BETWEEN
EX-99.G
8
custjpmorgan.htm
CUSTODY AGREEMENT XX XXXXXX XXXXX
-------------------------------------------------------
GLOBAL CUSTODY AGREEMENT
BETWEEN
OPPENHEIMERFUNDS, INC.
on behalf of each investment company identified
as a Customer
in Exhibit A attached hereto
individually and severally, and not jointly and severally
AND
JPMORGAN CHASE BANK
August 16, 2002
GLOBAL CUSTODY AGREEMENT
TABLE OF CONTENTS
1. INTENTION OF THE PARTIES; DEFINITIONS-----------------------------------4
1.1 Intention of the Parties-----------------------------------------------4
1.2 Definitions------------------------------------------------------------4
2. WHAT BANK IS REQUIRED TO DO----------------------------------------------6
2.1 Set Up Accounts--------------------------------------------------------6
2.2 Cash Account-----------------------------------------------------------7
2.3 Segregation of Assets; Nominee Name------------------------------------7
2.4 Settlement of Trades---------------------------------------------------7
2.5 Settlement Procedures; Contractual Settlement Date Accounting----------8
2.6 Settlement Procedures; Actual Settlement Date Accounting---------------8
2.7 Income Collection (Autocredit(R))--------------------------------------8
2.8 Certain Ministerial Acts-----------------------------------------------9
2.9 Corporate Actions------------------------------------------------------9
2.10 Proxies-------------------------------------------------------------10
2.11 Statements----------------------------------------------------------11
2.12 Access to Bank's Records--------------------------------------------11
2.13 Maintenance of Financial Assets at Subcustodian Locations-----------12
2.14 Tax Relief Services ------------------------------------------------12
2.15 Foreign Exchange Transactions---------------------------------------12
2.16 Compliance with SEC Rule 17f-5------------------------------------- 11
2.17 Compliance with SEC Rule 17f-7--------------------------------------- 13
2.18 Securities Entitlement Orders--------------------------------------- 14
2.19 Confirmations---------------------------------------------------------14
3. INSTRUCTIONS------------------------------------------------------------15
3.1 Acting on Instructions; Unclear Instructions--------------------------15
3.2 Confirmation of Oral Instructions/Security Devices--------------------15
3.3 Instructions; Contrary to Law/Market Practice-------------------------16
3.4 Cut-off Times---------------------------------------------------------16
4. FEES EXPENSES AND OTHER AMOUNTS OWING TO BANK---------------------------16
4.1 Fees and Expenses-----------------------------------------------------16
4.2 Overdrafts------------------------------------------------------------16
5. SUBCUSTODIANS, SECURITIES DEPOSITORIES AND OTHER AGENTS-----------------17
5.1 Appointment of Subcustodians------------------------------------------17
5.2 Liability for Subcustodians-------------------------------------------17
5.3 Use of Agents---------------------------------------------------------17
6. ADDITIONAL PROVISIONS RELATING TO CUSTOMER------------------------------18
6.1 Representations of Customer and Bank----------------------------------18
6.2 Provision of Additional Information to Bank---------------------------18
6.3 Customer is Liable to Bank Even if it is Acting for Another Person----18
7. WHEN BANK IS LIABLE TO CUSTOMER-----------------------------------------18
7.1 Standard of Care; Liability-------------------------------------------19
7.2 Force Majeure---------------------------------------------------------20
7.3 Bank May Consult With Counsel-----------------------------------------20
7.4 Bank Provides Diverse Financial Services and May Generate Profits
as a Result-----------------------------------------------------------20
8. TAXATION----------------------------------------------------------------20
8.1 Tax Obligations-------------------------------------------------------20
8.2 Tax Reclaims----------------------------------------------------------21
9. TERMINATION-------------------------------------------------------------21
10. Miscellaneous-----------------------------------------------------------22
10.1 Notices-------------------------------------------------------------22
10.2 Successors and Assigns----------------------------------------------22
10.3 Interpretation------------------------------------------------------22
10.4 Entire Agreement----------------------------------------------------22
10.5 Information Concerning Deposits at Bank's London Branch-------------22
10.6 Insurance-----------------------------------------------------------23
10.7 Governing Law and Jurisdiction--------------------------------------23
10.8 Severability; Waiver; and Survival----------------------------------23
10.9 Counterparts--------------------------------------------------------24
10.10 No Third Party Beneficiaries----------------------------------------24
10.11 Confidentiality-----------------------------------------------------23
10.12 Limited Obligations-------------------------------------------------23
GLOBAL CUSTODY AGREEMENT
This Agreement, dated August 16, 2002, is by and between JPMORGAN CHASE
BANK ("Bank"), with a place of business at 4 MetroTech Center, Attn: Investor
Services, Xxxxxxxx, Xxx Xxxx 00000; and OppenheimerFunds, Inc., with a place
of business at 0000 Xxxxx Xxxxxx Xxx, Xxxx: Banking Operations, Xxxxxxxxxx,
Xxxxxxxx 00000 on behalf of each investment company identified on Exhibit A
attached hereto (each hereinafter referred to as the "Customer") individually
and severally, and not jointly and severally.
