Common use of Deposit of Fund Portfolio Securities in Securities Systems Clause in Contracts

Deposit of Fund Portfolio Securities in Securities Systems. The Custodian may deposit and maintain securities owned by the Fund in a Securities System, in each case only in accordance with applicable Federal Reserve Board and Securities and Exchange Commission and other regulatory guidance, and at all times subject to the following provisions: (a) The Custodian may (either directly or through one or more Subcustodians), keep securities of the Fund in a Securities System, provided that such securities are maintained in a non-proprietary account of the Custodian or such Subcustodian in the Securities System (the “Securities System Account”) which shall not include any assets of the Custodian or such Subcustodian or any other person other than assets held by the Custodian or such Subcustodian as a fiduciary, custodian, or otherwise for its customers. (b) The records of the Custodian with respect to securities of the Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the Fund, and the Custodian shall be fully and completely responsible for maintaining a recordkeeping system capable of accurately and currently stating the Fund’s holdings maintained in each such Securities System. (c) The Custodian shall pay for securities purchased in book-entry form for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that such securities have been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. The Custodian shall transfer securities sold for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that payment for such securities has been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund. Copies of each notice and advice from the Securities System of transfers of securities for the account of the Fund shall identify the Fund, be maintained for the Fund by the Custodian and be promptly provided to the Fund at its request. The Custodian shall promptly send to the Fund confirmation of each transfer to or from the account of the Fund in the form of a written advice or notice of each such transaction, and shall furnish to the Fund copies of daily transaction sheets reflecting each day’s transactions in the Securities System for the account of the Fund on the next business day. (d) The Custodian shall promptly send to the Fund any report or other communication received or obtained by the Custodian relating to the accounting system, system of internal accounting controls or procedures for safeguarding securities deposited of any Securities System and any report or other communication relating to the Custodian’s internal accounting controls or procedures for safeguarding securities deposited in any Securities System. The Custodian also shall ensure that any agent appointed pursuant to Paragraph K hereof or any Subcustodian shall promptly send to the Fund and to the Custodian any report or other communication relating to such agent’s or Subcustodian’s internal accounting controls and procedures for safeguarding securities deposited in any Securities System. The Custodian’s books and records relating to the Fund’s participation in each Securities System will at all times during regular business hours be open to the inspection of the Fund’s authorized officers, employees or agents. (e) The Custodian shall not act under this Paragraph L in the absence of Proper Instructions regarding the use of a particular Securities System; the Fund shall promptly notify the Custodian with Proper Instructions if the use of a Securities System is to be discontinued; at the request of the Fund, the Custodian will terminate the use of any such Securities System with respect to the Fund as promptly as practicable. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from use of a Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or Subcustodians or of any of its or their employees or from any failure of the Custodian or any such agent or Subcustodian to enforce effectively such rights as it may have against a Securities System or any other person; at the election of the Fund, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against the Securities System or any other person which the Custodian may have as a consequence of any such loss or damage if and to the extent that the Fund has not been made whole for any such loss or damage.

