with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Corporation with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Corporation agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Corporation and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Corporation all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Corporation all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Except as otherwise provided in paragraph 7 of this Article and in Article VIII, the Fund will deliver or cause to be delivered to the Custodian all Portfolio Assets, including cash received for the issuance of its beneficial interests ("shares")Securities and all moneys owned by it, at any time during the period of this Agreement, and shall specify with respect to such Securities and money the Series to which the same are specifically allocated. The Custodian shall segregate, keep and maintain the assets of the Series separate and apart. The Custodian will not be responsible for such Portfolio Assets until any Securities and moneys not actually received by it. Upon such receipt, the it or any Sub-Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Assets received selected by it from or for the account pursuant to paragraph 7 of the PortfolioArticle hereof. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies moneys are not finally collected within 90 days collected. The Fund shall deliver to the Custodian a certified resolution of the making Board of such credits. The Directors of the Fund, substantially in the form of Exhibit A hereto, approving, authorizing and instructing the Custodian is hereby authorized by the Portfolio on a continuous and on-going basis to actually deposit any Portfolio Assets in the Book-Entry System or in a Depositoryall Securities eligible for deposit therein, provided, however, that regardless of the Custodian shall always be accountable Series to which the Portfolio for the Portfolio Assets so deposited. Portfolio Assets deposited in same are specifically allocated and to utilize the Book-Entry System or to the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.extent possible in
2. The Custodian shall credit to a establish and maintain separate account or accounts accounts, in the name of each Series, and shall credit to the Portfolio separate account for each Series all monies moneys received by it for the account of the Portfolio, and Fund with respect to such Series. Money credited to a separate account for a Series shall disburse be disbursed by the same Custodian only:
(a) In payment for Securities purchased for the account of the Portfolio, as provided in Article VAs hereinafter provided;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such Series account from which payment is to be made, and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such depositmade; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio is open and valuing its portfolio, the Custodian shall furnish the Portfolio with a detailed statement of monies held for the Portfolio under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio during said day. Where Securities are transferred to the account of the Portfolio without physical delivery, the Custodian shall also identify as belonging to the Portfolio a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio with a detailed statement of the Securities held for the Portfolio under this Agreement.
4. All Securities held for the Portfolio, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio and which may from time to time be registered in the name of the Portfolio. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio segregated at all times from those of any other Portfolio from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio with respect to the Portfolio assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Portfolio.
7. The Custodian shall promptly deliver to the Portfolio all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio all material received by the Custodian and pertaining to Securities held by the Portfolio with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance Issuance of its beneficial interests ("Its shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by itIt. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits, unless the Custodian has been negligent or has engaged in willful misconduct with respect thereto. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is Is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio fund is open and valuing its portfolio, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio may Fund -may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the -the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued Issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in In such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Trust all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Samples: Custody Agreement (Gradison McDonald Cash Reserves Trust)
Custody of Cash and Securities. 1. (a) The Portfolio Primary Custodian will deliver or cause to be delivered to the Custodian or, at the Custodian's direction, any Foreign Sub-Custodian all Portfolio Assets, including cash received for Securities and all money owned or in the issuance possession of its beneficial interests ("shares"), the Trust on behalf of each Fund and held outside the United States at any time during the period of this Agreement, and shall specify with respect to such Securities and money the Fund owning the same. The Custodian shall segregate, keep and maintain the assets of the Funds separate and apart. The Custodian will not be responsible for such Portfolio Assets until any Securities and money not actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of it or by any other persons, firms or corporations all Portfolio Assets received by it from or for the account of the PortfolioForeign Sub- Custodian. The Custodian and any Foreign Sub-Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the Portfolioa Fund's behalf where such credits have been previously made and monies money is not finally collected.
(b) The Custodian shall hold all such Securities specifically allocated to a Fund which are not finally collected within 90 days of held by a Foreign Sub-Custodian in a separate account in the making name of such creditsFund physically segregated at all times from those of any other person or persons, and shall segregate on its books and records any cash so held. The Securities and money deposited with any Foreign Sub-Custodian is hereby authorized by the Portfolio to actually deposit any Portfolio Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio for the Portfolio Assets so deposited. Portfolio Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including including, but not limited to to, accounts in which the Custodian acts in a fiduciary or representative capacitycapacity and will be specifically allocated on the Custodian's books to the separate account for the applicable Series. The Custodian shall identify on its books as belonging to each Fund the Foreign Securities of such Fund held by each Foreign Sub-Custodian.
