Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases: 3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor; 3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund; 3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof; 3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian; 3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian; 3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian; 3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct; 3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian; 3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian; 3.2.10 For delivery in connection with any loans of securities made by the Fund; 3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed; 3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption; 3.2.13 For delivery to another Sub-Custodian of the Fund; and 3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 21 contracts
Samples: Custodian Agreement (Putnam Vista Fund/New/), Custodian Agreement (George Putnam Fund of Boston), Custodian Agreement (Putnam International Growth Fund /Ma/)
Delivery of Securities. The Sub-Custodian shall cause Sub-Custodians holding release and deliver securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian it hereunder (or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian Custodian) only upon receipt of Proper Instructions (as defined in Section 3.162.19), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 1) Upon sale of such securities for the account of the Fund and receipt of payment therefor; , provided, however, that a the Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Sub-Custodian agrees, upon request, to advise the Fund Custodian of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 2) Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 3) In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 2.12 hereof;
3.2.4 4) To the depository agent in connection with tender or other similar offers for portfolio securities of the Fundsuch securities; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 5) To the issuer thereof or its agent, agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.6 6) To the issuer thereof, or its agent agent, for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 2.11 or any other name permitted pursuant to Section 3.32.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are thereafter to be delivered to the Sub-Custodian;
3.2.7 7) Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that that, in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 8) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, thereafter are to be delivered to the Sub-Custodian;
3.2.9 9) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new now securities and cash, if any, are thereafter to be delivered to the Sub-Custodian;
3.2.10 10) For delivery in connection with any loans of securities made by the Fund, but only against receipt of collateral the adequacy and timing of receipt of which shall be as agreed upon from time to time in writing by the Custodian and the Sub-Custodian, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities;
3.2.11 11) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 12) Upon receipt of instructions from the transfer agent for the Fund (the "Transfer Agent") for the Fund), for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 13) For delivery to the Custodian or another Subsub-Custodian custodian of the Fund; and
3.2.14 14) For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall is to be made.
Appears in 7 contracts
Samples: Custodian Agreement (Putnam Overseas Growth Fund), Custodian Agreement (Putnam Investment Grade Municipal Trust Ii), Custodian Agreement (Putnam Master Intermediate Income Trust)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities or participation interests owned by the Fund held (or deemed to be held) by the Sub-Custodian or maintained in a Securities System (as defined account or in Section 3.12) an Approved Book-Entry System for Commercial Paper account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)proper instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 1) Upon sale of such securities or participation interests for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt payment therefor; if delivery is made in Boston or New York City, payment therefor shall be made in accordance with generally accepted clearing house procedures or by use of instructions from Federal Reserve Wire System procedures; if delivery is made elsewhere payment therefor shall be in accordance with the transfer agent (then current "Transfer Agent") for the Fund, for delivery street delivery" custom or in accordance with such procedures agreed to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described writing from time to time by the parties hereto; if the sale is effected through a Securities System, delivery and payment therefor shall be made in accordance with the Fund's Declaration provisions of Trust Paragraph L hereof; if the sale of commercial paper is to be effected through an Approved Book-Entry System for Commercial Paper, delivery and currently effective registration statementpayment therefor shall be made in accordance with the provisions of Paragraph M hereof; if the securities are to be sold outside the United States, if anydelivery may be made in accordance with procedures agreed to in writing from time to time by the parties hereto; for the purposes of this subparagraph, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy term "sale" shall include the disposition of a resolution portfolio security (i) upon the exercise of the Trustees or of the Executive Committee of the Fund signed an option written by an officer of the Fund and certified (ii) upon the failure by its Clerk or an Assistant Clerkthe Fund to make a successful bid with respect to a portfolio security, specifying the securities to be delivered, setting forth continued holding of which is contingent upon the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery making of such securities shall be made.a bid;
Appears in 5 contracts