Deposit of Fund Portfolio Securities in Securities Systems. The Custodian may deposit and and/or maintain securities owned by the Fund Fund (1) in a The Depository Trust Company; (2) in Participants Trust Company; (3) in any other Approved Clearing Agency; (4) in the Federal Book-Entry System; or (5) in an Approved Foreign Securities System, Depository in each case only in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and other regulatory guidanceregulations, and at all times subject to the following provisions: (a) The Custodian may (either directly or through one or more Subcustodians), subcustodians employed pursuant to Section 2 keep securities of the Fund in a Securities System, System provided that such securities are maintained in a non-proprietary account ("Account") of the Custodian or such Subcustodian subcustodian in the Securities System (the “Securities System Account”) which shall not include any assets of the Custodian or such Subcustodian subcustodian or any other person other than assets held by the Custodian or such Subcustodian subcustodian as a fiduciary, custodian, or otherwise for its customers. (b) The records of the Custodian with respect to securities of the Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the Fund, and the Custodian shall be fully and completely responsible for maintaining a recordkeeping system capable of accurately and currently stating the Fund’s 's holdings maintained in each such Securities System. (c) The Custodian shall pay for securities purchased in book-entry form for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that such securities have been transferred to the Securities System Account, and (ii) the making of an any entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. The Custodian shall transfer securities sold for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that payment for such securities has been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund. Copies of each notice and advice all notices or advices from the Securities System of transfers of securities for the account of the Fund shall identify the Fund, be maintained for the Fund by the Custodian and be promptly provided to the Fund at its request. The Custodian shall promptly send to the Fund confirmation of each transfer to or from the account of the Fund in the form of a written advice or notice of each such transaction, and shall furnish to the Fund copies of daily transaction sheets reflecting each day’s 's transactions in the Securities System for the account of the Fund on the next business day. (d) The Custodian shall promptly send to the Fund any report or other communication received or obtained by the Custodian relating to the Securities System's accounting system, system of internal accounting controls or procedures for safeguarding securities deposited of any in the Securities System and System; the Custodian shall promptly send to the Fund any report or other communication relating to the Custodian’s 's internal accounting controls or and procedures for safeguarding securities deposited in any Securities System. The ; and the Custodian also shall ensure that any agent appointed pursuant to Paragraph K hereof or any Subcustodian subcustodian employed pursuant to Section 2 hereof shall promptly send to the Fund and to the Custodian any report or other communication relating to such agent’s 's or Subcustodian’s sub custodian's internal accounting controls and procedures for safeguarding securities deposited in any Securities System. The Custodian’s 's books and records relating to the Fund’s 's participation in each Securities System will at all times during regular business hours be open to the inspection of the Fund’s 's authorized officers, employees or agents. (e) The Custodian shall not act under this Paragraph L in the absence of Proper Instructions regarding receipt of a certificate of an officer of the Fund that the Board has approved the use of a particular Securities System; the Custodian shall also obtain appropriate assurance from the officers of the Fund that the Board has annually reviewed the continued use by the Fund of each Securities System, and the Fund shall promptly notify the Custodian with Proper Instructions if the use of a Securities System is to be discontinued; at the request of the Fund, the Custodian will terminate the use of any such Securities System with respect to the Fund as promptly as practicable. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from use of a the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or Subcustodians subcustodians or of any of its or their employees or from any failure of the Custodian or any such agent or Subcustodian subcustodian to enforce effectively such rights as it may have against a the Securities System or any other person; at the election of the Fund, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against the Securities System or any other person which the Custodian may have as a consequence of any such loss or damage if and to the extent that the Fund has not been made whole for any such loss or damage.

Deposit of Fund Portfolio Securities in Securities Systems. The Custodian may deposit and and/or maintain securities owned by the Fund Fund (1) in a The Depository Trust Company; (2) in Participants Trust Company; (3) in any other Approved Clearing Agency; (4) in the Federal Book-Entry System; or (5) in an Approved Foreign Securities System, Depository in each case only in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and other regulatory guidanceregulations, and at all times subject to the following provisions: (a) The Custodian may (either directly or through one or more Subcustodians), subcustodians employed pursuant to Section 2 keep securities of the Fund in a Securities System, System provided that such securities are maintained in a non-proprietary account ("Account") of the Custodian or such Subcustodian subcustodian in the Securities System (the “Securities System Account”) which shall not include any assets of the Custodian or such Subcustodian subcustodian or any other person other than assets held by the Custodian or such Subcustodian subcustodian as a fiduciary, custodian, or otherwise for its customers. (b) The records of the Custodian with respect to securities of the Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the Fund, and the Custodian shall be fully and completely responsible for maintaining a recordkeeping system capable of accurately and currently stating the Fund’s 's holdings maintained in each such Securities System. (c) The Custodian shall pay for securities purchased in book-entry form for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that such securities have been transferred to the Securities System Account, and (ii) the making of an any entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. The Custodian shall transfer securities sold for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that payment for such securities has been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund. Copies of each notice and advice all notices or advices from the Securities System of transfers of securities for the account of the Fund shall identify the Fund, be