Common use of Securities Account Procedures Clause in Contracts

Securities Account Procedures. 7.1 The Investor shall retain at all times exclusive beneficial ownership of the Securities, and the Securities Account will indicate that Securities do not belong to Mainspring and will be segregated from Mainspring’s assets. Mainspring will, or will arrange for its Delegates to, identify in its books that the Securities belong to the Portfolio and the amount that is attributable to the Securities Account. 7.2 Documents evidencing title to Securities will be held in the physical possession of Mainspring, a Nominee or a Sub-Custodian. Mainspring shall segregate such documents from any such documents of Mainspring and shall take all reasonable measures to ensure such segregation where documents are held by a Nominee or Sub-Custodian. 7.3 Mainspring may arrange for Securities that are UK equities to be held through the CREST system when eligible. Other UK Securities may be held in certificated form. 7.4 Mainspring will determine in its reasonable discretion whether to accept for custody in the Securities Account, Securities of any kind. Mainspring is not obligated to credit Securities to the Securities Account before receipt of such Securities by final settlement. 7.5 Mainspring shall exercise reasonable care in receiving Securities but does not warrant or guarantee the form, authenticity, value or validity of any Security received by Mainspring. If Mainspring becomes aware of any defect in title or forgery of any Security, Mainspring shall promptly notify the Manager. 7.6 If Mainspring has received Instructions that would result in the delivery of Securities exceeding credits to the Securities Account for that Security, Mainspring may reject the Instructions or may decide which deliveries it will make (in whole or in part and in the order, it selects). 7.7 The Manager shall bear the risk and expense associated with investing in Securities denominated in any currency. 7.8 Other than as permitted in this Agreement under Clause 26, the Securities shall not be used to discharge directly or indirectly liabilities or claims against any other undertaking or entity and shall not be available for any such purpose.

Securities Account Procedures. 7.1 The Investor Investors shall retain at all times exclusive beneficial ownership of the Securities, and the Securities Account will indicate that Securities do not belong to Mainspring and will be segregated from Mainspring’s assets. Mainspring will, or will arrange for its Delegates to, identify in its books that the Securities belong to the Portfolio and the amount that is attributable to the Securities Account. 7.2 Documents evidencing title to Securities will be held in the physical possession of Mainspring, a Nominee or a Sub-Custodian. Mainspring shall segregate such documents from any such documents of Mainspring and shall take all reasonable measures to ensure such segregation where documents are held by a Nominee or Sub-Custodian. 7.3 Mainspring may arrange for Securities that are UK equities to be held through the CREST system when eligible. Other UK Securities may be held in certificated form. 7.4 Mainspring will determine in its reasonable discretion whether to accept for custody in the Securities Account, Securities of any kind. Mainspring is not obligated to credit Securities to the Securities Account before receipt of such Securities by final settlement. 7.5 Mainspring shall exercise reasonable care in receiving Securities but does not warrant or guarantee the form, authenticity, value or validity of any Security received by Mainspring. If Mainspring becomes aware of any defect in title or forgery of any Security, Mainspring shall promptly notify the Manager. 7.6 If Mainspring has received Instructions that would result in the delivery of Securities exceeding credits to the Securities Account for that Security, Mainspring may reject the Instructions or may decide which deliveries it will make (in whole or in part part, and in the order, it selects). 7.7 The Manager shall bear the risk and expense associated with investing in Securities denominated in any currency. 7.8 Other than as permitted in this Agreement under Clause 26, the Securities shall not be used to discharge directly or indirectly liabilities or claims against any other undertaking or entity and shall not be available for any such purpose.

Securities Account Procedures. 7.1 The Investor 8 .1 You shall retain at all times exclusive beneficial ownership of the Securities, Securities and the Securities Account will indicate that Securities do not belong to Mainspring us and will be segregated from Mainspring’s our assets. Mainspring will, or We will arrange for its Delegates to, identify in its our books that the Securities belong to the Portfolio you and the amount that which is attributable to the Securities Account. 7.2 Documents evidencing title to Securities will be held in the physical possession of Mainspring, a Nominee or a Sub-Custodian. Mainspring shall segregate such documents from any such documents of Mainspring and shall take all reasonable measures to ensure such segregation where documents are held by a Nominee or Sub-Custodian. 7.3 Mainspring may arrange for Securities that are UK equities to be held through the CREST system when eligible. Other UK Securities may be held in certificated form. 7.4 Mainspring 8 .2 We will determine in its our reasonable discretion whether to accept for custody in the Securities Account, Securities of any kind. Mainspring is We are not obligated to credit Securities to the Securities Account before receipt of such Securities by final settlement. 7.5 Mainspring 8 .3 We shall exercise reasonable care in receiving Securities but does we do not warrant or guarantee the form, authenticity, value or validity of any Security received by Mainspringus. If Mainspring becomes we become aware of any defect in title or forgery of any Security, Mainspring we shall promptly notify you (and/or the Investment Manager). 7.6 8 .4 If Mainspring has we have received Instructions that would result in the delivery of Securities exceeding credits to the Securities Account for that Security, Mainspring we may reject the Instructions or may decide which deliveries it will make (in whole or in part and in the order, order it selects). 7.7 The Manager 8 .5 You shall bear the risk and expense associated with investing in Securities denominated in any currency. 7.8 8 .6 Other than as permitted in this Agreement under Clause 2631, we shall ensure that the Securities held in the Securities Account shall not be used to discharge directly or indirectly liabilities or claims against any other undertaking or entity and shall not be available for any such purpose.

Securities Account Procedures. 7.1 The Investor You shall retain at all times exclusive beneficial ownership of the Securities, and the Securities Account will indicate that Securities do not belong to Mainspring us and will be segregated from Mainspring’s our assets. Mainspring We will, or will arrange for its our Delegates to, identify in its our books that the Securities belong to the Portfolio and the amount that is attributable to the Securities Account. 7.2 Documents Physical documents evidencing title to Securities will be held in the our physical possession of Mainspringpossession, a Nominee or a Sub-CustodianSub−Custodian. Mainspring We shall segregate such documents from any such of our documents of Mainspring and shall take all reasonable measures to ensure such segregation where documents are held by a Nominee or Sub-CustodianSub−Custodian. 7.3 Mainspring Notwithstanding Clause 7.2, we may arrange for Securities that are UK equities to be held through the CREST system when eligible. Other UK Securities may be held in certificated form. 7.4 Mainspring We will determine in its our reasonable discretion whether to accept for custody in the Securities Account, Securities of any kind. Mainspring is We are not obligated to credit Securities to the Securities Account before receipt of such Securities by final settlement. 7.5 Mainspring We shall exercise reasonable care in receiving Securities but does do not warrant or guarantee the form, authenticity, value or validity of any Security received by Mainspringus. If Mainspring becomes we become aware of any defect in title or forgery of any Security, Mainspring we shall promptly notify the Manager. 7.6 If Mainspring has we have received Instructions that would result in the delivery of Securities exceeding credits to the Securities Account for that Security, Mainspring we may reject the Instructions or may decide which deliveries it we will make (in whole or in part and in the order, it selectsorder we select). 7.7 The Manager You shall bear the risk and expense associated with investing in Securities denominated in any currency. 7.8 Other than as permitted in this Agreement under Clause 2625.2, the Securities shall not be used to discharge directly or indirectly liabilities or claims against any other undertaking or entity and shall not be available for any such purpose.