Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions: 1) The Custodian may keep securities of the Portfolio in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers; 2) The records of the Custodian with respect to securities of the Portfolio which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio; 3) The Custodian shall pay for securities purchased for the account of the Portfolio upon (i) receipt of advice from the 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 the Portfolio. The Custodian shall transfer securities sold for the account of the Portfolio upon (i) receipt of advice from the 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 the Portfolio. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio. 4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System; 5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof; 6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole for any such loss or damage.
Appears in 5 contracts
Samples: Custodian Contract (Safeco Tax Exempt Bond Trust), Custodian Contract (Safeco Common Stock Trust), Custodian Contract (Safeco Resource Series Trust)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust on behalf of the Fund(s) in a clearing agency registered with the Securities and Exchange Commission (the "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 the Treasury and certain federal agencies, agencies (collectively referred to herein as a "Securities System" ") in accordance with applicable Federal Reserve Board and Securities and Exchange Commission SEC rules and regulations, if any, and subject to the following provisions:
1) . The Custodian may keep securities owned by the Trust on behalf of the Portfolio Fund(s) in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall will not include any assets of the Custodian other than assets held as a fiduciary, custodian custodian, or otherwise for customers;
2) . The records of the Custodian with respect to securities owned by the Trust on behalf of the Portfolio Fund(s) which are maintained in a Securities System shall will identify by book-entry those securities belonging to the PortfolioFund(s);
3) . The Custodian shall will pay for securities purchased for the account of the Portfolio Fund(s) upon (i) receipt of advice from the 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 the PortfolioFund(s). The Custodian shall will transfer securities sold for the account of the Portfolio Fund(s) upon (i) receipt of advice from the 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 the PortfolioFund(s). Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the The Custodian and be provided to the Trust at its request. Upon request, the Custodian shall will furnish the Trust on behalf of the Portfolio a monthly account statement showing confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice Fund(s) and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.Fund(s);
4) . The book-entry system of the Federal Reserve System authorized by the U.S. Department of the Treasury and the Depository Trust Company, a clearing agency registered with the SEC, each are hereby specifically approved as a Securities System, provided that any changes in these arrangements shall be subject to the approval of the Board of Trustees of the Trust; and
5. The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from will be liable to the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio any Fund for any direct loss or damage to the Portfolio Trust on behalf of any Fund resulting from use of the Securities System to the extent caused by reason of any the gross negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of employees. In no event will the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole liable for any such loss indirect, special, consequential or damagepunitive damages.
Appears in 4 contracts
Samples: Custody Agreement (Lend Lease Funds), Custody Agreement (Brazos Mutual Funds), Custody Agreement (Brazos Mutual Funds)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain domestic securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep domestic securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to domestic securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for domestic securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer domestic securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of domestic securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding domestic securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 10 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 3 contracts
Samples: Custodian Contract (MFS Series Trust Viii), Custodian Contract (MFS Series Trust Vii), Custodian Contract (MFS Series Trust Ii)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 3 contracts
Samples: Custodian Contract (MFS Government Securities Fund), Custodian Contract (MFS Series Trust X), Custodian Contract (MFS Municipal Income Trust)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Fund in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, (collectively referred to herein as "Securities System" ") in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Fund in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioFund;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. The Custodian shall transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Fund shall identify the PortfolioFund, be maintained for the Portfolio Fund by the Custodian and be provided to the Trust Fund at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio Fund confirmation of each transfer to or from the account of the Portfolio Fund in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Fund copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioFund, on the next business day.
4) The Custodian shall provide the Trust for the Portfolio Fund with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio Fund for any loss or damage to the Portfolio Fund resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the TrustFund, 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 Portfolio Fund has not been made whole for any such loss or damage.
Appears in 2 contracts
Samples: Custodian Contract (Heritage Cash Trust), Custodian Contract (Heritage Capital Appreciation Trust)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "'Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
; 2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the 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 the PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the 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 the PortfolioTrust. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole for any such loss or damage.
