Common use of PARTIAL OFFERS Clause in Contracts

PARTIAL OFFERS. If Custodian, whether by nominee or otherwise, holds Securities that are commingled and fungible with securities of the same issue belonging to others (such that the specific Securities held for the account of Client are not identifiable), and an offer of partial redemption, partial payment or other action affecting less than all of such securities is received (collectively, "Partial Offer"), Custodian shall select the securities eligible to participate in the Partial Offer on any fair, equitable and non-discriminatory basis that it customarily uses to make such selections. If such fungible Securities are held by a Securities Depository or Sub-Custodian and a Partial Offer is received, any method of selection customarily used by the Securities Depository or Sub-Custodian, as applicable, shall be acceptable to select the securities eligible to participate in such Partial Offer; provided however, that Custodian shall use its best efforts to cause such selection to be made on a fair, equitable and non-discriminatory basis.