Common use of Deposit of Portfolio Assets in a Securities System Clause in Contracts

Deposit of Portfolio Assets in a Securities System. The Custodian may deposit and/or maintain Securities owned by each Portfolio in a clearing agency registered with the Securities and Exchange Commission (“SEC”) under Section 17A of the Securities Exchange Act of 1934, which acts as a securities depository, or in the book-entry system authorized by the U.S. Department of Treasury and certain federal agencies, collectively referred to herein as a “Securities Systems: in accordance with applicable Federal Reserve Board and SEC rules and regulations, if any, and subject to the following provisions: a. The Custodian may keep Securities of each Portfolio in a Securities System provided that such Securities are represented in an account (“Account”) of the Custodian in a Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian, or otherwise for customers; b. The records of the Custodian with respect to Securities of each Portfolio which are maintained in its Securities System shall identify by book-entry those Securities belonging to each Portfolio; c. The Custodian shall pay for Securities purchased for the account of each Portfolio upon (i) receipt of advices from a Securities System that such Securities have been transferred to the Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of each Portfolio. The Custodian shall transfer Securities sold for the account of each Portfolio upon (i) receipt of advices from a Securities System that payment for such Securities has been transferred to the Account and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of such Portfolio. Copies of all advices from its Securities System of transfers of Securities for the account of each Portfolio shall be maintained for such Portfolio by the Custodian and be provided to such Portfolio at its request. The Custodian shall furnish each Portfolio confirmation of each transfer to or from the account of such Portfolio in the form of copies of daily transaction advices reflecting each day’s transactions in its Securities System for the account of such Portfolio on the next business day, which daily transaction advices account of such Portfolio on the next business day, which daily transaction advices may be provided by electronic means; d. The Custodian shall have received the initial or annual certificate, as the case may be, required by Article X hereof; e. The Custodian shall provide each Portfolio with any report obtained by the Custodian on its Securities System’s accounting system, internal accounting control and procedures for safeguarding Securities deposited in its Securities System; f. Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to each Portfolio for any loss or damage to such Portfolio resulting from use of its Securities System by reason of any acts of negligence, misfeasance or misconduct of the Custodian or of any of its employees or from any failure of the Custodian or any such agent to make reasonable efforts to enforce effectively such rights as it may have against a Securities System; at the election of each Portfolio, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against a 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 a Portfolio has not been made whole for any such loss or damage.

Deposit of Portfolio Assets in a Securities System. The Custodian may deposit and/or maintain Securities securities owned by each Portfolio in a clearing agency registered with the Securities and Exchange Commission (“SEC”) under Section 17A of the Securities Exchange Act of 1934, which acts as a securities depository, or in the book-entry system authorized by the U.S. Department of Treasury and certain federal agencies, collectively referred to herein as a “Securities Systems: in accordance with applicable Federal Reserve Board and SEC Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions: a. The Custodian may keep Securities securities of each Portfolio in a Securities System provided that such Securities securities are represented in an account (the “Account”) of the Custodian in a Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian, or otherwise for customers; b. The records of the Custodian with respect to Securities securities of each Portfolio which are maintained in its Securities System shall identify by book-entry those Securities securities belonging to each Portfolio; c. The Custodian shall pay for Securities securities purchased for the account of each Portfolio upon (i) receipt of advices from a Securities System that such Securities securities have been transferred to the Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of each Portfolio. The Custodian shall transfer Securities securities sold for the account of each Portfolio upon (i) receipt of advices from a Securities System that payment for such Securities securities has been transferred to the Account and (ii) the making of an entry on the records of the Custodian Agreement American Independence Funds Trust and INTRUST Bank, N. A. Custodian to reflect such transfer and payment for the account of such Portfolio. Copies of all advices from its Securities System of transfers of Securities securities for the account of each Portfolio shall be maintained for such Portfolio by the Custodian and be provided to such Portfolio at its request. The Custodian shall furnish each Portfolio confirmation of each transfer to or from the account of such Portfolio in the form of copies of daily transaction advices reflecting each day’s transactions in its Securities System for the account of such Portfolio on the next business day, which daily transaction advices account of such Portfolio on the next business day, which daily transaction advices may be provided by electronic means; d. The Custodian shall have received the initial or annual certificate, as the case may be, required by Article X hereof; e. The Custodian shall provide each Portfolio with any report obtained by the Custodian on its Securities System’s accounting system, internal accounting control and procedures for safeguarding Securities securities deposited in its Securities System; f. Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to each Portfolio for any loss or damage to such Portfolio resulting from use of its Securities System by reason of any acts of negligence, misfeasance or misconduct of the Custodian or of any of its employees or from any failure of the Custodian or any such agent to make reasonable efforts to enforce effectively such rights as it may have against a Securities System; at the election of each Portfolio, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against a 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 a Portfolio has not been made whole for any such loss or damage.