2. The Custodian directly or through a Foreign Sub-Custodian shall credit to a establish and maintain separate account or accounts accounts, in the name of each Fund, and shall credit to the Portfolio separate account for each Fund all monies money received by it for the account of such Fund. Money credited to a separate account for a Fund shall be disbursed by the Portfolio, and shall disburse the same Custodian only:
(a) In payment for Securities purchased for the account of the Portfolio, as provided in Article V;hereinafter provided; or
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio redeemed by it, as provided in Article VII hereof;
(e) Pursuant pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such Fund account from which payment is to be made and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereofmade.
3. Promptly after the close of business on each day the Portfolio is open and valuing its portfolioday, the Custodian shall furnish the Portfolio with a detailed statement of monies held for the Portfolio under this Agreement and Primary Custodian with confirmations and a summary summary, on a per Fund basis, of all transfers to or from the account of the Portfolio during said dayFund, either hereunder or with any Foreign Sub-Custodian. Where Securities are transferred to the account of the Portfolio without physical deliveryFund, the Custodian shall also by book-entry or otherwise identify as belonging to the Portfolio such Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Bookany Foreign Sub-Entry System or the DepositoryCustodian. At least monthly and from time to time, the Custodian shall furnish the Portfolio Primary Custodian with a detailed statement statement, on a per Fund basis, of the Securities and money held for by the Portfolio under this AgreementCustodian and each Foreign Sub-Custodian.
4. All Securities held for by the PortfolioCustodian or any Foreign Sub-Custodian hereunder, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian or any Foreign Sub-Custodian in that form; all other Securities held for the Portfolio hereunder may be registered in the name of (a) the PortfolioTrust on behalf of a Fund, in (b) the name of Custodian or any duly appointed registered nominee Foreign Sub-Custodian on behalf of the Custodian as the Custodian may from time to time determineTrust or a Fund, or in the name of the Book-Entry System or the Depository or (c) their successor or successors, or their nominee or nomineesnominees on behalf of the Trust or a Fund. The Portfolio Primary Custodian agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered any such nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio hereunder and which may from time to time be registered in the name of the Portfolio. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio segregated at all times from those of any other Portfolio from those of any other person or personsFund.
5. Unless Except as otherwise provided in this Agreement and unless otherwise instructed to the contrary by a Certificate, the Custodian by itself, or through the use of a Foreign Sub-Custodian shall with respect to all Securities held for the Portfolio Fund hereunder in accordance with this Agreementpreceding paragraph 4:
(a) Collect collect all income income, dividends and distributions due or payable to the Portfolio with respect to the Portfolio assetspayable;
(b) Present give notice to the Primary Custodian and present for payment and collect the amount payable upon such Securities which are called, but only if either (i) the Custodian receives a written notice of such call, or (ii) notice of such call appears in one or more of the publications listed in Appendix B annexed hereto, which may be amended at any time by the Custodian without the prior notification or consent of the Primary Custodian;
(c) present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payablemature;
(cd) Surrender surrender Securities in temporary form for definitive Securities;
(de) Executeexecute, as Custodiancustodian, any necessary declarations or certificates of ownership under the Federal income tax laws Income Tax Laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, authority now or hereafter in effect; and;
(ef) Hold hold directly, or through the Booka Foreign Sub-Entry System or the Depository with respect to Securities therein depositedCustodian, for the account of the Portfolio a Fund, all rights and similar securities issued with respect to any Securities held by the Custodian for such Fund hereunder; and
(g) deliver to the Primary Custodian all notices, proxies, proxy soliciting materials, consents and other written information (including, without limitation, notices of tender offers and exchange offers, pendency of calls, maturities of Securities and expiration of rights) relating to Securities held pursuant to this Agreement which are actually received by the Custodian, such proxies and other similar materials to be executed by the registered owner (if Securities are registered otherwise than in the name of a Fund), but without indicating the manner in which proxies or consents are to be voted.
