Custody of Portfolio Assets. (a) The Portfolio’s assets shall be held at all times by such entity or entities engaged by the Company to be the custodian (collectively, the “custodian”). The Adviser shall promptly notify the Sub-Adviser in the event of any change in the identity of the custodian for the Portfolio. Neither the Adviser nor the Sub-Adviser shall have possession or custody of any assets in the Portfolio. All payments, distributions and other transactions in cash or securities in respect of the Portfolio shall be made directly to or from the custodian. The Adviser shall provide or direct the custodian to provide to the Sub-Adviser from time to time such reports concerning assets, receipts and disbursements with respect to the Portfolio as the Sub-Adviser may reasonably request.
(b) The Sub-Adviser shall provide the custodian on each business day with all necessary information relating to all transactions concerning the assets of the Portfolio and shall provide the Adviser with such information upon request of the Adviser. With respect to securities to be purchased or sold through the Depository Trust Company, the Sub-Adviser shall arrange for the automatic transmission of the I.D. confirmation of the trade to the Portfolio’s custodian. The Sub-Adviser may issue such instructions to the custodian as may be appropriate in connection with the settlement of transactions initiated by the Sub-Adviser and the management of collateral required in connection with any derivatives and related transactions entered into on behalf of the Portfolio.
(c) The Sub-Adviser will be responsible for providing Portfolio trades to the Portfolio’s fund accounting agent for inclusion in the daily calculation of the Portfolio’s net asset value (“NAV”) in a manner, and in accordance with such time requirements established by the Adviser. In the event trade data is not delivered by the Sub-Adviser in accordance with such requirements and the Sub-Adviser’s failure causes an error that is material to the Portfolio, the Sub-Adviser shall reimburse the Portfolio pursuant to the Portfolio’s NAV Error Policy.
Custody of Portfolio Assets. Client has appointed a “qualified custodian” as that term is defined in Rule 206(4)-2 under the Advisers Act (the “Custodian”) to take and have possession of the Portfolio assets. Client agrees to notify Adviser, in writing, of any material changes with respect to Custodian, to provide Adviser with reasonable prior notice of any intention to appoint a successor custodian and to ensure that any such successor custodian is also a qualified custodian. The Client understands and acknowledges that the Client will be solely responsible for all fees and charges relating to the custody of Portfolio assets. Client understands and agrees that: (i) Adviser will not serve as the qualified custodian to the Portfolio assets, (ii) Adviser will not be liable for any act or omission of any Custodian, and (iii) Adviser will be entitled to rely on any information provided by any Custodian, any Financial Advisor or any other agent of Client. All transactions authorized hereunder shall be made by payment to or delivery by the respective Custodian. In certain circumstances, Client may enter into a transaction-based agreement with its Custodian. In such circumstances, Client shall cause Adviser to be provided documentation of Client’s authorization of a transaction-based arrangement.
Custody of Portfolio Assets. Advisor hereby agrees that (i) the Trust shall be responsible for making custodial arrangements for the Portfolio; and (ii) all assets in respect of which the Advisor shall provide services pursuant to this Agreement shall be the property of the Trust and all investments capable of registration will be registered in the name of the Trust or the Trust's Custodian; and (iii) all certificates and documents of title relating to any such assets (whether or not in registered form) will be held for safekeeping by the Trust's Custodian. The Trust hereby authorizes the Advisor to give such instructions to the Trust's Custodian for delivery of all documents relating to title, rights and privileges attaching to investments as is necessary in connection with any services provided by the Advisor under this Agreement.
Custody of Portfolio Assets. It is intended that the Portfolio assets of the Limited Partnership will be held in the custody of a Canadian chartered bank, or federally or provincially registered trust company.
