Common use of Segregation of Assets; Nominee Name Clause in Contracts

Segregation of Assets; Nominee Name. (a) Bank will identify in its books that Financial Assets credited to Customer’s Securities Account belong to Customer (except as Bank is otherwise instructed). (b) To the extent permitted by Applicable Law or in the absence of Applicable Law, market practice, Bank will require each Subcustodian to identify in its own books that Financial Assets held at such Subcustodian by Bank on behalf of its customers belong to customers of Bank,, such that it is readily apparent that the Financial Assets do not belong to Bank or the Subcustodian. (c) Bank is authorized, in its reasonable discretion, to the extent consistent with Applicable Law and customary market practice, (i) to physically hold Financial Assets, including in bearer form, such Financial Assets as are customarily held in bearer form or are delivered to Bank or its Subcustodian in bearer form; (ii) to hold Securities in or deposit Securities with any Securities Depository; (iii) to hold Securities in omnibus accounts on a fungible basis and to accept delivery of Securities of the same class and denomination as those deposited with Bank or its Subcustodian; and (iv) to register in the name of Customer, Bank, a Subcustodian, a Securities Depository, or their respective nominees, such Financial Assets as are customarily held in registered form; provided, however, that such Financial Assets are held in an account of Bank containing only assets of Customer or only assets held as fiduciary or custodian for customers. (v) to hold shares of registered mutual funds (or other commingled funds) on the books of the transfer agent for such funds.