Common use of Duties as custodian Clause in Contracts

Duties as custodian. A. The Financial Agent shall release and deliver assets in the Account only upon receipt of Proper Instructions (as defined in Section 7 below), which may be standing instructions when deemed appropriate by the Treasury in the following cases: (a) Upon sale of such assets for the Account, unless otherwise directed by Proper Instructions, in accordance with the established procedures for the market or clearing agency where the transactions occur, including delivery to the purchaser or to a dealer (or an agent of the purchaser or dealer) against payment; (b) To a depository agent in connection with tender or other similar transactions for assets of the Account; (c) To an issuer or its agent when such assets are called, redeemed, retired or otherwise become payable, provided that, unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Financial Agent; (d) To an issuer or its agent, for transfer or exchange into the name of the Financial Agent for a different number of bonds, certificates, or other evidence representing the same aggregate face amount or number of units; (e) To brokers, clearing banks, or other clearing agents for examination in accordance with "street delivery" custom; (f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization, or readjustment of the securities of an issuer of the securities, or pursuant to provisions for conversion contained in the securities, provided that, unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Financial Agent; (g) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities, provided that, unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Financial Agent; (h) In connection with the loan of securities or other assets; and (i) For any other purpose upon receipt of Proper Instructions specifying the assets to be delivered and naming the person or persons to whom delivery of such assets shall be made. B. The Financial Agent shall transmit promptly to the Treasury and an Asset Manager written information, including but not limited to pendency of calls and maturities of securities and any related expirations of rights, and tender or exchange offers, received by the Financial Agent from issuers of securities held for the Account.

Duties as custodian. A. The Financial Agent shall custody all Assets which are held for the Account by the Financial Agent in the appropriate securities depository, as applicable. B. The Financial Agent shall release and deliver assets Assets in the Account only upon receipt of Proper Instructions (as defined in Section 7 below), which may be standing instructions when deemed appropriate by the Treasury in the following cases: (a) Upon sale of such assets Assets for the Account, unless otherwise directed by Proper Instructions, in accordance with the established procedures for the market or clearing agency where the transactions occur, including delivery to the purchaser or to a dealer (or an agent of the purchaser or dealer) against payment; (b) To a depository agent in connection with tender or other similar transactions for assets Assets of the Account; (c) To an issuer or its agent when such assets Assets are called, redeemed, retired or otherwise become payable, provided that, unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Financial Agent; (d) To an issuer or its agent, for transfer or exchange into the name of the Financial Agent for a different number of bonds, certificates, or other evidence representing the same aggregate face amount or number of units; (e) To brokers, clearing banks, or other clearing agents for examination in accordance with "street delivery" custom; (f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization, or readjustment of the securities of an issuer of the securities, or pursuant to provisions for conversion contained in the securities, provided that, unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Financial Agent; (g) In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities, provided that, unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Financial Agent; (h) In connection with the loan of securities or other assets; and (i) For any other purpose upon receipt of Proper Instructions specifying the assets to be delivered and naming the person or persons to whom delivery of such assets shall be made. B. C. The Financial Agent shall transmit promptly to the Treasury and an Asset Manager written information, including but not limited to pendency of calls and maturities of securities and any related expirations of rights, and tender or exchange offers, received by the Financial Agent from issuers of securities held for the Account.

Duties as custodian. A. The Financial Agent shall custody all Assets which are held for the Accounts by the Financial Agent in the appropriate securities depository, as applicable. B. The Financial Agent shall release and deliver assets Assets in the Account Accounts only upon receipt of Proper Instructions (as defined in Section 7 below), which may be standing instructions when deemed appropriate by the Treasury in the following cases: (a) i. Upon sale of such assets Assets for the AccountAccounts, unless otherwise directed by Proper Instructions, in accordance with the established procedures for the market or clearing agency where the transactions occur, including delivery to the purchaser or to a dealer (or an agent of the purchaser or dealer) against payment; (b) ii. To a depository agent in connection with tender or other similar transactions for assets Assets of the AccountAccounts; (c) iii. To an issuer or its agent when such assets Assets are called, redeemed, retired or otherwise become payable, provided that, unless otherwise directed by Proper Instructions, the cash or other consideration is to be delivered to the Financial Agent; (d) iv. To an issuer or its agent, for transfer or exchange into the name of the Financial Agent for a different number of bonds, certificates, or other evidence representing the same aggregate face amount or number of units; (e) v. To brokers, clearing banks, or other clearing agents for examination in accordance with "“street delivery" ” custom; (f) vi. For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization, or readjustment of the securities of an issuer of the securities, or pursuant to provisions for conversion contained in the securities, provided that, unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Financial Agent; (g) vii. In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities, provided that, unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered to the Financial Agent; (h) In connection with the loan of securities or other assets; and (i) viii. For any other purpose upon receipt of Proper Instructions specifying the assets to be delivered and naming the person or persons to whom delivery of such assets shall be made. B. C. The Financial Agent shall transmit promptly to the Treasury and an Asset Manager written information, including but not limited to pendency of calls and maturities of securities and any related expirations of rights, and tender or exchange offers, received by the Financial Agent from issuers of securities held for the AccountAccounts.