1. INTENTION OF THE PARTIES; DEFINITIONS
1.1 Intention of the Parties.
------------------------
(a) Customer hereby employs the Bank as the Custodian of all assets
of Customer which are delivered to and accepted by the Bank or any
Subcustodian, including Securities, Financial Assets and cash, and Bank
hereby accepts such employment, pursuant to the terms and conditions set
forth herein governing custodial, settlement and certain other associated
services offered by Bank to Customer. Bank will be responsible for the
performance of only those duties that are set forth in this Agreement.
Customer acknowledges that Bank is not providing any legal, tax or investment
advice in connection with the services hereunder.
(b) Investing in foreign markets may be a risky enterprise. The
holding of Financial Assets and cash in foreign jurisdictions may involve
risks of loss or other special considerations. Bank will not be liable for
any loss that results from Country Risk, as defined herein.
1.2 Definitions.
-----------
(a) As used herein, the following terms have the meaning hereinafter
stated.
"1940 Act" means the Investment Company Act of 1940, as amended.
"Account" has the meaning set forth in Section 2.1 of this Agreement.
"Affiliate" means an entity controlling, controlled by, or under common
control with, Bank.
"Affiliated Subcustodian" means a Subcustodian that is an Affiliate.
"Applicable Law" means any statute, whether national, state or local,
applicable in the United States or any other country, the rules of the treaty
establishing the European Community, any other law, rule, regulation or
interpretation of any governmental entity, any applicable common law, and any
decree, injunction, judgment, order, ruling, or writ of any governmental
entity.
"Authorized Person" means any person who has been designated by
written notice from Customer (or by any agent designated by Customer,
including, without limitation, an investment manager) to act on behalf of
Customer hereunder. Such persons will continue to be Authorized Persons
until such time as Bank receives Instructions from Customer (or its agent)
that any such person is no longer an Authorized Person.
"Bank Indemnitees" means Bank and its nominees, directors, officers,
employees and agents.
"Bank's London Branch" means the London branch office of JPMorgan Chase
Bank.
"Cash Account" has the meaning set forth in Section 2.1(a)(ii).
"Corporate Action" means any subscription right, bonus issue, stock
repurchase plan, redemption, exchange, tender offer, class action notice or
similar matter with respect to a Financial Asset in the Securities Account
that require discretionary action by the holder, but does not include proxy
voting.
"Country Risk" means the risk of investing or holding assets in a
particular country or market, including, but not limited to, risks arising
from nationalization, expropriation or other governmental actions; the
country's financial infrastructure, including prevailing custody and
settlement practices; laws applicable to the safekeeping and recovery of
Financial Assets and cash held in custody; the regulation of the banking and
securities industries, including changes in market rules; currency
restrictions, devaluations or fluctuations; and market conditions affecting
the orderly execution of securities transactions or the value of assets.
"Entitlement Holder" means the person named on the records of a
Securities Intermediary as the person having a Securities Entitlement against
the Securities Intermediary.
"Financial Asset" means, as the context requires, either the asset
itself or the means by which a person's claim to it is evidenced, including
but not limited to a Security, a security certificate, or a Securities
Entitlement. "Financial Asset" does not include cash.
"Foreign Financial Assets" means Financial Assets, including foreign
currencies, for which the primary market is outside the United States and any
cash and cash equivalents that are reasonably necessary to effect
transactions in those Financial Assets.
"Institutional Clients" means U.S. registered investment companies,
major U.S. commercial banks, insurance companies, pension funds or
substantially similar financial institutions which as part of their ordinary
business operations purchase or sell Financial Assets and make use of
custodial services in the applicable jurisdiction or market.
"Instructions" means instructions which: (i) are received by Bank in
writing or via Bank's electronic instruction system, SWIFT, telephone, tested
telex, facsimile or such other methods as are for the time being agreed by
Customer (or an Authorized Person) and Bank; and (ii) Bank believes in good
faith have been given by an Authorized Person or are transmitted with proper
testing or authentication pursuant to terms and conditions which Bank may
specify.