Deposit of Portfolio Assets in a Securities System. The Custodian may deposit and/or maintain Securities securities owned by each Portfolio in a clearing agency registered with the Securities and Exchange Commission (“SEC”) under Section 17A of the Securities Exchange Act of 1934, which acts as a securities depository, or in the book-entry system authorized by the U.S. Department of Treasury and certain federal agencies, collectively referred to herein as a “Securities Systems: in accordance with applicable Federal Reserve Board and SEC Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions: a. The Custodian may keep Securities securities of each Portfolio in a Securities System provided that such Securities securities are represented in an account (“Account”) of the Custodian in a Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian, or otherwise for customers; b. The records of the Custodian with respect to Securities securities of each Portfolio which are maintained in its Securities System shall identify by book-entry those Securities securities belonging to each Portfolio; c. The Custodian shall pay for Securities securities purchased for the account of each Portfolio upon (i) receipt of advices from a Securities System that such Securities securities have been transferred to the Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of each Portfolio. The Custodian shall transfer Securities securities sold for the account of each Portfolio upon (i) receipt of advices from a Securities System that payment for such Securities securities has been transferred to the Account and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of such Portfolio. Copies of all advices from its Securities System of transfers of Securities securities for the account of each Portfolio shall be maintained for such Portfolio by the Custodian and be provided to such Portfolio at its request. The Custodian shall furnish each Portfolio confirmation of each transfer to or from the account of such Portfolio in the form of copies of daily transaction advices reflecting each day’s transactions in its Securities System for the account of such Portfolio on the next business day, which daily transaction advices account of such Portfolio on the next business day, which daily transaction advices may be provided by electronic means; d. The Custodian shall have received the initial or annual certificate, as the case may be, required by Article X hereof; e. The Custodian shall provide each Portfolio with any report obtained by the Custodian on its Securities System’s accounting system, internal accounting control and procedures for safeguarding Securities securities deposited in its Securities System; f. Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to each Portfolio for any loss or damage to such Portfolio resulting from use of its Securities System by reason of any acts of negligence, misfeasance or misconduct of the Custodian or of any of its employees or from any failure of the Custodian or any such agent to make reasonable efforts to enforce effectively such rights as it may have against a Securities System; at the election of each Portfolio, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against a 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 a Portfolio has not been made whole for any such loss or damage.

Deposit of Portfolio Assets in a Securities System. The Custodian may deposit and/or maintain Securities securities owned by each Portfolio in a clearing agency registered with the Securities and Exchange Commission (“SEC”) under Section 17A of the Securities Exchange Act of 1934, which acts as a securities depository, or in the book-entry system authorized by the U.S. Department of Treasury and certain federal agencies, collectively referred to herein as a “Securities Systems: in accordance with applicable Federal Reserve Board and SEC Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions: a. : The Custodian may keep Securities securities of each Portfolio in a Securities System provided that such Securities securities are represented in an account (the “Account”) of the Custodian in a Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian, or otherwise for customers; b. ; The records of the Custodian with respect to Securities securities of each Portfolio which are maintained in its Securities System shall identify by book-entry those Securities securities belonging to each Portfolio; c. ; The Custodian shall pay for Securities securities purchased for the account of each Portfolio upon (i) receipt of advices from a Securities System that such Securities securities have been transferred to the Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of each Portfolio. The Custodian shall transfer Securities securities sold for the account of each Portfolio upon (i) receipt of advices from a Securities System that payment for such Securities securities has been transferred to the Account and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of such Portfolio. Copies of all advices from its Securities System of transfers of Securities securities for the account of each Portfolio shall be maintained for such Portfolio by the Custodian and be provided to such Portfolio at its request. The Custodian shall furnish each Portfolio confirmation of each transfer to or from the account of such Portfolio in the form of copies of daily transaction advices reflecting each day’s transactions in its Securities System for the account of such Portfolio on the next business day, which daily transaction advices account of such Portfolio on the next business day, which daily transaction advices may be provided by electronic means; d. ; The Custodian shall have received the initial or annual certificate, as the case may be, required by Article X hereof; e. ; Custodian Agreement American Independence Funds Trust and INTRUST Bank, N. A. The Custodian shall provide each Portfolio with any report obtained by the Custodian on its Securities System’s accounting system, internal accounting control and procedures for safeguarding Securities securities deposited in its Securities System; f. ; Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to each Portfolio for any loss or damage to such Portfolio resulting from use of its Securities System by reason of any acts of negligence, misfeasance or misconduct of the Custodian or of any of its employees or from any failure of the Custodian or any such agent to make reasonable efforts to enforce effectively such rights as it may have against a Securities System; at the election of each Portfolio, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against a 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 a Portfolio has not been made whole for any such loss or damage.