Samples: Master Custodian Agreement (Wright Asset Allocation Trust), Master Custodian Agreement (Wright Managed Income Trust), Master Custodian Agreement (Catholic Values Investment Trust)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities or participation interests owned by the Fund Trust held (or deemed to be held) by the Sub-Custodian or maintained in a Securities System (as defined account or in Section 3.12) an Approved Book-Entry System for Commercial Paper account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)proper instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 1) Upon sale of such securities or participation interests for the account of the Fund and Trust, BUT ONLY against receipt of payment therefor; providedif delivery is made in Boston or New York City, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is shall be made in accordance with generally accepted trade practice and clearing house procedures or by use of Federal Reserve Wire System procedures; if delivery is made elsewhere payment therefor shall be in accordance with any applicable governmental regulations and the rules of Securities Systems then current "street delivery" custom or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, accordance with such procedures agreed to advise the Fund of all pending transactions in which release and delivery will be made prior writing from time to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into time by the Fund;
3.2.3 In parties hereto; if the case of a sale is effected through a Securities System, delivery and payment therefor shall be made in accordance with the provisions of Section 3.12 Paragraph L hereof;
3.2.4 To ; if the depository agent in connection with tender or other similar offers for portfolio securities sale of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration commercial paper is to be delivered to effected through an Approved Book-Entry System for Commercial Paper, delivery and payment therefor shall be made in accordance with the Sub-Custodian;
3.2.6 To provisions of Paragraph M hereof; if the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to sold outside the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the FundUnited States, to the broker or its clearing agent, against a receipt, for examination delivery may be made in accordance with "street delivery" custom; provided that procedures agreed to in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described writing from time to time in by the Fund's Declaration parties hereto; for the purposes of this subparagraph, the term "sale" shall include the disposition of a portfolio security (i) upon the exercise of an option written by the Trust and currently effective registration statement(ii) upon the failure by the Trust to make a successful bid with respect to a portfolio security, if any, in satisfaction the continued holding of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of which is contingent upon the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery making of such securities shall be made.a bid;
Appears in 4 contracts
Samples: Custodian Agreement (Information Age Portfolio), Custodian Agreement (Senior Debt Portfolio), Custodian Agreement (Greater China Growth Portfolio)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities or participation interests owned by the Fund held (or deemed to be held) by the Sub-Custodian or maintained in a Securities System (as defined account or in Section 3.12) an Approved Book-Entry System for Commercial Paper account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)proper instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 1) Upon sale of such securities or participation interests for the account of the Fund and Fund, but only against receipt of payment therefor; providedif delivery is made in Boston or New York City, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is shall be made in accordance with generally accepted trade practice clearing house procedures or by use of Federal Reserve Wire System procedures; if delivery is made elsewhere payment therefor shall be in accordance with the then current “street delivery” custom or in accordance with such procedures agreed to in writing from time to time by the parties hereto; if the sale is effected through a Securities System, delivery and payment therefor shall be made in accordance with any applicable governmental regulations the provisions of Paragraph L hereof; if the sale of commercial paper is to be effected through an Approved Book-Entry System for Commercial Paper, delivery and payment therefor shall be made in accordance with the rules provisions of Securities Systems or other Paragraph M hereof; if the securities depositories and clearing agencies are to be sold outside the United States, delivery may be made in accordance with procedures agreed to in writing from time to time by the applicable market. The Custodian agreesparties hereto; for the purposes of this subparagraph, the term “sale” shall include the disposition of a portfolio security (i) upon request, to advise the exercise of an option written by the Fund and (ii) upon the failure by the Fund to make a successful bid with respect to a portfolio security, the continued holding of all pending transactions in which release and delivery will be made prior to is contingent upon the receipt making of payment thereforsuch a bid;
3.2.2 2) Upon the receipt of payment in connection with any repurchase agreement related or reverse repurchase agreement relating to such securities and entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 3) To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 4) To the issuer thereof or its agent, agent when such securities or participation interests are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-CustodianCustodian or any subcustodian employed pursuant to Section 2 hereof;
3.2.6 5) To the issuer thereof, or its agent agent, for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 Paragraph K hereof or into the name or nominee name of any other name permitted subcustodian employed pursuant to Section 3.32 hereof; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities or participation interests are to be delivered to the Sub-CustodianCustodian or any subcustodian employed pursuant to Section 2 hereof;
3.2.7 Upon the sale of such securities for the account of the Fund, to 6) To the broker or its clearing agent, against a receipt, selling the same for examination in accordance with "the “street delivery" ” custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising adopt such procedures as the Fund from time to time shall approve to ensure their prompt return to the delivery of such securities prior Custodian by the broker in the event the broker elects not to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconductaccept them;