Appears in 2 contracts
Samples: Custodian Contract (Nuveen Flagship Multistate Trust Iv), Custodian Contract (Nuveen Flagship Multistate Trust I)
Deposit of Trust Assets in Securities Systems. The Upon receipt of Proper Instructions, the Custodian may deposit and/or maintain securities owned by a Portfolio Fund in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities SystemSystems" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Fund in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioFund;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. The Custodian shall transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Fund shall identify the PortfolioFund, be maintained for the Portfolio Fund by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio Fund confirmation of each transfer to or from the account of the Portfolio Fund in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Fund copies of daily transaction sheets reflecting each day's days transactions in the Securities System for the account of the PortfolioFund.
4) The Custodian shall provide the Trust for the Portfolio Fund with any report obtained by the Custodian on the Securities System's Systems accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract Agreement notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio Fund for any loss or damage to the Portfolio Fund resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Fund has not been made whole for any such loss or damage.
Appears in 2 contracts
Samples: Custodian Agreement (Monarch Funds), Custodian Agreement (Monarch Funds)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) . The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) . The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) . The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) . The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) . The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) . Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 2 contracts
Samples: Custodian Contract (MFS Multimarket Income Trust), Custodian Contract (MFS Government Markets Income Trust)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 12 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 2 contracts
Samples: Custodian Contract (MFS Intermediate Income Trust), Custodian Contract (MFS Charter Income Trust)
Deposit of Trust Assets in Securities Systems. The Upon receipt of Proper Instructions, the Custodian may deposit and/or maintain securities owned by a Portfolio in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities SystemSystems" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio;
3) The Custodian shall pay for securities purchased for the account of the Portfolio upon (i) receipt of advice from the 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 the Portfolio. The Custodian shall transfer securities sold for the account of the Portfolio upon (i) receipt of advice from the 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 the Portfolio. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's days transactions in the Securities System for the account of the Portfolio.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's Systems accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole for any such loss or damage.
Appears in 2 contracts
Samples: Custodian Contract (Core Trust /De), Custodian Contract (Core Trust /De)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Fund in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) : The Custodian may keep securities of the Portfolio Fund in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) ; The records of the Custodian with respect to securities of the Portfolio Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio;
3) Fund; The Custodian shall pay for securities purchased for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. The Custodian shall transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Fund shall identify the PortfolioFund, be maintained for the Portfolio Fund by the Custodian and be provided to the Trust Fund at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio Fund confirmation of each transfer to or from the account of the Portfolio Fund in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Fund copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.
4) Fund. The Custodian shall provide the Trust for the Portfolio Fund with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) ; The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) ; Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio Fund for any loss or damage to the Portfolio Fund resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the TrustFund, 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 Portfolio Fund has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain domestic securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep domestic securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to domestic securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for domestic securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of domestic securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 10 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
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Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by the Trust on behalf of a Portfolio Fund in a clearing agency registered with the Securities and Exchange Commission (the "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 the Treasury and certain federal agencies, agencies (collectively referred to herein as a "Securities System" ") in accordance with applicable Federal Reserve Board and Securities and Exchange Commission SEC rules and regulations, if any, and subject to the following provisions:
1) . The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian custodian, or otherwise for customers;
; 2) . The records of the Custodian with respect to securities of the Portfolio Fund(s) which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioFund(s);
3) . The Custodian shall pay for securities purchased for the account of the Portfolio a Fund upon (i) receipt of advice from the 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 reflect, such payment and transfer for the account of the PortfolioFund. The Custodian shall transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Account, and (ii) the making of an any entry on the records of the Custodian to reflect such transfer and payment for the account of the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio a Fund shall identify the PortfolioFund, be maintained for the Portfolio Fund by the Custodian and be provided to the Trust at its request. Upon request, the The Custodian shall furnish the Trust on behalf of the Portfolio a monthly account statement showing confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice Fund and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.
