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.
Appears in 8 contracts
Samples: Investment Advisory Agreement, Investment Advisory Agreement, Investment Advisory Agreement
