Foreign Securities. The Custodian shall be authorized to provide services as an eligible foreign custodian and act as a foreign custody manager, as those terms are defined in Rule 17f-5 under the 1940 Act, as amended. The Custodian shall not be responsible for acting as a foreign custody manager unless and until the Custodian accepts such delegation of responsibility pursuant to a separate Delegation Agreement or Foreign Custody Manager Agreement approved by the Board of Directors, that describes the Custodian's duties as a foreign custody manager and identifies the Funds for which the Custodian will so act.
Foreign Securities. If the Borrower in respect of any Loan of Foreign Securities effected pursuant hereto and pursuant to the applicable MSLA fails to return any Securities on Loan to Chase for the Account on the Return Date, Chase will, at Chase's sole election and at its expense (subject to paragraph (d) hereof), as soon as practicable, either (x) deposit replacement Securities of the same issue, type, class and series to the Account or (y) credit to Lender's Account, in Dollars with the difference ("Difference") (where a positive number), if any, between (xx) the market value of such lent Securities on the Return Date (including, in the case of debt Securities, accrued but unpaid interest), and (yy) in the case of Loans collateralized by (i) Cash Collateral, the greater of (A) the Market Value of the Cash Collateral on the date of initial pledge as adjusted for any subsequent marks-to-market through the Return Date and (B) the Market Value of Authorized Investments on the Return Date, or (ii) non-Cash Collateral comprising securities Collateral, the Market Value of such Collateral on the Return Date. Market Value shall be determined by Chase in accordance with the applicable MSLA, including the computation of Dollar equivalents where Securities on Loan and/or Collateral (and Proceeds) are denominated in a currency other than Dollars. Where Cash Collateral and non-Cash Collateral have been allocated to a Loan as of the Return Date, the Difference payable by Chase shall be computed in accordance with the foregoing as if there had been two Loans in effect on the Return Date, one collateralized by Cash Collateral and the other collateralized by non-Cash Collateral.
Foreign Securities. The term Foreign Securities as used herein ------------------ will have the same meaning as when such term is used in Rule 17f-5 of the 1940 Act.
Foreign Securities. The term Foreign Securities shall mean “Foreign Securities” as that term is defined in Rule 17f-5 under the 1940 Act.
Foreign Securities. With respect to debt or equity securities of non-U.S. issuers, or debt or deposit instruments of non-U.S. banks (“Foreign Securities”), You acknowledge and understand that: (i) Foreign Securities are, in most cases, not registered with the Securities and Exchange Commission or listed on a U.S. securities exchange; (ii) Foreign Securities, particularly those of issuers in the so- called “emerging markets” are often illiquid, are sometimes subject to legal and/or contractual transfer restrictions, and it may be difficult or impossible to dispose of such Foreign Securities prior to the maturity thereof, or to determine the market price thereof, for valuation purposes; (iii) Foreign Securities, and the issuer, guarantors, or other obligors with respect thereto (“Obligors”), are subject to a variety of risks in addition to those typically faced in the case of U.S. securities and issuers, including, among other things, currency risk, exchange controls, confiscatory taxation, withholding, limitations on the rights of security holders, civil unrest, hyperinflation, discriminatory treatment of foreign investors, etc.; (iv) there is often less information available regarding Obligors, and such information may be more difficult to interpret, than is the case with U.S. issuers whose securities are subject to the periodic reporting requirements under U.S. securities laws; (v) there may be no effective means to determine if an Obligor is in default of its obligations in respect of its debt securities or other financial obligations (and You specifically acknowledge that Foreign Securities purchased by You may be in default at the time of purchase); (vi) the Foreign Securities in question may be unrated; and (vii) such securities are not suitable for all investors. You authorize BB&T Securities to purchase Foreign Securities (and, in the case of Foreign Securities denominated in foreign currencies, the relevant foreign currencies) from or sell Foreign Securities (and foreign exchange) to any of its affiliates. In dealing with such affiliates, such affiliates may take their normal commissions, spreads, or other fees without regard to BB&T Securities’ relationship with You.
Foreign Securities. The Agent hereby acknowledges that any Collateral in the Securities Account issued outside the United States which may be held by Custodian, a sub-custodian within Custodian’s network of sub-custodians or a Depository or book-entry system for the central handling of securities and other financial assets in which Custodian or a sub-custodian are participants may not permit the Customer to have a security entitlement with respect to such Collateral (and such property shall be deemed for purposes of this Agreement not to be a financial asset held within the Securities Account). The parties hereby further acknowledge that Custodian gives no assurance that a security entitlement is created under the UCC with respect to the Customer’s assets held in Euroclear or Clearstream or their successors.
Foreign Securities. The Fund can purchase equity and debt securities issued by foreign companies or foreign governments or their agencies. "Foreign securities" include equity and debt securities of companies organized under the laws of countries other than the United States and debt securities of foreign governments and their agencies and instrumentalities. Those securities may be traded on foreign securities exchanges or in the foreign over-the-counter markets. Securities of foreign issuers that are represented by American Depository Receipts, European Depository Receipts or Global Depository Receipts, or that are listed on a U.S. securities exchange or traded in the U.S. over-the-counter markets are considered "foreign securities" for the purpose of the Fund's investment allocations. That is because they are subject to many of the special considerations and risks, discussed below, that apply to foreign securities traded and held abroad. Because the Fund can purchase securities denominated in foreign currencies, a change in the value of a foreign currency against the U.S. dollar could result in a change in the amount of income the Fund has available for distribution. Because a portion of the Fund's investment income may be received in foreign currencies, the Fund will be required to compute its income in U.S. dollars for distribution to shareholders, and therefore the Fund will absorb the cost of currency fluctuations. After the Fund has distributed income, subsequent foreign currency losses may result in the Fund's having distributed more income in a particular fiscal period than was available from investment income, which could result in a return of capital to shareholders. Investing in foreign securities offers potential benefits not available from investing solely in securities of domestic issuers. They include the opportunity to invest in foreign issuers that appear to offer growth potential, or in foreign countries with economic policies or business cycles different from those of the U.S., or to reduce fluctuations in portfolio value by taking advantage of foreign stock markets that do not move in a manner parallel to U.S. markets. The Fund will hold foreign currency only in connection with the purchase or sale of foreign securities.
Foreign Securities. The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of a Portfolio under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.
Foreign Securities. With respect to Account Securities issued by foreign entities or other Account Securities for which adequate corporate information is not readily available, Custodian's responsibility is expressly limited to safekeeping. With respect to such Account Securities, Custodian assumes no responsibility for following such Account Securities or their issuers for coupon payments, redemptions, exchanges or similar matters affecting such Account Securities. Collections of monies in foreign currency, to the extent possible, will be converted into U.S. dollars at customary rates in accordance with Custodian's normal procedures. All risks and expenses incident to such foreign collections and conversions are assumed by the Custodian Account, and Custodian shall have no responsibility for fluctuations in exchange rates affecting such collections or conversions.
Foreign Securities. The Custodian shall be authorized, but not required, to provide services as an eligible foreign custodian and act as a foreign custody manager, as those terms are defined in Rule 17f-5 under the 1940 Act, as amended. The Custodian shall not maintain assets of the Companies with a foreign custodian or a foreign securities depository unless approved by the Board and shall not be responsible for acting as a foreign custody manager unless and until the Custodian accepts such delegation of responsibility pursuant to a separate Delegation Agreement or Foreign Custody Manager Agreement approved by the Board that describes the Custodian’s duties as a foreign custody manager and identifies the Companies for which the Custodian will so act.
