PRIVATE INVESTMENTS; INVESTMENT FILES AND POSSESSED SECURITIES Sample Clauses

PRIVATE INVESTMENTS; INVESTMENT FILES AND POSSESSED SECURITIES. 8.1 Acceptance and Safekeeping of Investment Files (a) With respect to all Private Investments, Customer (with respect to a particular Series, if applicable) will arrange for the physical and not, for the avoidance of doubt, electronic, delivery of an Investment File to BNY Mellon, Subcustodian or Depository, as applicable accompanied by an Instruction which clearly identifies the contents of such Investment File; provided that BNY Mellon, Subcustodian or Depository may, in its reasonable discretion, reject any Investment File and/or any Documentation contained therein which such BNY Mellon, Subcustodian or Depository has determined to be ineligible for deposit or which otherwise cannot be held in custody by BNY Mellon, Subcustodian or Depository. BNY Mellon shall endeavor to provide reasonable notice to Customer of a rejection of any Investment File or related Documentation; provided that BNY Mellon makes no representation as to its ability to provide such notice and shall not incur any liability arising out of its failure to provide such notice. If an Investment File is accepted, BNY Mellon will generate an asset identifying number to track the Investment File and safekeep such Investment File. Under no circumstances will BNY Mellon be required to issue a trust receipt (or similar instrument) with respect to any Investment File or its contents. (b) BNY Mellon shall not be under an obligation to review, verify, validate or otherwise inspect the contents of an Investment File. BNY Mellon will include such Investment File in its regular security count audits and deliver such Investment File to such person or entity as Customer may instruct via Instructions. Acceptance of Investment Files by the BNY Mellon is based solely on Customer’s description and representations regarding the contents thereof and any other documentation that BNY Mellon requests to obtain reasonable comfort that such Investment File is what Customer purports such Investment File to be, it being understood that none of the BNY Mellon, nor any Subcustodian or Depository, as applicable, shall have any duty to Customer or a Series to so verify. Further, BNY Mellon shall be entitled to fully rely, without independent verification, on Customer’s representations regarding the Investment Files. BNY Mellon’s safekeeping of an Investment File shall in no way be construed as custody of the Private Investments or any other underlying assets which the Investment File is said to constitute or represen...