Segregation of Non-Cash Assets; Use of Securities Depositories. All Investments and non-cash property held by the Custodian for the account of a Fund (other than Investments maintained in a Securities Depository or Book-entry System) shall be physically segregated from other Investments and non-cash property in the possession of the Custodian (including the Investments and non-cash property of the other Funds) and shall be identified as subject to this Agreement. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Sub-custodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Sub-custodian, as the case may be, and (b) in an account for the Trust or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Securities Depository. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Sub-custodian or (any agent of either) from holding its client assets in such a separate account, the Custodian, the Sub-custodian or other agent shall as appropriate segregate such Investments for the benefit of the Trust from the assets held for the benefit of clients of the Custodian’s generally on its own books.
Segregation of Non-Cash Assets; Use of Securities Depositories. All securities and other non-cash property (“Investments”) held by Prime Broker for the account of the Fund (other than Investments maintained in a securities depository or book-entry system) shall at all times be individually segregated from the securities and investments of any other person and marked in such manner as to clearly identify them as the property of the Fund, both upon physical inspection thereof and upon examination of the books of Prime Broker. Prime Broker may deposit and maintain Investments in any securities depository, either directly or through one or more subcustodians appointed by Prime Broker. The Fund will purchase only those securities which are maintained in a securities depository or book-entry system. Investments held in a securities depository shall be held (i) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the securities depository and Prime Broker or the subcustodian, as the case may be, and (ii) in an account for the Trust or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the securities depository. If market practice or the rules and regulations of the securities depository prevent Prime Broker, the subcustodian (or any agent of either) from holding its client assets in such a separate account, Prime Broker, the subcustodian or other agent shall as appropriate segregate such Investments for the benefit of the Trust from the assets held for the benefit of clients of Prime Broker generally on its own books.
Segregation of Non-Cash Assets; Use of Securities Depositories. All securities and other non-cash property held by Cowen for the account of the Fund (“Investments”) (other than Investments maintained in a securities depository or book-entry system) shall at all times be individually segregated from the securities and investments of any other person and marked in such manner as to clearly identify them as the property of the Fund, both upon physical inspection thereof and upon examination of the books of Cowen. For the avoidance of doubt, Investments shall not include securities and other non-cash property until such time as they are received by Cowen and the Fund has made full cash payment therefor. Cowen may deposit and maintain Investments in any securities depository, either directly or through one or more sub-custodians appointed by Cowen. The Fund will purchase only those securities which are maintained in a securities depository or book-entry system. Investments held in a securities depository or a book-entry system shall be held (i) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the securities depository and Cowen or the sub-custodian, as the case may be, and (ii) in an account for the Fund or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the securities depository; provided that Cowen shall, on an ongoing basis, provide accurate information to the Fund and such other persons as the Fund may designate with respect to the status of such Investments. If market practice or the rules and regulations of the securities depository or book-entry system prevent Cowen, the sub-custodian or any agent of either from holding its client assets in such a separate account, Cowen, the sub-custodian or other agent shall as appropriate segregate such Investments for the benefit of the Fund from the assets held for the benefit of clients of Cowen generally on its own books and records, and the records of Cowen with respect to Investments of the Fund maintained in a book-entry system or securities depository shall, by book-entry, identify such Investments as belonging to the Fund. For the avoidance of doubt, Investments maintained in a securities depository or book-entry system shall be segregated by the use of memo segregation and shall not be physically segregated from other securities and non-cash property in the possession of Cowen. In the event the Fund incurs a loss due to an act or omiss...