maintained for the Fund by the Custodian and be promptly provided to the Fund at its request. The Custodian shall promptly send to the Fund confirmation of each transfer to or from the account of the Fund in the form of a written advice or notice of each such transaction, and shall furnish to the Fund copies of daily transaction sheets reflecting each day’s 's transactions in the Securities System for the account of the Fund on the next business day. (d) The Custodian shall promptly send to the Fund any report or other communication received or obtained by the Custodian relating to the Securities System's accounting system, system of internal accounting controls or procedures for safeguarding securities deposited of any in the Securities System and System; the Custodian shall promptly send to the Fund any report or other communication relating to the Custodian’s 's internal accounting controls or and procedures for safeguarding securities deposited in any Securities System. The ; and the Custodian also shall ensure that any agent appointed pursuant to Paragraph K hereof or any Subcustodian subcustodian employed pursuant to Section 2 hereof shall promptly send to the Fund and to the Custodian any report or other communication relating to such agent’s 's or Subcustodian’s subcustodian's internal accounting controls and procedures for safeguarding securities deposited in any Securities System. The Custodian’s 's books and records relating to the Fund’s 's participation in each Securities System will at all times during regular business hours be open to the inspection of the Fund’s 's authorized officers, employees or agents. (e) The Custodian shall not act under this Paragraph L in the absence of Proper Instructions regarding receipt of a certificate of an officer of the Fund that the Board has approved the use of a particular Securities System; the Custodian shall also obtain appropriate assurance from the officers of the Fund that the Board has annually reviewed the continued use by the Fund of each Securities System, and the Fund shall promptly notify the Custodian with Proper Instructions if the use of a Securities System is to be discontinued; at the request of the Fund, the Custodian will terminate the use of any such Securities System with respect to the Fund as promptly as practicable. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from use of a the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or Subcustodians subcustodians or of any of its or their employees or from any failure of the Custodian or any such agent or Subcustodian subcustodian to enforce effectively such rights as it may have against a the Securities System or any other person; at the election of the Fund, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against the Securities System or any other person which the Custodian may have as a consequence of any such loss or damage if and to the extent that the Fund has not been made whole for any such loss or damage.

Deposit of Fund Portfolio Securities in Securities Systems. The Custodian may deposit and maintain securities owned by the Fund in a Securities System, in each case only in accordance with applicable Federal Reserve Board and Securities and Exchange Commission and other regulatory guidance, and at all times subject to the following provisions: (a) The Custodian may (either directly or through one or more Subcustodians), keep securities of the Fund in a Securities System, provided that such securities are maintained in a non-proprietary account of the Custodian or such Subcustodian in the Securities System (the “Securities System Account”) which shall not include any assets of the Custodian or such Subcustodian or any other person other than assets held by the Custodian or such Subcustodian as a fiduciary, custodian, or otherwise for its customers. (b) The records of the Custodian with respect to securities of the Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the Fund, and the Custodian shall be fully and completely responsible for maintaining a recordkeeping system capable of accurately and currently stating the Fund’s holdings maintained in each such Securities System.and (c) The Custodian shall pay for securities purchased in book-entry form for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that such securities have been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. The Custodian shall transfer securities sold for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that payment for such securities has been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund. Copies of each notice and advice from the Securities System of transfers of securities for the account of the Fund shall identify the Fund, be maintained for the Fund by the Custodian and be promptly provided to the Fund at its request. The Custodian shall promptly send to the Fund confirmation of each transfer to or from the account of the Fund in the form of a written advice or notice of each such transaction, and shall furnish to the Fund copies of daily transaction sheets reflecting each day’s transactions in the Securities System for the account of the Fund on the next business day. (d) The Custodian shall promptly send to the Fund any report or other communication received or obtained by the Custodian relating to the accounting system, system of internal accounting controls or procedures for safeguarding securities deposited of any Securities System and any report or other communication relating to the Custodian’s internal accounting controls or procedures for safeguarding securities deposited in any Securities System. The Custodian also shall ensure that any agent appointed pursuant to Paragraph K hereof or any Subcustodian shall promptly send to the Fund and to the Custodian any report or other communication relating to such agent’s or Subcustodian’s internal accounting controls and procedures for safeguarding securities deposited in any Securities System. The Custodian’s books and records relating to the Fund’s participation in each Securities System will at all times during regular business hours be open to the inspection of the Fund’s authorized officers, employees or agents. (e) The Custodian shall not act under this Paragraph L in the absence of Proper Instructions regarding the use of a particular Securities System; the Fund shall promptly notify the Custodian with Proper Instructions if the use of a Securities System is to be discontinued; at the request of the Fund, the Custodian will terminate the use of any such Securities System with respect to the Fund as promptly as practicable. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from use of a Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or Subcustodians or of any of its or their employees or from any failure of the Custodian or any such agent or Subcustodian to enforce effectively such rights as it may have against a Securities System or any other person; at the election of the Fund, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against the Securities System or any other person which the Custodian may have as a consequence of any such loss or damage if and to the extent that the Fund has not been made whole for any such loss or damage.