6. Upon receipt of a Certificate and not otherwise, the Custodian Custodian, directly or through the use of the Booka Foreign Sub-Entry System or the Depository Custodian, shall:
(a) Execute execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Trust as owner of any Securities held by the Custodian hereunder for such Fund may be exercised;
(b) Deliver deliver any Securities held by the Custodian hereunder for the Portfolio Trust on behalf of a Fund specified in such Certificate in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilegeprivilege and receive and hold hereunder specifically allocated to the Trust on behalf of such Fund any cash or other Securities received in exchange;
(c) Deliver deliver any Securities held by the Custodian hereunder for the account Trust on behalf of the Portfolio Fund specified in such Certificate to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement hereunder specifically allocated to such Fund such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and;
(d) Make make such transfers or exchanges of the assets of the Portfolio Trust on behalf of a Fund specified in such Certificate, and take such other steps as shall be stated in said such Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund; and
(e) present for payment and collect the amount payable upon Securities not described in preceding paragraph 5(b) of this Article which may be called as specified in the Certificate.
7. The Custodian shall promptly deliver to the Portfolio all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio all material received by the Custodian and pertaining to Securities held by the Portfolio with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the Portfolio's behalf where such credits have been previously made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
; (d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i1) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio Fund is open and valuing its portfolio, the Custodian shall furnish the Portfolio Trust with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Trust with a detailed statement of the Securities held for the Portfolio Fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the BookRook-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Trust agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Trust and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) and Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Trust all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio all material received by the Custodian and pertaining to Securities held by the Portfolio with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.unvoted
Appears in 1 contract
Samples: Custody Agreement (Gradison McDonald Municipal Custodian Trust)
Custody of Cash and Securities. 1. The Portfolio Corporation will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations corporations, all Portfolio Fund Assets received by it from or for the account of the PortfolioFund. The Custodian will be entitled to reverse any credits made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian will be entitled to reverse any credits made on the PortfolioFund's behalf where such credits have been previously made and monies are not finally collected within 90 days of the making of such credits. The Custodian is hereby authorized by the Portfolio Corporation, acting on behalf of the Fund, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a Depository, provided, however, that the Custodian shall always be accountable to the Portfolio Corporation for the Portfolio Fund Assets so deposited. Portfolio Fund Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio Fund all monies received by it for the account of the PortfolioFund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the PortfolioFund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio Fund by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio fund is open and valuing its portfolio, the . The Custodian shall furnish the Portfolio Corporation with a detailed statement of monies held for the Portfolio Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio Fund during said day. Where Securities are transferred to the account of the Portfolio Fund without physical delivery, the Custodian shall also identify as belonging to the Portfolio Fund a quantity of Securities securities in a fungible bulk of Securities securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio Corporation with a detailed statement of the Securities held for the Portfolio fund under this Agreement.
4. All Securities held for the PortfolioFund, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio Fund may be registered in the name of the PortfolioFund, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio Corporation agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio Fund and which may from time to time be registered in the name of the PortfolioFund. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio Fund segregated at all times from those of any other Portfolio fund maintained and operated by the Corporation and from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio Fund in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio Fund with respect to the Portfolio assetsFund Assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio Fund all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio Fund as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio Fund in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio Fund to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio Fund and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the PortfolioFund.
7. The Custodian shall promptly deliver to the Portfolio Corporation all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the PortfolioFund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver waiver, or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio Corporation all material received by the Custodian and pertaining to Securities held by the Portfolio Fund with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
Appears in 1 contract
Custody of Cash and Securities. 1. The Portfolio Trust will deliver or cause to be delivered to the Custodian all Portfolio Fund Assets, including cash received for the issuance of its beneficial interests ("shares"), at any time during the period of this Agreement. The Custodian will not be responsible for such Portfolio Fund Assets until actually received by it. Upon such receipt, the Custodian shall hold in safekeeping and physically segregate at all times from the property of any other persons, firms or corporations all Portfolio Fund Assets received by it from or for the account of the PortfolioFunds. The Any credits from third parties that are made to the Funds account by the Custodian will may be entitled to reverse any credits made on reversed if the Portfolio's behalf where such credits have been previously made on the Portfolio's behalf where such credits have been previously made and monies for them are not finally collected within 90 days of from the making of such creditsday the credits are made. The Custodian is hereby authorized by the Portfolio Trust, acting on behalf of the Funds, to actually deposit any Portfolio Fund Assets in the Book-Entry System or in a DepositoryD e pository, provided, however, that the Custodian shall always be accountable to the Portfolio Trust for the Portfolio Fund Assets so deposited. Portfolio Funds Assets deposited in the Book-Entry System or the Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity.
