Common use of SPECIAL CUSTODY ACCOUNT Clause in Contracts

SPECIAL CUSTODY ACCOUNT. (a) Bank shall open an account on its books entitled "Special Custody Account for ______________________________ as Pledgee of __________________ Fund" ("Special Custody Account") and shall hold therein all securities and similar property as shall be received and accepted by it therein pursuant to this Agreement. Customer agrees to instruct Bank in Instructions from Customer as to cash and specific securities which Bank is to identify on its books and records as pledged to Broker as Collateral in the Special Custody Account. Customer agrees that the value of such cash and securities shall be at least equal in value to what Broker shall initially and from time to time advise Customer in an Advice from Broker is necessary to constitute Adequate Margin. Such collateral (i) will be held by Bank for Broker as agent of Broker, (ii) may be released only in accordance with the terms of this Agreement and (iii) except as required to be released hereunder to Broker, shall not be made available to Broker or to any other person claiming through Broker, including the creditors of Broker. (b) Customer hereby grants a continuing security interest to Broker in the Collateral in the Special Custody Account. To perfect Broker's security interest Bank will hold the Collateral in the Special Custody Account, subject to the interest therein of Broker as the pledgee and secured party thereof in accordance with the terms of this Agreement. Such security interest will terminate at such time as Collateral is released as provided herein. Bank shall have no responsibility for the validity or enforceability of such security interest. (c) Bank will confirm in writing to Broker and Customer all pledges, releases or substitutions of Collateral and will supply Broker and Customer with a monthly statement of Collateral and transactions in the Special Custody Account for such month. Bank will also advise Broker upon request of the kind and amount of Collateral pledged to Broker. (d) Upon the request of Customer, Broker shall advise Bank and Customer of any excess of Collateral in the Special Custody Account. Such excess shall at Customer's request be transferred therefrom upon Advice from Broker. Customer represents and warrants to Broker that securities included at any time in the Collateral shall be in good deliverable form (or Bank shall have unrestricted power to put such securities into good deliverable form) in accordance with the requirements of such exchanges as may be the primary market or markets for such securities. Notwithstanding the foregoing, upon the maturity of collateral consisting of direct obligations of the U.S. Treasury, Bank may, without prior Advice from Broker, substitute such collateral for other obligations of the U.S. Treasury in the same face amount as the maturing collateral. Broker consents to the release to Customer of any amount representing an excess between the face amount of such direct obligations of the U.S. Treasury and their cost of acquisition. (e) Bank will maintain accounts and records for the Collateral in the Special Custody Account as more fully described in subparagraph 5(a) below. The Collateral shall at all times remain the property of the Customer subject only to the extent of the interest and rights therein of Broker as the pledgee thereof.

SPECIAL CUSTODY ACCOUNT. (a) Bank shall open an account on its books entitled "Special Custody Account for ______________________________ Herzog, Heine, Geduld, Inc. as Pledgee of __________________ The Global Health Sciences Fund" ("Special Custody Account") and shall hold therein all securities and similar property as shall be received and accepted by it therein pursuant to this Agreement. Customer agrees to instruct Bank in Instructions from Customer as to cash and specific securities which Bank is to identify on its books and records as pledged to Broker as Collateral in the Special Custody Account. Customer agrees that the value of such cash and securities shall be at least equal in value to what Broker shall initially and from time to time advise Customer in an Advice from Broker is necessary to constitute Adequate Margin. Such collateral (i) will be held by Bank for Broker as agent of Broker, (ii) may be released only in accordance with the terms of this Agreement and (iii) except as required to be released hereunder to Broker, shall not be made available to Broker or to any other person claiming through Broker, including the creditors of the Broker. (b) Customer hereby grants a continuing security interest to Broker in the Collateral in the Special Custody Account. To perfect Broker's security interest interest, Bank will hold the Collateral in the Special Custody Account, subject to the interest therein of Broker as the pledgee and secured party thereof in accordance with the terms of this Agreement. Such security interest will terminate at such time as Collateral is released as provided herein. Bank shall have no responsibility for the validity or enforceability of such security interest. (c) Bank will confirm in writing to Broker and Customer all pledges, releases or substitutions of Collateral and will supply Broker and Customer with a monthly statement of Collateral and transactions transaction in the Special Custody Account for such month. Bank will also advise Broker upon request of the kind and amount of Collateral pledged to Broker. (d) Upon the request of Customer, Broker shall advise Bank and Customer of any excess of Collateral in the Special Custody Account. Such excess shall at Customer's request be transferred therefrom upon Advice from Broker. Customer represents and warrants to Broker that securities included at any time in the Collateral shall be in good deliverable form (or Bank shall have the unrestricted power to put such securities into good deliverable form) in accordance with the requirements of such exchanges as may be the primary market or markets for such securities. Notwithstanding the foregoing, upon the maturity of collateral consisting of direct obligations of the U.S. Treasury, Bank may, without prior Advice from Broker, substitute such collateral for other obligations of the U.S. Treasury in the same face amount as the maturing collateral. Broker consents to the release to Customer of any amount representing an excess between the face amount of such direct obligations of the U.S. Treasury and their cost of acquisition. (e) Bank will maintain accounts and records for the Collateral in the Special Custody Account as more fully described in subparagraph 5(a) below. The Collateral shall at all times remain the property of the Customer subject only to the extent of the interest and rights therein of Broker as the pledgee thereof.

