Common use of Monitoring and Risk Assessment of Securities Depositories Clause in Contracts

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a Fund with a Foreign Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative a written assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, and to promptly notify the Fund’s Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund in writing of any such material changes. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, and may rely on such reasonable sources of information as may be available, including, but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sources. The risk assessment shall be provided to the Funds or their Investment Advisor by such means as the Custodian and the Funds shall reasonably agree. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign non-U.S. Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative a written an assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Fund or its Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund in writing of any such material changesrisk. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, diligence and may rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing performed its monitoring and assessment dutiesduties with reasonable care, gathering such information, choosing such sources, prudence and relying on such information and sourcesdiligence. The risk assessment shall be provided to the Funds Fund or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information. To the extent that a custody arrangement with an Eligible Securities Depository no longer meets the requirements described herein, the Fund's assets must be withdrawn from the depository as soon as reasonably practicable. If withdrawal is not possible, the Fund and the Custodian will confer to discuss appropriate steps to ensure compliance with 17f-7.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign Securities Depository, the Custodian: (a) shall have determined that the Securities Depository meets the definitional requirements of an “eligible securities depository” under Rule 17f-7; (b) shall provide to the Fund or its authorized representative a written an assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; and (bc) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Fund or its Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify if the Fund in writing Securities Depository no longer meets the definitional requirement of any such material changesan “eligible securities depository” under Rule l7f-7. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, care and may reasonably rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing performed its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sourcesduties with reasonable care. The risk assessment shall be promptly provided to the Funds Fund or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices Advice of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign Securities Depository, the Custodian: (a) shall have determined that the Securities Depository meets the definitional requirements of an "eligible securities depository" under Rule 17f-7; (b) shall provide to the Fund or its authorized representative a written an assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; and (bc) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Fund or its Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify if the Fund in writing Securities Depository no longer meets the definitional requirement of any such material changesan "eligible securities depository" under Rule l7f-7. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, care and may reasonably rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing performed its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sourcesduties with reasonable care. The risk assessment shall be promptly provided to the Funds Fund or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices Advice of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a Fund the Trust with a Foreign non-U.S. Securities Depository, the Custodian: (a) shall provide to the Fund Trust or its authorized representative a written assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Trust or its Investment Adviser of any material changes in such risk or qualificationrisk; and (c) will promptly notify shall, from time to time, provide such additional information relating to such risks as the Fund in writing of any such material changesTrust may reasonably request, including but not limited to information relating to a country’s financial infrastructure, prevailing custody and settlement practices, applicable laws and market conditions. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligenceadhere to the Standard of Care set forth in the 17f-5 Delegation Schedule to this Agreement, and may rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing performed its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sourcesduties with the care required by this Section. The risk assessment shall be provided to the Funds Trust or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund Trust and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a Fund with a Foreign Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative a written assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” depository as defined under Rule 17f-7; (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” depository on a continuing basis, and to promptly notify the Fund’s Funds Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund in writing of any such material changes. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, and may rely on such reasonable sources of information as may be available, including, but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sources. The risk assessment shall be provided to the Funds or their Investment Advisor by such means as the Custodian and the Funds shall reasonably agree. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a Fund with a Foreign Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative a written assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “"eligible securities depository” " as defined under Rule 17f-7; (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “"eligible securities depository” " on a continuing basis, and to promptly notify the Fund’s 's Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund in writing of any such material changes. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, and may rely on such reasonable sources of information as may be available, including, but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sources. The risk assessment shall be provided to the Funds or their Investment Advisor by such means as the Custodian and the Funds shall reasonably agree. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign non-U.S. Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative a written an assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Fund or its Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund in writing of any such material changesrisk. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, diligence and may rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors 18 19 or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing performed its monitoring and assessment dutiesduties with reasonable care, gathering such information, choosing such sources, prudence and relying on such information and sourcesdiligence. The risk assessment shall be provided to the Funds Fund or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information. To the extent that a custody arrangement with an Eligible Securities Depository no longer meets the requirements described herein, the Fund's assets must be withdrawn from the depository as soon as reasonably practicable. If withdrawal is not possible, the Fund and the Custodian will confer to discuss appropriate steps to ensure compliance with 17f-7.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a Fund or Company with a Foreign Securities Depository, the Custodian: (a) shall provide to the Fund or Copmpany or its authorized representative a written assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, and to promptly notify the Fund’s or Company’s Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund or Company in writing of any such material changes. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, and may rely on such reasonable sources of information as may be available, including, but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sources. The risk assessment shall be provided to the Funds or Companies or their Investment Advisor by such means as the Custodian and the Funds or Companies shall reasonably agree. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign Securities Depository, the Custodian: (a) shall have determined that the Securities Depository meets the definitional requirements of an “eligible securities depository” under Rule 17f-7; (b) shall provide to the Fund or its authorized representative a written an assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; and (bc) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Fund or its Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify if the Fund in writing Securities Depository no longer meets the definitional requirement of any such material changesan “eligible securities depository” under Rule 17f-7. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, care and may reasonably rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing performed its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sourcesduties with reasonable care. The risk assessment shall be promptly provided to the Funds Fund or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices Advice of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative a written assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, and to promptly notify the Fund’s Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund in writing of any such material changes. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, and may rely on such reasonable sources of information as may be available, including, but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sources. The risk assessment shall be provided to the Funds Fund or their its Investment Advisor by such means as the Custodian and the Funds Fund shall reasonably agree. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign Securities Depository, the Custodian: (a) shall have determined that the Securities Depository meets the definitional requirements of an "eligible securities depository" under Rule 17f-7; (b) shall provide to the Fund or its authorized representative a written an assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; and (bc) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Fund or its Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify if the Fund in writing Securities Depository no longer meets the definitional requirement of any such material changesan "eligible securities depository" under Rule 17f-7. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, care and may reasonably rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing performed its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sourcesduties with reasonable care. The risk assessment shall be promptly provided to the Funds Fund or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices Advice of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

Monitoring and Risk Assessment of Securities Depositories. Prior to the placement of any assets of a the Fund with a Foreign non-U.S. Securities Depository, the Custodian: (a) shall provide to the Fund Client or its authorized representative a written an assessment of the custody risks associated with maintaining assets within such Securities Depository, which shall include a determination as to whether the Securities Depository qualifies as an “eligible securities depository” as defined under Rule 17f-7; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository and the continued qualification of the Depository as an “eligible securities depository” on a continuing basis, basis and to promptly notify the Fund’s Client or its Investment Adviser of any material changes in such risk or qualification; and (c) will promptly notify the Fund in writing of any such material changesrisk. In performing its duties under this subsection, the Custodian shall use reasonable care, prudence and diligence, diligence and may reasonably rely on such reasonable sources of information as may be available, including, available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; and (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority, (collectively, "Third Party Information Sources"). It is acknowledged that (i) information procured through some or all of these sources Third Party Information Sources may not be independently verifiable by the Custodian and that Custodian, (ii) direct access to Securities Depositories is limited under most circumstances. Accordingly, and (iii) as long as the Custodian has performed it duties under Rule 17f-7, the Custodian shall not be responsible for errors or omissions contained in information received from such Third Party Information Sources upon which the Custodian has reasonably relied in the preparation of its duties hereunder provided that it has acted with reasonable care consistent with prevailing practices of global custodians in performing its monitoring and assessment duties, gathering such information, choosing such sources, and relying on such information and sourcesrisk assessment. The risk assessment shall be provided to the Funds Client or their its Investment Advisor by such means as the Custodian and the Funds shall reasonably agreeestablish. Advices The Custodian shall promptly provide advices of material change in such assessment assessment, including such change that may be provided by cause the Custodian usage of a securities depository to no longer meet the requirements of Rule 17f-7 in the manner established as customary between the Fund Client and the Custodian for transmission of material market information. Upon receipt of Instruction from the Client that a Securities Depository no longer meets the requirements of Rule 17f-7, the Custodian shall withdraw Fund assets from the Securities Depository as soon as reasonably practicable. In the event that withdrawal of such assets is not practicable, the Custodian shall consult with the Client to determine the actions required in order to reasonably comply with Rule 17f-7.