Common use of Establishment of Segregated Accounts Clause in Contracts

Establishment of Segregated Accounts. Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a Segregated Account for and on behalf of a Fund or Series in which Segregated Account may be held Property of such Fund or Series, including securities maintained by the Custodian in a Securities System pursuant to Section 3.24 hereof, said Segregated Account to be maintained: (i) for the purposes set forth in Section 3.09, 3.10, 3.11 and 3.12 hereof and subject to terms of any applicable Control Agreement in addition to the terms of this Agreement, provided, however, that to the extent the terms of any Control Agreement conflict with this Agreement or any other agreement between the Custodian and the applicable Fund, the terms of the Control Agreement shall prevail; (ii) for the purposes of compliance by the Fund with the procedures required by Investment Company Act Release No. 10666 (pub. avail. Apr. 18, 1979), or any subsequent release or releases of the Commission relating to the maintenance of Segregated Accounts by registered investment companies, or (iii) for any other lawful purposes as may be deemed necessary by the Fund. Collateral of a Fund or Series that is held by the Custodian in a Segregated Account shall only be moved outside the Custodian (i) in accordance with the terms of any applicable Control or Procedural Agreement or (ii) in the absence of an applicable Control or Procedural Agreement, pursuant to Proper Instructions.

Establishment of Segregated Accounts. Upon receipt of Proper Instructions, the Custodian shall establish and maintain on its books a Segregated Account for and on behalf of a Fund or Series in which Segregated Account may be held Property of such Fund or Series, including securities maintained by the Custodian in a Securities System pursuant to Section 3.24 hereof, said Segregated Account to be maintained: (i) for the purposes set forth in Section 3.09, 3.10, 3.11 and 3.12 hereof and subject to terms of any applicable Control Agreement in addition to the terms of this Agreement, provided, however, that to the extent the terms of any Control Agreement conflict with this Agreement or any other agreement between the Custodian and the applicable Fund, the terms of the Control Agreement shall prevail; (ii) for the purposes of compliance by the Fund with the procedures required by Investment Company Act Release No. 10666 (pub. avail. Apr. 18, 1979), or any subsequent release or releases of the Commission relating to the maintenance of Segregated Accounts by registered investment companies, or (iii) for any other lawful purposes as may be deemed necessary by the Fund. Collateral of a Fund or Series that is held by the Custodian in a Segregated Account shall only be moved outside the Custodian (i) in accordance with the terms of any applicable Control or Procedural Agreement or (ii) in the absence of an applicable Control or Procedural Agreement, pursuant to Proper Instructions.