3.2.8 7) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer Issuer of such securities, or pursuant to provisions for conversion contained in of such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-CustodianCustodian or any subcustodian employed pursuant to Section 2 hereof;
3.2.9 8) In the case of warrants, rights or similar securities, the surrender thereof in connection with the exercise of such warrants, rights or similar securities securities, or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-CustodianCustodian or any subcustodian employed pursuant to Section 2 hereof;
3.2.10 9) For delivery in connection with any loans of securities made by the Fund (such loans to be made pursuant to the terms of the Fund’s current registration statement), but only against receipt of adequate collateral as agreed upon from time to time by the Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities; except that in connection with any securities loans for which collateral is to be credited to the Custodian’s account in the book-entry system authorized by the U.S. Department of Treasury, the Custodian will not be held liable or responsible for the delivery of securities loaned by the Fund prior to the receipt of such collateral;
3.2.11 10) For delivery as security in connection with any borrowings by the Fund requiring a pledge or hypothecation of assets by the Fund (if then permitted under circumstances described in the current registration statement of the Fund), but provided, that the securities shall be released only against upon payment to the Custodian of the monies borrowed, except that in cases where additional collateral is required to secure a borrowing already made, further securities may be released for that purpose; upon receipt of amounts borrowedproper instructions, the Custodian may pay any such loan upon redelivery to it of the securities pledged or hypothecated therefor and upon surrender of the note or notes evidencing the loan;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent"11) for the Fund, When required for delivery to such Transfer Agent in connection with any redemption or to the shareholders repurchase of Shares of the Fund in accordance with the provisions of Paragraph J hereof;
12) For delivery in accordance with the provisions of any agreement between the Custodian (or a subcustodian employed pursuant to Section 2 hereof) and a broker-dealer registered under the Securities Exchange Act of 1934 and, if necessary, the Fund, relating to compliance with the rules of The Options Clearing Corporation or of any registered national securities exchange, or of any similar organization or organizations, regarding deposit or escrow or other arrangements in connection with distributions in kind, as may be described from time to time in options transactions by the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 13) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian (or a subcustodian employed pursuant to another Sub-Custodian Section 2 hereof), and a futures commissions merchant, relating to compliance with the rules of the Commodity Futures Trading Commission and/or of any contract market or commodities exchange or similar organization, regarding futures margin account deposits or payments in connection with futures transactions by the Fund; and;
3.2.14 14) For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructionsproper instructions, a certified copy of a resolution vote of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, Board specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes purpose to be proper corporate purposespurpose, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 3 contracts
Samples: Custodian Agreement (Eaton Vance Tax-Advantaged Bond & Option Strategies Fund), Custodian Agreement (Eaton Vance Tax-Advantaged Bond & Option Strategies Fund), Custodian Agreement (Eaton Vance National Municipal Opportunities Trust)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities or participation interests owned by the Fund Trust held (or deemed to be held) by the Sub-Custodian or maintained in a Securities System (as defined account or in Section 3.12) an Approved Book-Entry System for Commercial Paper account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)proper instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 1) Upon sale of such securities or participation interests for the account of the Trust, BUT ONLY against receipt of payment therefor; if delivery is made in Boston or New York City, payment therefor shall be made in accordance with generally accepted clearing house procedures or by use of Federal Reserve Wire System procedures; if delivery is made elsewhere payment therefor shall be in accordance with the then current "street delivery" custom or in accordance with such procedures agreed to in writing from time to time by the parties hereto; if the sale is effected through a Securities System, delivery and payment therefor shall be made in accordance with the provisions of Paragraph L hereof; if the sale of commercial paper is to be effected through an Approved Book-Entry System for Commercial Paper, delivery and payment therefor shall be made in accordance with the provisions of Paragraph M hereof; if the securities are to be sold outside the United States, delivery of the securities for the account of the Fund and receipt Trust may be made either (a) in advance of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-absence of specific instructions to do so provided such actions are consistent with local settlement practices and customs, subject to the Custodian's judgmentstandard of care, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (Bb) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies procedures agreed to in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described writing from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.to
Appears in 3 contracts
Samples: Custodian Agreement (Russia & Eastern Europe Portfolio), Custodian Agreement (Emerging Markets Portfolio), Custodian Agreement (South Asia Portfolio)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable pplicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;, but only against receipt of adequate collateral as agreed upon from time to time by the Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities; except that in connection with any loan of securities held in a Securities System for which collateral is to credited to the Sub-Custodian's account in another Securities System, the Sub-Custodian will not be held liable or responsible for delivery of the securities prior to the receipt of such collateral.
