Common use of Use of Depositories Clause in Contracts

Use of Depositories. The Agent and the Customer hereby authorize the Custodian to utilize Depositories to the extent possible in connection with its performance hereunder. Collateral held by the Custodian in a Depository will be held subject to the rules, terms and conditions of such Depository. Where Collateral is held in a Depository, the Custodian shall identify on its records as belonging to the Customer and pledged to the Agent a quantity of securities as part of a fungible bulk of securities held in the Custodian’s account at such Depository. Securities deposited in a Depository will be represented in accounts which include only assets held by the Custodian for its customers.

Use of Depositories. The Agent Security Trustee and the Customer hereby authorize the Custodian to utilize Depositories to the extent possible in connection with its performance hereunder. Collateral held by the Custodian in a Depository will be held subject to the rules, terms and conditions of such Depository. Where Collateral is held in a Depository, the Custodian shall identify on its records as belonging to the Customer and pledged to the Agent Security Trustee a quantity of securities as part of a fungible bulk of securities held in the Custodian’s account at such Depository. Securities deposited in a Depository will be represented in accounts which include only assets held by the Custodian for its customers.