2. The Custodian shall credit to a separate account or accounts in the name of the Portfolio each respective Fund all monies received by it for the account of the Portfoliosuch Fund, and shall disburse the same only:
(a) In payment for Securities purchased for the account of the Portfoliosuch Fund, as provided in Article V;
(b) In payment of dividends or distributions, as provided in Article VI hereof;
(c) In payment of original issue or other taxes, as provided in Article VII hereof;
(d) In payment for shares of the Portfolio such Fund redeemed by it, as provided in Article VII hereof;
(e) Pursuant to Certificates (i) directing payment and setting forth the name and address of the person to whom the payment is to be made, the amount of such payment and the purpose for which payment is to be made (the Custodian not being required to question such direction) or (ii) if reserve requirements are established for the Portfolio by law or by valid regulation, directing the Custodian to deposit a specified amount of collected funds in the form of U.S. dollars at a specified Federal Reserve Bank and stating the purpose of such deposit; or
(f) In reimbursement of the expenses and liabilities of the Custodian, as provided in paragraph 10 of Article IX hereof.
3. Promptly after the close of business on each day the Portfolio is open and valuing its portfolio, the Custodian shall furnish the Portfolio with a detailed statement of monies held for the Portfolio under this Agreement and with confirmations and a summary of all transfers to or from the account of the Portfolio during said day. Where Securities are transferred to the account of the Portfolio without physical delivery, the Custodian shall also identify as belonging to the Portfolio a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. At least monthly and from time to time, the Custodian shall furnish the Portfolio with a detailed statement of the Securities held for the Portfolio under this Agreement.
4. All Securities held for the Portfolio, which are issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian in that form; all other Securities held for the Portfolio may be registered in the name of the Portfolio, in the name of any duly appointed registered nominee of the Custodian as the Custodian may from time to time determine, or in the name of the Book-Entry System or the Depository or their successor or successors, or their nominee or nominees. The Portfolio agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or the Depository, any Securities which it may hold for the account of the Portfolio and which may from time to time be registered in the name of the Portfolio. The Custodian shall hold all such Securities which are not held in the Book-Entry System by the Depository or a Sub-Custodian in a separate account or accounts in the name of the Portfolio segregated at all times from those of any other Portfolio from those of any other person or persons.
5. Unless otherwise instructed to the contrary by a Certificate, the Custodian shall with respect to all Securities held for the Portfolio in accordance with this Agreement:
(a) Collect all income due or payable to the Portfolio with respect to the Portfolio assets;
(b) Present for payment and collect the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;
(c) Surrender Securities in temporary form for definitive Securities;
(d) Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect; and
(e) Hold directly, or through the Book-Entry System or the Depository with respect to Securities therein deposited, for the account of the Portfolio all rights and similar securities issued with respect to any Securities held by the Custodian hereunder.
6. Upon receipt of a Certificate and not otherwise, the Custodian directly or through the use of the Book-Entry System or the Depository shall:
(a) Execute and deliver to such persons as may be designated in such Certificate proxies, consents, authorizations, and any other instruments whereby the authority of the Portfolio as owner of any Securities may be exercised;
(b) Deliver any Securities held for the Portfolio in exchange for other Securities or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any corporation, or the exercise of any conversion privilege;
(c) Deliver any Securities held for the account of the Portfolio to any protective committee, reorganization committee or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery; and
(d) Make such transfers or exchanges of the assets of the Portfolio and take such other steps as shall be stated in said Certificate to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Portfolio.
7. The Custodian shall promptly deliver to the Portfolio all notices, proxy material and executed but unvoted proxies pertaining to shareholder meetings of Securities held by the Portfolio. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by a Certificate or Written Instruction.
8. The Custodian shall promptly deliver to the Portfolio all material received by the Custodian and pertaining to Securities held by the Portfolio with respect to tender or exchange offers, calls for redemption or purchase, expiration of rights, name changes, stock splits and stock dividends, or any other activity involving ownership rights in such Securities.
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