Common use of Custody of Portfolio Assets Clause in Contracts

Custody of Portfolio Assets. (a) Each 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 Portfolios. The Sub-Adviser shall not be responsible for establishing any custody arrangments involving any assets of the Portfolios or for the payment of any custodial charges or fees. Neither the Adviser nor the Sub-Adviser shall have possession or custody of any assets in the Portfolios. All payments, distributions and other transactions in cash or securities in respect of the Portfolios 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 Portfolios as the Sub-Adviser may reasonably request, including daily information on cash balances available for investment, Portfolio redemption activity and market value of the securities held by the Portfolios.

Custody of Portfolio Assets. (a) Each 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 Portfolios. The Sub-Adviser shall not be responsible for establishing any custody arrangments arrangements involving any assets of the Portfolios or for the payment of any custodial charges or fees. Neither the Adviser nor the Sub-Adviser shall have possession or custody of any assets in the Portfolios. All payments, distributions and other transactions in cash or securities in respect of the Portfolios 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 Portfolios as the Sub-Adviser may reasonably request, including daily information on cash balances available for investment, Portfolio redemption activity and market value of the securities held by the Portfolios.