Fund; 4) . The Custodian shall have received the certificate required by Article IX hereof; 5. The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) ; 6. The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit on behalf of the Portfolio any Fund for any direct loss or damage to the Portfolio Trust on behalf of any Fund resulting from use of the Securities System to the extent caused by reason of any the negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of employees. In no event shall the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole liable for any such loss indirect, special, consequential or damagepunitive damages.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust on behalf of the Fund(s) in a clearing agency registered with the Securities and Exchange Commission (the "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 the Treasury and certain federal agencies, agencies (collectively referred to herein as "a ``Securities System" '') in accordance with applicable Federal Reserve Board and Securities and Exchange Commission SEC rules and regulations, if any, and subject to the following provisions:
1) . The Custodian may keep securities owned by the Trust on behalf of the Portfolio Fund(s) in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall will not include any assets of the Custodian other than assets held as a fiduciary, custodian custodian, or otherwise for customers;
2) . The records of the Custodian with respect to securities owned by the Trust on behalf of the Portfolio Fund(s) which are maintained in a Securities System shall will identify by book-entry those securities belonging to the PortfolioFund(s);
3) . The Custodian shall will pay for securities purchased for the account of the Portfolio Fund(s) upon (i) receipt of advice from the 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 the PortfolioFund(s). The Custodian shall will transfer securities sold for the account of the Portfolio Fund(s) upon (i) receipt of advice from the 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 the PortfolioFund(s). Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the The Custodian and be provided to the Trust at its request. Upon request, the Custodian shall will furnish the Trust on behalf of the Portfolio a monthly account statement showing confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice Fund(s) and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.Fund(s);
4) . The book-entry system of the Federal Reserve System authorized by the U.S. Department of the Treasury and the Depository Trust Company, a clearing agency registered with the SEC, each are hereby specifically approved as a Securities System, provided that any changes in these arrangements shall be subject to the approval of the Board of Trustees of the Trust; and
5. The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from will be liable to the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio any Fund for any direct loss or damage to the Portfolio Trust on behalf of any Fund resulting from use of the Securities System to the extent caused by reason of any the gross negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of employees. In no event will the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole liable for any such loss indirect, special, consequential or damagepunitive damages.
Appears in 1 contract
Samples: Agreement and Declaration of Trust (Kiewit Investment Trust)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain domestic securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep domestic securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to domestic securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for domestic securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of domestic securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding domestic securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 12 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Trust shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Samples: Custodian Contract (Massachusetts Investors Growth Stock Fund)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the 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 the PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the 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 the PortfolioTrust. Copies of all advices advice from the Securities System of transfers of securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or a notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.Trust;
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Fund in a clearing agency registered with the Securities and Exchange Commission (the "SEC") under Section 17A of the Securities Exchange Act of 1934, which acts as a securities depository, or in the book-book entry system authorized by the U.S. Department of the Treasury and certain federal agencies, agencies (collectively referred to herein as a "Securities System" "), in accordance with applicable Federal Reserve Board and Securities and Exchange Commission SEC rules and regulations, if anyincluding SEC Rule 17f-4, as such may be amended from time to time, and subject to the following provisions:
1) . The Custodian may keep securities of owned by the Portfolio Fund in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall will not include any assets of the Custodian other than assets held as a fiduciary, custodian custodian, or otherwise for customers;
2) . The records of the Custodian with respect to securities of owned by the Portfolio Fund which are maintained in a Securities System shall will identify by book-book- entry those securities belonging to the PortfolioFund;
3) . The Custodian shall will pay for securities purchased for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. The Custodian shall will transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the The Custodian and be provided to the Trust at its request. Upon request, the Custodian shall will furnish the Trust on behalf of the Portfolio Fund a monthly account statement showing confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice Fund and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.Fund;
4) . The book-entry system of the Federal Reserve System authorized by the U.S. Department of the Treasury and the Depository Trust Company, a clearing agency registered with the SEC, each are hereby specifically approved as a Securities System, provided that any changes in these arrangements shall be subject to the approval of the Board of Directors of the Fund; and
5. The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall will be liable to the Trust for the benefit of the Portfolio Fund for any direct loss or damage to the Portfolio Fund resulting from use of the Securities System to the extent caused by reason of any the negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of employees. In no event will the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole liable for any such loss or damagepunitive damages.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Fund in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "“Securities System" ” in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Fund in a Securities System provided that such securities are represented in an account ("“Account"”) of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioFund;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. The Custodian shall transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Fund shall identify the PortfolioFund, be maintained for the Portfolio Fund by the Custodian and be provided to the Trust Fund at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio Fund confirmation of each transfer to or from the account of the Portfolio Fund in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Fund copies of daily transaction sheets reflecting each day's ’s transactions in the Securities System for the account of the PortfolioFund.
