Use of Subcustodian. (a) The Bank will identify such Assets on its books as belonging to the Customer.
(b) A Subcustodian will hold such Assets together with assets belonging to other customers of the Bank in accounts identified on such Subcustodian's books as special custody accounts for the exclusive benefit of customers of the Bank.
(c) Any Assets in the Accounts held by a Subcustodian will be subject only to the instructions of the Bank or its agent. Any Securities held in a securities depository for the account of a Subcustodian will be subject only to the instructions of such Subcustodian.
(d) Any agreement the Bank enters into with a Subcustodian for holding its customer’s assets shall provide that such assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except for a claim for payment for safe custody or administration, and that the beneficial ownership of such assets will be freely transferable without the payment of money or value other than for safe custody or administration. The foregoing shall not apply to the extent of any special agreement or arrangement made by the Customer with any particular Subcustodian.
Use of Subcustodian. Subsection (d) of this section is modified by deleting the last sentence.
Use of Subcustodian. With respect to Property in an Account which is maintained by the Custodian in the custody of a Subcustodian employed pursuant to Section 4:
(a) The Custodian will identify on its books as belonging to the Customer on behalf of a Portfolio, any Property held by such Subcustodian.
(b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Custodian or its agents.
(c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of the Custodian.
(d) Any agreement the Custodian shall enter into with a non-U.S. Subcustodian with respect to the holding of Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment in accordance with such agreement for their safe custody or administration and expenses related thereto, (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto, (iv) adequate records will be maintained identifying the Property held pursuant to such Agreement as belonging to the Custodian, on behalf of its customers and (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Custodian, including the independent public accountants of or designated by, the Customer be given access to the books and records of such Subcustodian relating to its actions under its agreement pertaining to any Property held by it thereunder or confirmation of or pertinent information contained in such books and records be furnished to such persons designated by the Custodian.
Use of Subcustodian. (a) Bank shall identify the Assets on its books as belonging to Customer.
(b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of Bank.
(c) Except as may otherwise be required by local law or regulation, any Financial Assets: (i) in the Accounts held by a Subcustodian shall be subject only to the instructions of Bank or its agent; and (ii) held in a securities depository for the account of a Subcustodian shall be subject only to the instructions of such Subcustodian.
(d) Any agreement Bank enters into with a Subcustodian for holding Bank's customers' assets shall provide that such assets shall not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim of payment for their safe custody or administration or, in the case of cash deposits, except for liens or rights in favor of creditors of the Subcustodian arising under bankruptcy, insolvency or similar laws, and that the beneficial ownership of such assets shall be freely transferable without the payment of money or value other than for safe custody or administration. Where Securities are deposited by a Subcustodian with a securities depository, Bank shall cause the Subcustodian to identify on its books as belonging to Bank, as agent, the Securities shown on the Subcustodian's account on the books of such securities depository. The foregoing shall not apply to the extent of any special agreement or arrangement made by Customer with any particular Subcustodian.
Use of Subcustodian. With respect to Securities in the Account which are maintained by the Custodian in the custody of a subcustodian pursuant to Section 5,
(a) The Custodian will identify on its books as belonging to the Customer any Securities held by such subcustodian.
(b) In the event that a subcustodian permits any of the Securities placed in its care to be held in a securities depository or clearing agency, such subcustodian will be required by its agreement with the Custodian to identify on its books such Securities as being held for the account of the Custodian for its customers.
(c) Any Securities in the Account held by a subcustodian will be subject only to the instructions of the Custodian or its agents unless specifically otherwise authorized by the Custodian on an exception basis; and any Securities held in a securities depository or clearing agency for the account of the Custodian or a subcustodian will be subject only to the instructions of the Custodian or such subcustodian, as the case may be.
(d) Securities deposited with a subcustodian will be maintained in an account holding only assets for customers of the Custodian.
(e) Any agreement the Custodian shall enter into with a subcustodian with respect to the holding of Securities shall require that (i) the Securities are not subject to any right, charge, security interest lien or claim of any kind in favor of such subcustodian except a claim for payment in accordance with such agreement for their safe custody or administration and expenses related thereto and (ii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration and expenses related thereto.
