Common use of SEC Rule 17Ad-17 Clause in Contracts

SEC Rule 17Ad-17. (A) BNYM shall perform such services as are required in order to comply with Rule 17Ad-17 of the 1934 Act (the “Rule 17Ad-17”), including but not limited to the following: (i) execution of required database searches for “lost securityholders”, as that term is defined in Rule 17Ad-17; (ii) sending the required written notification to each “unresponsive payee”, as that term is defined in Rule 17Ad-17; (iii) maintain records to demonstrate compliance with the requirements of Rule 17Ad-17, including written procedures that describe BNYM’s methodology for complying with Rule 17Ad-17 and records of the results of the database searches for lost securityholders; and (iv) retain the records required by Rule 17Ad-17 in accordance with applicable SEC regulations. (B) For purposes of clarification: Section 3(a)(11)(A) does not obligate BNYM to perform the services described therein for broker-controlled accounts, omnibus accounts and similar accounts with respect to which BNYM does not receive or maintain information which would permit it to determine whether the account owner is a lost securityholder or an unresponsive payee.