Common use of Safekeeping of Fund Assets Clause in Contracts

Safekeeping of Fund Assets. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Sub-custodians, or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Sub-custodians. The Custodian shall hold Investments for the account of the Fund and shall segregate Investments from assets belonging to the Custodian and shall cause its Sub-custodians to segregate Investments from assets belonging to the Sub-custodian in an account held for the Fund or in an account maintained by the Sub-custodian generally for non-proprietary assets of the Custodian. In the event of a loss of a Security for which loss the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Security, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund (i) the fair market value of such Investment based on the last available price as of the close of business in the relevant market if such Investment is a level 1 asset on the date that a claim was first made to the Custodian with respect to such loss, or (ii) an amount equal to the Fund's most recent valuation if such Investment is a level 2 or level 3 asset, in each case under accounting principles generally accepted in the United States as determined by the Fund, provided such valuation is not greater than the amount contained in the most recent financial statements of the Fund audited by an independent registered public accounting firm.

Safekeeping of Fund Assets. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Sub-custodians, or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Sub-custodians. The Custodian shall hold Investments for the account of the Fund and shall segregate Investments from assets belonging to the Custodian and shall cause its Sub-custodians to segregate Investments from assets belonging to the Sub-custodian in an account held for the Fund or in an account maintained by the Sub-custodian generally for non-proprietary assets of the Custodian. In the event of a loss of a Security for which loss the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Security, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund (i) the fair market value of such Investment based on the last available price as of the close of business in the relevant market if such Investment is a level 1 asset on the date that a claim was first made to the Custodian with respect to such loss, or (ii) an or, such other lesser amount equal to the Fund's most recent valuation if such Investment is a level 2 or level 3 asset, in each case under accounting principles generally accepted in the United States as determined shall be agreed by the Fund, provided such valuation is not greater than the amount contained in the most recent financial statements of the Fund audited by an independent registered public accounting firmparties.