Deposit of Fund Portfolio Securities in Securities Systems. The Custodian may deposit and and/or maintain securities owned by the Fund Fund (1) in a The Depository Trust Company; (2) in Participants Trust Company; (3) in any other Approved Clearing Agency; (4) in the Federal Book-Entry System; or (5) in an Approved Foreign Securities System, Depository in each case only in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and other regulatory guidanceregulations, and at all times subject to the following provisions: (a) The Custodian may (either directly or through one or more Subcustodians), subcustodians employed pursuant to Section 2) keep securities of the Fund in a Securities System, System provided that such securities are maintained in a non-proprietary account ("Account") of the Custodian or such Subcustodian subcustodian in the Securities System (the “Securities System Account”) which shall not include any assets of the Custodian or such Subcustodian subcustodian or any other person other than assets held by the Custodian or such Subcustodian subcustodian as a fiduciary, custodian, or otherwise for its customers. (b) The records of the Custodian with respect to securities of the Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the Fund, and the Custodian shall be fully and completely responsible for maintaining a recordkeeping system capable of accurately and currently stating the Fund’s 's holdings maintained in each such Securities System. (c) The Custodian shall pay for securities purchased in book-entry form for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that such securities have been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. The Custodian shall transfer securities sold for the account of the Fund only upon (i) receipt of notice or advice from the Securities System that payment for such securities has been transferred to the Securities System Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund. Copies of each notice and advice all notices or advices from the Securities System of transfers of securities for the account of the Fund shall identify the Fund, be maintained for the Fund by the Custodian and be promptly provided to the Fund at its request. The Custodian shall promptly send to the Fund confirmation of each transfer to or from the account of the Fund in the form of a written advice or notice of each such transaction, and shall furnish to the Fund copies of daily transaction sheets reflecting each day’s 's transactions in the Securities System for the account of the Fund on the next business day. (d) The Custodian shall promptly send to the Fund any report or other communication received or obtained by the Custodian relating to the Securities System's accounting system, system of internal accounting controls or procedures for safeguarding securities deposited of any in the Securities System and System; the Custodian shall promptly send to the Fund any report or other communication relating to the Custodian’s 's internal accounting controls or and procedures for safeguarding securities deposited in any Securities System. The ; and the Custodian also shall ensure that any agent appointed pursuant to Paragraph K hereof or any Subcustodian subcustodian employed pursuant to Section 2 hereof shall promptly send to the Fund and to the Custodian any report or other communication relating to such agent’s 's or Subcustodian’s subcustodian's internal accounting controls and procedures for safeguarding securities deposited in any Securities System. The Custodian’s 's books and records relating to the Fund’s 's participation in each Securities System will at all times during regular business hours be open to the inspection of the Fund’s 's authorized officers, employees or agents. (e) The Custodian shall not act under this Paragraph L in the absence of Proper Instructions regarding receipt of proper instructions indicating that the Manager has approved the use of a particular Securities System; the Custodian shall also obtain appropriate assurance from the Manager that it has annually reviewed the continued use by the Fund of each Securities System, and the Fund shall promptly notify the Custodian with Proper Instructions if the use of a Securities System is to be discontinued; at the request of the Fund, the Custodian will terminate the use of any such Securities System with respect to the Fund as promptly as practicable. (f) Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the Fund for any loss or damage to the Fund resulting from use of a the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or Subcustodians subcustodians or of any of its or their employees or from any failure of the Custodian or any such agent or Subcustodian subcustodian to enforce effectively such rights as it may have against a the Securities System or any other person; at the election of the Fund, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against the Securities System or any other person which the Custodian may have as a consequence of any such loss or damage if and to the extent that the Fund has not been made whole for any such loss or damage.