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 3 contracts
Samples: Custodian Agreement (Putnam Investment Grade Municipal Trust Ii), Custodian Agreement (Putnam Funds Trust), Custodian Agreement (Putnam RetirementReady Funds)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 3.2.1. Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 3.2.2. Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 3.2.3. In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 3.2.4. To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 3.2.5. To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 3.2.6. To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 3.2.7. Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 3.2.8. For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 3.2.9. In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 3.2.10. For delivery in connection with any loans of securities made by the Fund;
3.2.11 3.2.11. For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 3.2.12. Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 3.2.13. For delivery to another Sub-Custodian of the Fund; and
3.2.14 3.2.14. For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 2 contracts
Samples: Custodian Agreement (Putnam Premier Income Trust), Custodian Agreement (Putnam High Income Bond Fund)
Delivery of Securities. The Custodian (or its foreign sub-custodian) shall cause Sub-Custodians holding securities of the Fund to release and deliver foreign securities owned by of the Fund held by the Subforeign sub-Custodian custodian, or in a Securities System (as defined in Section 3.12) foreign securities system account of the SubCustodian (or its foreign sub-Custodian custodian), only upon receipt of Proper Instructions (as defined in Section 3.16)from the Fund, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 (a) Upon sale of such securities for the account of Fund in accordance with reasonable market practice in the Fund and receipt of payment therefor; providedjurisdiction where such securities are held or traded, howeverincluding, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if without limitation: (i) delivery against expectation of receiving later payment where such delivery is the customarily established securities trading practice generally accepted by Institutional Clients (as hereinafter defined) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by jurisdiction or market where the terms of the instrument evidencing the security transaction occurs; or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in the case of a sale effected through a foreign securities system, in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules governing the operation of Securities Systems or other the foreign securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment thereforsystem;
3.2.2 Upon the receipt of payment in (b) In connection with any repurchase agreement related to such securities entered into by the Fundsecurities;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 (c) To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided thatthat the Custodian (or its foreign sub-custodian) shall have taken reasonable steps in accordance with procedures generally accepted by Institutional Clients in the particular market to ensure timely collection of the payment for, in any or the return of, such case, securities by the cash or other consideration is thereafter to be delivered to the Sub-Custodiandepository agent;
3.2.5 (d) To the issuer thereof or its agent, agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the SubCustodian (or its foreign sub-Custodiancustodian); and provided further that the Custodian (or its foreign sub-custodian) shall have taken reasonable steps in accordance with procedures generally accepted by Institutional Clients in the particular market to ensure timely collection of such cash or other consideration;
3.2.6 (e) To the issuer thereof, or its agent agent, for transfer into the name of the Fund Custodian (or into the name its foreign sub-custodian) or of any nominee or nominees of the SubCustodian (or its foreign sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the SubCustodian (or its foreign sub-Custodiancustodian);
3.2.7 Upon the sale of such securities for the account of the Fund(f) To brokers, to the broker clearing banks or its other clearing agent, against a receipt, agents for examination or trade execution in accordance with "street delivery" market custom; provided that that, in any such case, the SubCustodian (or its foreign sub-custodian) shall have taken reasonable steps in accordance with procedures generally accepted by Institutional Clients in the particular market to ensure prompt collection of the payment for, or the return of, such securities by the broker, clearing bank or clearing agent, the Custodian (or its foreign sub-custodian) shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconductmisconduct of the Custodian (or of its foreign sub-custodian);
3.2.8 (g) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, and/or cash are to be delivered to the SubCustodian (or its foreign sub-Custodiancustodian) in accordance with procedures generally accepted by Institutional Clients in the particular market;
3.2.9 (h) In the case of warrants, puts, calls, futures contracts, options, rights or similar securities, the surrender thereof in the exercise or sale of such warrants, puts, calls, futures contracts, options, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, cash received in exchange therefor are to be delivered to the SubCustodian (or its foreign sub-Custodiancustodian) in accordance with procedures generally accepted by Institutional Clients in the particular market;
3.2.10 For delivery in connection with any loans of securities made by the Fund;
3.2.11 (i) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by of the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt (j) In connection with trading in options and futures contracts, including delivery as original margin and variation margin;
(k) In connection with the loan of instructions from securities made by the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or Fund to the shareholders borrower thereof in accordance with (i) the terms of a written securities lending agreement to which the Fund in connection with distributions in kindand State Street Bank and Trust Company, as may be described from time to time lending agent, are parties or (ii) in accordance with the Fund's Declaration terms of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemptionProper Instructions;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 (l) For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund Certified Resolution and certified by its Clerk or an Assistant Clerk, Proper Instructions specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes purpose to be a proper corporate purposes, purpose and naming the person or persons to whom delivery of such securities shall be made; and
(m) Upon termination of this Contract as hereinafter set forth, in accordance with Article 16 hereof.