(f) Upon request by the Customer, the Custodian will identify the name, address and principal place of business of any subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such subcustodian.
Use of Subcustodian. With respect to Securities and other assets which are maintained by the Bank in the physical custody of a subcustodian pursuant to Section 3 (as used in this Section 4, the term "Securities" means such Securities and other assets),
Use of Subcustodian. (a) The Bank will identify such Assets on its books as belonging to the Customer.
(b) A Subcustodian will hold such Assets together with assets belonging to other customers of the Bank in accounts identified on such Subcustodian's books as special custody accounts for the exclusive benefit of customers of the Bank.
(c) Any Assets in the Accounts held by a Subcustodian will be subject only to the instructions of the Bank or its agent.
Use of Subcustodian. With respect to Property in an Account that is maintained by Custodian through a Subcustodian employed pursuant to Section 4:
(a) Custodian will identify on its books as belonging to Customer on behalf of a Portfolio, any Property maintained through such Subcustodian.
(b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of Custodian or its agents.
(c) Property deposited with a Subcustodian will be maintained in an account holding only assets for customers of Custodian.
(d) Any agreement Custodian shall enter into with a non-U.S. Subcustodian with respect to maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Property so maintained is not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment in accordance with such agreement for its safe custody or administration; (iii) beneficial ownership of Securities be freely transferable without the payment of money or value other than for safe custody or administration; (iv) adequate records will be maintained identifying the Property maintained pursuant to such Agreement as belonging to Customer or as being held by Custodian, on behalf of Customer or all its customers; (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, Custodian, including the independent public accountants of or designated by, Customer be given access to the books and records of such Subcustodian relating to Property or confirmation of the contents of those records; and (vi) Custodian on behalf of Customer will receive periodic reports with respect to the safekeeping of the Property, including but not limited to notification of any transfer of Property into or out of an Account.
Use of Subcustodian. (a) Bank shall identify the Assets on its books as belonging to Customer.
(b) A Subcustodian shall hold such Assets together with assets belonging to other customers of Bank in accounts identified on such Subcustodian's books as custody accounts for the exclusive benefit of customers of Bank.
(c) Any Assets in the Accounts held by a Subcustodian shall be subject only to the instructions of Bank or its agent. Any Securities held in a securities depository for the account of a Subcustodian shall be subject only to the instructions of such Subcustodian.
(d) Any agreement Bank enters into with a Subcustodian for holding its customer's assets shall provide that such assets shall not be subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian except for safe custody or administration, and that the beneficial ownership of such assets shall be freely transferable without the payment of money or value other than for safe custody or administration. The foregoing shall not apply to the extent of any special agreement or arrangement made by Customer with any particular Subcustodian.
Use of Subcustodian. With respect to Property in an Account that is maintained by the Bank through a Subcustodian employed pursuant to Section 4:
(a) The Bank will identify on its books as belonging to Forum on behalf of a Portfolio, any Property maintained through such Subcustodian.
(b) Any Property in the Account held by a Subcustodian will be subject only to the instructions of the Bank or its agents.
(c) Property deposited with a Subcustodian will be maintained in an account holding only assets for clients of the Bank.
(d) Any agreement the Bank shall enter into with a non-U.S. Subcustodian with respect to maintaining Property shall require that (i) the Account will be adequately indemnified or its losses adequately insured; (ii) the Securities so maintained are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors except a claim for payment in accordance with such agreement for their safe custody or administration; (iii) beneficial ownership of such Securities be freely transferable without the payment of money or value other than for safe custody or administration; (iv) adequate records will be maintained identifying the Property maintained pursuant to such Agreement as belonging to the Bank, on behalf of its clients; (v) to the extent permitted by applicable law, officers of or auditors employed by, or other representatives of or designated by, the Bank including the independent public accountants of or designated by, Forum be given access to the books and records of such Subcustodian relating to Property or confirmation of the contents of those records; and (vi) the Bank on behalf of Forum will receive periodic reports with respect to the safekeeping of the Property, including but not limited to notification of any transfer of Property into or out of an Account.