4) The Custodian shall provide the Trust for the Portfolio Fund with any report obtained by the Custodian on the Securities System's ’s accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio Fund for any loss or damage to the Portfolio Fund resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the TrustFund, 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 Portfolio Fund has not been made whole for any such loss or damage.
Appears in 1 contract
Samples: Custodian Contract (Royce Fund)
Deposit of Trust Assets in Securities Systems. The Custodian Upon order of the Trust on behalf of any Series, the Bank may deposit and/or maintain securities owned by a Portfolio Series in a clearing agency registered with the Securities and Exchange Commission ("SEC") under Section 17A of the Securities Exchange Act of 1934, as amended, which acts as a securities depositorydepository (or other entities which may be otherwise authorized by the SEC to serve in the capacity of depository or clearing agent for the securities or other assets of investment companies), or in the book-entry system authorized by the U.S. Department of the Treasury and certain federal agencies, collectively referred to herein as "Securities SystemSystems" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission SEC rules and regulations, if any, and subject to the following provisions:
1(a) The Custodian Bank may keep securities of the Portfolio Series in a Securities System provided that such securities are represented in an account ("Account") of the Custodian Bank in the Securities System which shall not include any assets of the Custodian Bank other than assets held as a fiduciary, custodian or otherwise for customers;
2(b) The records of the Custodian Bank with respect to securities of the Portfolio which Series that are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioSeries;
3(c) The Custodian Bank shall pay for securities purchased for the account of the Portfolio Series upon (i) receipt of advice from the Securities System that such securities have been transferred to the Account, and (ii) the making of an entry on the records of the Custodian Bank to reflect such payment and transfer for the account of the PortfolioSeries. The Custodian Bank shall transfer securities sold for the account of the Portfolio Series upon (i) receipt of advice from the 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 Bank to reflect such transfer and payment for the account of the PortfolioSeries. Copies of all advices advice from the Securities System of transfers of securities for the account of the Portfolio Series shall identify the PortfolioSeries, be maintained for the Portfolio Series by the Custodian Bank and be provided to the Trust at its request. Upon request, the Custodian Bank shall furnish the Trust on behalf of the Portfolio Series confirmation of each transfer to or from the account of the Portfolio Series in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Series copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.Series;
4(d) The Custodian Bank shall provide the Trust for the Portfolio Series with any report obtained by the Custodian Bank on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5(e) The Custodian Bank shall have received from exercise reasonable care and diligence in the Trust use of the Securities System on behalf of the Portfolio Trust and the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian Series. The Bank shall be liable to the Trust for the benefit of the Portfolio 4 Series for any loss or damage to the Portfolio Series resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian Bank or any of its agents agents, or of any of the Bank's or any of its or their employees agent's employees, or from failure of the Custodian Bank or any such agent to enforce effectively such rights as it may have against the Securities System; at . At the election of the Trust, it shall be entitled to be subrogated to the rights of the Custodian Bank with respect to any claim against the Securities System or any other person which the Custodian Bank may have as a consequence of any such loss or damage if and to the extent that the Portfolio Series has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio;