Appears in 2 contracts
Samples: Custodian Contract (Warburg Pincus Growth & Income Fund Inc), Custodian Contract (Warburg Pincus Balanced Fund Inc)
Delivery of Securities. The Sub-Custodian shall cause Sub-Custodians holding release and deliver securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian it hereunder (or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian Custodian) only upon receipt of Proper Instructions (as defined in Section 3.162.19), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 1) Upon sale of such securities for the account of the Fund and receipt of payment therefor; , provided, however, that a the Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Sub-Custodian agrees, upon request, to advise the Fund Custodian of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 2) Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 3) In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 2.12 hereof;
3.2.4 4) To the depository agent in connection with tender or other similar offers for portfolio securities of the Fundsuch securities; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 5) To the issuer thereof or its agent, agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.6 6) To the issuer thereof, or its agent agent, for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 2.11 or any other name permitted pursuant to Section 3.32.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are thereafter to be delivered to the Sub-Custodian;
3.2.7 7) Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that that, in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 8) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, thereafter are to be delivered to the Sub-Custodian;
3.2.9 9) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new now securities and cash, if any, are thereafter to be delivered to the Sub-Custodian;
3.2.10 10) For delivery in connection with any loans of securities made by the Fund, but only against receipt of collateral the adequacy and timing of receipt of which shall be as agreed upon from time to time in writing by the Custodian and the Sub-Custodian, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities;
3.2.11 11) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 12) Upon receipt of instructions from the transfer agent for the Fund (the "Transfer Agent") for the Fund), for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 13) For delivery to the Custodian or another Subsub-Custodian custodian of the Fund;
14) For delivery of initial or variation margin to a futures commission merchant in connection with transactions in exchange-traded futures or commodity options by the Fund, in accordance with Rule 17f-6 under the 1940 Act; and
3.2.14 15) For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall is to be made.
Appears in 1 contract
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable pplicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Sub- Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;, but only against receipt of adequate collateral as agreed upon from time to time by the Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities; except that in connection with any loan of securities held in a Securities System for which collateral is to credited to the Sub-Custodian's account in another Securities System, the Sub-Custodian will not be held liable or responsible for delivery of the securities prior to the receipt of such collateral.
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 1 contract
Samples: Custodian Agreement (Putnam Municipal Opportunities Trust)
Delivery of Securities. The Custodian shall cause Sub-Sub- Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; providedPROVIDED, howeverHOWEVER, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable pplicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Sub- Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Sub- Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Sub- Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;, but only against receipt of adequate collateral as agreed upon from time to time by the Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities; except that in connection with any loan of securities held in a Securities System for which collateral is to credited to the Sub-Custodian's account in another Securities System, the Sub-Custodian will not be held liable or responsible for delivery of the securities prior to the receipt of such collateral.
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 1 contract
Samples: Custodian Agreement (Putnam Tax Managed Funds Trust)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund;
3.2.14 For delivery of initial or variation margin to a futures commission merchant in connection with transactions in exchange-traded futures or commodity options by the Fund, in accordance with Rule 17f-6 under the 1940 Act; and
3.2.14 3.2.15 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 1 contract
Delivery of Securities. The Sub-Custodian shall cause Sub-Custodians holding release and deliver securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian it hereunder (or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian as defined in Section 2.12) only upon receipt of Proper Instructions (as defined in Section 3.162.19), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 1) Upon sale of such securities for the account of the Fund and receipt of payment therefor; , provided, however, that a the Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Sub-Custodian agrees, upon request, to advise the Fund Custodian of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 2) Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 3) In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 2.12 hereof;
3.2.4 4) To the depository agent in connection with tender or other similar offers for portfolio securities of the Fundsuch securities; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 5) To the issuer thereof or its agent, agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.6 6) To the issuer thereof, or its agent agent, for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 2.11 or any other name permitted pursuant to Section 3.32.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are thereafter to be delivered to the Sub-Custodian;
3.2.7 7) Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that that, in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 8) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, thereafter are to be delivered to the Sub-Custodian;
3.2.9 9) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new now securities and cash, if any, are thereafter to be delivered to the Sub-Custodian;
3.2.10 10) For delivery in connection with any loans of securities made by the Fund;
3.2.11 11) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 12) Upon receipt of instructions from the transfer agent for the Fund (the "Transfer Agent") for the Fund), for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 13) For delivery to the Custodian or another Subsub-Custodian custodian of the Fund; and
3.2.14 14) For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall is to be made.