SPECIAL CUSTODY ACCOUNT. (a) Bank shall open an account on its books entitled "Special Custody Account for ______________________________ [Broker] as Pledgee of __________________ Fund[Name of Customer]" ("Special Custody Account") and shall hold therein all securities and similar property as shall be received and accepted by it therein pursuant to this Agreement. Customer agrees to instruct Bank in Instructions from Customer as to cash and specific securities which Bank is to identify identity on its books and records as pledged to Broker as Collateral in the Special Custody Account. Customer agrees that the value of such cash and securities shall be at least equal in value to what Broker shall initially and from time to time advise Customer in an Advice from Broker is necessary to constitute Adequate Margin. Such collateral (i) will be held by Bank for Broker as agent of Broker, (ii) may be released only in accordance with the terms of this Agreement and (iii) except as required to be released hereunder to Broker, shall not be made available to Broker or to any other person claiming through Broker, including the creditors of the Broker. (b) Customer hereby grants a continuing security interest to Broker in the Collateral in the Special Custody Account. To perfect Broker's security interest interest, Bank will hold the Collateral in the Special Custody Account, subject to the interest therein of Broker as the pledgee and secured party thereof in accordance with the terms of this Agreement. Such security interest will terminate at such time as Collateral is released as provided herein. Bank shall have no responsibility for the validity or enforceability of such security interest. (c) Bank will confirm in writing to Broker and Customer all pledges, releases or substitutions of Collateral and will supply Broker and Customer with a monthly statement of Collateral and transactions transaction in the Special Custody Account for such month. Bank will also advise Broker upon request of the kind and amount of Collateral pledged to Broker. (d) Upon the request of Customer, Broker shall advise Bank and Customer of any excess of Collateral in the Special Custody Account. Such excess shall at Customer's request be transferred therefrom upon Advice from Broker. Customer represents and warrants to Broker that securities included at any time in the Collateral shall be in good deliverable form (or Bank shall have the unrestricted power to put such securities into good deliverable form) in accordance with the requirements of such exchanges as may be the primary market or markets for such securities. Notwithstanding the foregoing, upon the maturity of collateral consisting of direct obligations of the U.S. Treasury, Bank may, without prior Advice from Broker, substitute such collateral for other obligations of the U.S. Treasury in the same face amount as the maturing collateral. Broker consents to the release to Customer of any amount representing an excess between the face amount of such direct obligations of the U.S. Treasury and their cost of acquisition. (e) Bank will maintain accounts and records for the Collateral in the Special Custody Account as more fully described in subparagraph 5(a) below. The Collateral shall at all times remain the property of the Customer subject only to the extent of the interest and rights therein of Broker as the pledgee thereof.

SPECIAL CUSTODY ACCOUNT. (a) Bank shall open an account on its books entitled "Special Custody Account for ______________________________ [Broker] as Pledgee of __________________ Fund[Name of Customer]" ("Special Custody Account") and shall hold therein all securities and similar property as shall be received and accepted by it therein pursuant to this Agreement. Customer agrees to instruct Bank in Instructions from Customer as to cash and specific securities which Bank is to identify on its books and records as pledged to Broker as Collateral in the Special Custody Account. Customer agrees that the value of such cash and securities shall be at least equal in value to what Broker shall initially and from time to time advise Customer in an Advice from Broker is necessary to constitute Adequate Margin. Such collateral (i) will be held by Bank for Broker as agent of Broker, (ii) may be released only in accordance with the terms of this Agreement and (iii) except as required to be released hereunder to Broker, shall not be made available to Broker or to any other person claiming through Broker, including the creditors of the Broker. (b) Customer hereby grants a continuing security interest to Broker in the Collateral in the Special Custody Account. To perfect Broker's security interest interest, Bank will hold the Collateral in the Special Custody Account, subject to the interest therein of Broker as the pledgee and secured party thereof in accordance with the terms of this Agreement. Such security interest will terminate at such time as Collateral is released as provided herein. Bank shall have no responsibility for the validity or enforceability of such security interest. (c) Bank will confirm in writing to Broker and Customer all pledges, releases or substitutions of Collateral and will supply Broker and Customer with a monthly statement of Collateral and transactions transaction in the Special Custody Account for such month. Bank will also advise Broker upon request of the kind and amount of Collateral pledged to Broker. (d) Upon the request of Customer, Broker shall advise Bank and Customer of any excess of Collateral in the Special Custody Account. Such excess shall at Customer's request be transferred therefrom upon Advice from Broker. Customer represents and warrants to Broker that securities included at any time in the Collateral shall be in good deliverable form (or Bank shall have the unrestricted power to put such securities into good deliverable form) in accordance with the requirements of such exchanges as may be the primary market or markets for such securities. Notwithstanding the foregoing, upon the maturity of collateral consisting of direct obligations of the U.S. Treasury, Bank may, without prior Advice from Broker, substitute such collateral for other obligations of the U.S. Treasury in the same face amount as the maturing collateral. Broker consents to the release to Customer of any amount representing an excess between the face amount of such direct obligations of the U.S. Treasury and their cost of acquisition. (e) Bank will maintain accounts and records for the Collateral in the Special Custody Account as more fully described in subparagraph 5(a) below. The Collateral shall at all times remain the property of the Customer subject only to the extent of the interest and rights therein of Broker as the pledgee thereof.