3) The Custodian shall pay for securities purchased for the account of the Portfolio upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 Portfolio. The Custodian shall transfer securities sold for the account of the Portfolio upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 Portfolio. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 13 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain domestic securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep domestic securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to domestic securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for domestic securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer domestic securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of domestic securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 10 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian Upon order of the Trust on behalf of any Series, the Bank may deposit and/or maintain securities owned by a Portfolio Series in a clearing agency registered with the Securities and Exchange Commission ("SEC") under Section 17A of the Securities Exchange Act of 1934, as amended, which acts as a securities depositorydepository (or other entities which may be otherwise authorized by the SEC to serve in the capacity of depository or clearing agent for the securities or other assets of investment companies), or in the book-entry system authorized by the U.S. Department of the Treasury and certain federal agencies, collectively referred to herein as "Securities SystemSystems" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission SEC rules and regulations, if any, and subject to the following provisions:
1(a) The Custodian Bank may keep securities of the Portfolio Series in a Securities System provided that such securities are represented in an account ("Account") of the Custodian Bank in the Securities System which shall not include any assets of the Custodian Bank other than assets held as a fiduciary, custodian or otherwise for customers;
2(b) The records of the Custodian Bank with respect to securities of the Portfolio which Series that are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioSeries;
3(c) The Custodian Bank shall pay for securities purchased for the account of the Portfolio Series upon (i) receipt of advice from the Securities System that such securities have been transferred to the Account, and (ii) the making of an entry on the records of the Custodian Bank to reflect such payment and transfer for the account of the PortfolioSeries. The Custodian Bank shall transfer securities sold for the account of the Portfolio Series upon (i) receipt of advice from the 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 Bank to reflect such transfer and payment for the account of the PortfolioSeries. Copies of all advices advice from the Securities System of transfers of securities for the account of the Portfolio Series shall identify the PortfolioSeries, be maintained for the Portfolio Series by the Custodian Bank and be provided to the Trust at its request. Upon request, the Custodian Bank shall furnish the Trust on behalf of the Portfolio Series confirmation of each transfer to or from the account of the Portfolio Series in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Series copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.Series;
4(d) The Custodian Bank shall provide the Trust for the Portfolio Series with any report obtained by the Custodian Bank on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5(e) The Custodian Bank shall have received from exercise reasonable care and diligence in the Trust use of the Securities System on behalf of the Portfolio Trust and the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian Series. The Bank shall be liable to the Trust for the benefit of the Portfolio Series for any loss or damage to the Portfolio Series resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian Bank or any of its agents agents, or of any of the Bank's or any of its or their employees agent's employees, or from failure of the Custodian Bank or any such agent to enforce effectively such rights as it may have against the Securities System; at . At the election of the Trust, it shall be entitled to be subrogated to the rights of the Custodian Bank with respect to any claim against the Securities System or any other person which the Custodian Bank may have as a consequence of any such loss or damage if and to the extent that the Portfolio Series has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio;
3) The Custodian shall pay for securities purchased for the account of the Portfolio upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 Portfolio. The Custodian shall transfer securities sold for the account of the Portfolio upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 Portfolio. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary "in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole for any such loss or damage.