Appears in 1 contract
Samples: Custodian Agreement (Th Lee Putnam Investment Trust)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market \market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 1 contract
Samples: Custodian Agreement (Putnam Arizona Tax Exempt Income Fund)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16)Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable pplicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Sub- Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Sub- Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Sub- Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;, but only against receipt of adequate collateral as agreed upon from time to time by the Custodian and the Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities; except that in connection with any loan of securities held in a Securities System for which collateral is to credited to the Sub-Custodian's account in another Securities System, the Sub-Custodian will not be held liable or responsible for delivery of the securities prior to the receipt of such collateral.
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 1 contract
Samples: Custodian Agreement (Putnam Master Intermediate Income Trust)
Delivery of Securities. The Custodian shall cause Sub-Custodians holding securities of the Fund to release and deliver securities owned by the Fund held by the Sub-Custodian or in a Securities System (as defined in Section 3.12) account of the Sub-Custodian only upon receipt of Proper Instructions (as defined in Section 3.16), which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:
3.2.1 Upon sale of such securities for the account of the Fund and receipt of payment therefor; provided, however, that a Sub-Custodian may release and deliver securities prior to the receipt of payment therefor if (i) in the Sub-Custodian's judgment, (A) release and delivery prior to payment is required by the terms of the instrument evidencing the security or (B) release and delivery prior to payment is the prevailing method of settling securities transactions between institutional investors in the applicable market and (ii) release and delivery prior to payment is in accordance with generally accepted trade practice and with any applicable governmental regulations and the rules of Securities Systems or other securities depositories and clearing agencies in the applicable market. The Custodian agrees, upon request, to advise the Fund of all pending transactions in which release and delivery will be made prior to the receipt of payment therefor;
3.2.2 Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Fund;
3.2.3 In the case of a sale effected through a Securities System, in accordance with the provisions of Section 3.12 hereof;
3.2.4 To the depository agent in connection with tender or other similar offers for portfolio securities of the Fund; provided that, in any such case, the cash or other consideration is thereafter to be delivered to the Sub-Custodian;
3.2.5 To the issuer thereof or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Sub-Custodian;
3.2.6 To the issuer thereof, or its agent for transfer into the name of the Fund or into the name of any nominee or nominees of the Sub-Custodian or into the name or nominee name of any agent appointed pursuant to Section 3.11 or any other name permitted permitted pursuant to Section 3.3; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Sub-Custodian;
3.2.7 Upon the sale of such securities for the account of the Fund, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Sub-Custodian's own negligence or willful misconduct;
3.2.8 For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.9 In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Sub-Custodian;
3.2.10 For delivery in connection with any loans of securities made by the Fund;
3.2.11 For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against receipt of amounts borrowed;
3.2.12 Upon receipt of instructions from the transfer agent ("Transfer Agent") for the Fund, for delivery to such Transfer Agent or to the shareholders of the Fund in connection with distributions in kind, as may be described from time to time in the Fund's Declaration of Trust and currently effective registration statement, if any, in satisfaction of requests by Fund shareholders for repurchase or redemption;
3.2.13 For delivery to another Sub-Custodian of the Fund; and
3.2.14 For any other proper corporate purpose, but only upon receipt of, in addition to Proper Instructions, a certified copy of a resolution of the Trustees or of the Executive Committee of the Fund signed by an officer of the Fund and certified by its Clerk or an Assistant Clerk, specifying the securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purposes to be proper corporate purposes, and naming the person or persons to whom delivery of such securities shall be made.
Appears in 1 contract