Appears in 1 contract
Samples: Custodian Contract (Landmark Tax Free Income Funds)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to each Fund of the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the 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 the Portfolioappropriate Fund of the Trust. The Custodian shall transfer securities sold for the account of of, the Portfolio Trust upon (i) receipt of advice from the 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 the Portfolioappropriate Fund of the Trust. Copies of all advices from the Securities System of transfers of securities for the account of any Fund of the Portfolio Trust shall identify the PortfolioFund, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the The Custodian shall furnish to the Trust on behalf of the Portfolio a confirmation of each transfer to or from the account of the Portfolio each Fund in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of each Fund on the Portfolio.next business day;
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 extent; that the Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Samples: Custodian Agreement (Freedom Group of Tax Exempt Funds)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Fund in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Fund in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioFund;
3) The Custodian shall pay for securities purchased for the account of the Portfolio upon Fund upon
(i) receipt of advice from the 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 the PortfolioFund. The Custodian shall transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Fund shall identify the PortfolioFund, be maintained for the Portfolio Fund by the Custodian and be provided to the Trust Fund at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio Fund confirmation of each transfer to or from the account of the Portfolio Fund in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Fund copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioFund.
4) The Custodian shall provide the Trust for the Portfolio Fund with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio Fund for any loss or damage to the Portfolio Fund resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the TrustFund, 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 Portfolio Fund has not been made whole for any such loss or damage.
Appears in 1 contract
Samples: Custodian Contract (Alliance Government Reserves Inc)
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust on behalf of the Fund(s) in a clearing agency registered with the Securities and Exchange Commission (the "SEC") under Section 17A of the Securities Exchange Act of 1934, which acts as a securities depository, or in the book-book- entry system authorized by the U.S. Department of the Treasury and certain federal agencies, agencies (collectively referred to herein as "a ``Securities System" '') in accordance with applicable Federal Reserve Board and Securities and Exchange Commission SEC rules and regulations, if any, and subject to the following provisions:
1) . The Custodian may keep securities owned by the Trust on behalf of the Portfolio Fund(s) in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall will not include any assets of the Custodian other than assets held as a fiduciary, custodian custodian, or otherwise for customers;
2) . The records of the Custodian with respect to securities owned by the Trust on behalf of the Portfolio Fund(s) which are maintained in a Securities System shall will identify by book-entry those securities belonging to the PortfolioFund(s);
3) . The Custodian shall will pay for securities purchased for the account of the Portfolio Fund(s) upon (i) receipt of advice from the 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 the PortfolioFund(s). The Custodian shall will transfer securities sold for the account of the Portfolio Fund(s) upon (i) receipt of advice from the 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 the PortfolioFund(s). Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the The Custodian and be provided to the Trust at its request. Upon request, the Custodian shall will furnish the Trust on behalf of the Portfolio a monthly account statement showing confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice Fund(s) and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.Fund(s);
4) . The book-entry system of the Federal Reserve System authorized by the U.S. Department of the Treasury and the Depository Trust Company, a clearing agency registered with the SEC, each are hereby specifically approved as a Securities System, provided that any changes in these arrangements shall be subject to the approval of the Board of Trustees of the Trust; and
5. The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from will be liable to the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio any Fund for any direct loss or damage to the Portfolio Trust on behalf of any Fund resulting from use of the Securities System to the extent caused by reason of any the gross negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of employees. In no event will the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole liable for any such loss indirect, special, consequential or damagepunitive damages.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Portfolios which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio;
3) The Custodian shall pay for securities purchased for the account of the Portfolio upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 Portfolio. The Custodian shall transfer securities sold for the account of the Portfolio upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 Portfolio. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit --------------------------------------------- and/or maintain securities owned by a Portfolio in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio;
3) The Custodian shall pay for securities purchased for the account of the Portfolio upon (i) receipt of advice from the 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 the Portfolio. The Custodian shall transfer securities sold for the account of the Portfolio upon (i) receipt of advice from the 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 the Portfolio. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its requestTrust. Upon request, the The Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 14 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio has not been made whole for any such loss or damage.
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Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Fund in a clearing agency registered with the Securities and Exchange Commission 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. U.S., Department of the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Fund in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Fund which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioFund;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. The Custodian shall transfer securities sold for the account of the Portfolio Fund upon (i) receipt of advice from the 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 the PortfolioFund. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Fund shall identify the PortfolioFund, be maintained for the Portfolio Fund by the Custodian and be provided to the Trust Fund at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio Fund confirmation of each transfer to or from the account of the Portfolio Fund in the form of or a written advice or notice and shall furnish to the Trust on behalf of the Portfolio Fund copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioFund.
4) The Custodian shall provide the Trust for the Portfolio Fund with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio Fund for any loss or damage to the Portfolio Fund resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the TrustFund, 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 Portfolio Fund has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission under Section 17A of -- 13 -- 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Account"Accounts) of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to each Fund of the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Account, and (ii) the -- 14 -- making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Portfolioappropriate Fund Of the Trust. The Custodian shall transfer securities sold for the account of of, the Portfolio Trust upon (i) receipt of advice from the 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 the Portfolioappropriate Fund of the Trust. Copies of all advices from the Securities System of transfers of securities for the account of any Fund of the Portfolio Trust shall identify the PortfolioFund, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the The Custodian shall furnish to the Trust on behalf of the Portfolio a confirmation of each transfer to or from the account of the Portfolio each Fund in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of each Fund on the Portfolio.next business day;
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 extent; that the Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio which are maintained in a Securities System shall identify by book-entry those securities belonging to the Portfolio;
3) The Custodian shall pay for securities purchased for the account of the Portfolio upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 Portfolio. The Custodian shall transfer securities sold for the account of the Portfolio upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 Portfolio. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio shall identify the Portfolio, be maintained for the Portfolio by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the Portfolio.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Deposit of Trust Assets in Securities Systems. The Custodian may deposit and/or maintain securities owned by a Portfolio the Trust in a clearing agency registered with the Securities and Exchange Commission 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 the Treasury and certain federal agencies, collectively referred to herein as a "Securities System" in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules and regulations, if any, and subject to the following provisions:
1) The Custodian may keep securities of the Portfolio Trust in a Securities System provided that such securities are represented in an account ("Custodian's Account") of the Custodian in the Securities System which shall not include any assets of the Custodian other than assets held as a fiduciary, custodian or otherwise for customers;
2) The records of the Custodian with respect to securities of the Portfolio Trust which are maintained in a Securities System shall identify by book-entry those securities belonging to the PortfolioTrust;
3) The Custodian shall pay for securities purchased for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that such securities have been transferred to the Custodian's 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 PortfolioTrust. The Custodian shall transfer securities sold for the account of the Portfolio Trust upon (i) receipt of advice from the Securities System that payment for such securities has been transferred to the Custodian's 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 PortfolioTrust. Copies of all advices from the Securities System of transfers of securities for the account of the Portfolio Trust shall identify the PortfolioTrust, be maintained for the Portfolio Trust by the Custodian and be provided to the Trust at its request. Upon request, the Custodian shall furnish the Trust on behalf of the Portfolio confirmation of each transfer to or from the account of the Portfolio Trust in the form of a written advice or notice and shall furnish to the Trust on behalf of the Portfolio copies of daily transaction sheets reflecting each day's transactions in the Securities System for the account of the PortfolioTrust.
4) The Custodian shall provide the Trust for the Portfolio with any report obtained by the Custodian on the Securities System's accounting system, internal accounting control and procedures for safeguarding securities deposited in the Securities System;
; 5) The Custodian shall have received from the Trust on behalf of the Portfolio the initial or annual certificate, as the case may be, required by Article 8 9 hereof;
; 6) Anything to the contrary in this Contract notwithstanding, the Custodian shall be liable to the Trust for the benefit of the Portfolio for any loss or damage to the Portfolio Trust resulting from use of the Securities System by reason of any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its or their employees or from failure of the Custodian or any such agent to enforce effectively such rights as it may have against the Securities System; at the election of the Trust, 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 Portfolio Trust has not been made whole for any such loss or damage.
Appears in 1 contract
Samples: Custodian Contract (MFS Government Limited Maturity Fund /Ma/)