"Liabilities" means any liabilities, losses, claims, costs, damages,
penalties, fines, obligations, or expenses of any kind whatsoever (including,
without limitation, reasonable and appropriate attorneys', accountants',
consultants' or experts' fees and disbursements).
"Securities" means stocks, bonds, rights, warrants and other negotiable
and non-negotiable instruments, whether issued in certificated or
uncertificated form, that are commonly traded or dealt in on securities
exchanges or financial markets. "Securities" also means other obligations of
an issuer, or shares, participations and interests in an issuer recognized in
the country in which it is issued or dealt in as a medium for investment and
any other property as may be acceptable to Bank for the Securities Account.
"Securities Account" means each Securities custody account on Bank's
records to which Financial Assets are or may be credited pursuant hereto.
"Securities Depository" means:
(i) when referring to a securities depository located outside the
U.S., an `Eligible Securities Depository' which, in turn, shall have
the same meaning as in SEC Rule 17f-7(b)(1)(i)-(vi) as the same may
be amended from time to time, or that has otherwise been made exempt
pursuant to an SEC exemptive order.
(ii) when referring to a securities depository located in the U.S.
shall mean a securities depository as defined in SEC Rule 17f-4(a).
"Securities Entitlement" means the rights and property interests of an
Entitlement Holder with respect to a Financial Asset as set forth in Part 5
of Article 8 of the Uniform Commercial Code of the State of New York, as the
same may be amended from time to time.
"Securities Intermediary" means Bank, a Subcustodian, a Securities
Depository, and any other financial institution which in the ordinary course
of business maintains custody accounts for others and acts in that capacity.
"Subcustodian" means the following:
(i) a `U.S. Bank', which shall mean a U.S. bank as defined in SEC
rule 17f-5(a)(7);
(ii) an `Eligible Foreign Custodian', which shall mean: (x) a banking
institution or trust company, incorporated or organized under the laws of a
country other than the United States, that is regulated as such by that
country's government or an agency thereof, and (y) a majority-owned direct or
indirect subsidiary of a U.S. bank or bank holding company which subsidiary is
incorporated or organized under the laws of a country other than the United
States. In addition, an Eligible Foreign Custodian shall also mean any other
entity that shall have been so qualified by exemptive order, rule or other
appropriate action of the SEC.
(iii) For purposes of clarity, it is agreed that as used in Section
5.2(a), the term Subcustodian shall not include any Eligible Foreign
Custodian as to which Bank has not acted as Foreign Custody Manager,
and that Subcustodian includes Affiliated Subcustodians.
(b) All terms in the singular will have the same meaning in the
plural unless the context otherwise provides and vice versa and the word
"will" shall be read to mean "shall."
2. WHAT BANK IS REQUIRED TO DO
2.1 Set Up Accounts.
---------------
(a) Bank will establish and maintain the following accounts
("Accounts"):
(i) a Securities Account in the name of Customer for Financial
Assets, which may be received by or on behalf of Bank or
its Subcustodian for the account of Customer, including as
an Entitlement Holder; and
(ii) an account in the name of Customer ("Cash Account") for
any and all cash in any currency received by or on behalf
of Bank or its Subcustodian for the account of Customer.
Notwithstanding paragraph (ii), cash held in respect of those markets where
Customer is required to have a cash account in its own name held directly
with the relevant Subcustodian or a Securities Depository will be held in
that manner and will not be part of the Cash Account.
(b) At the request of Customer, additional Accounts may be opened in
the future, which will be subject to the terms of this Agreement.
2.2 Cash Account.
------------
Except as otherwise provided in Instructions acceptable to Bank, all
cash held in the Cash Account will be deposited during the period it is
credited to the Accounts in one or more deposit accounts at Bank or at Bank's
London Branch. Any cash so deposited with Bank's London Branch will be
payable exclusively by Bank's London Branch in the applicable currency,
subject to compliance with Applicable Law, including, without limitation, any
restrictions on transactions in the applicable currency imposed by the
country of the applicable currency.
2.3 Segregation of Assets; Nominee Name.
-----------------------------------
(a) Bank will identify in its records that Financial Assets credited
to Customer's Securities Account belong to Customer (except as otherwise may
be agreed by Bank and Customer).
(b) To the extent permitted by Applicable Law or market practice,
Bank will require each Subcustodian to identify in its own records that
Financial Assets credited to Customer's Securities Account 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 discretion:
(i) to hold 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 Financial Assets in or deposit Financial
Assets with any Securities Depository, settlement system
or dematerialized book entry or similar systems as to
which, in the case of a foreign Securities Depository, Bank
has provided the analysis of custody risks contemplated by
Section (a)(1)(i)(A) of Rule 17f-7 under the 1940 Act and
not, after delivering a notice required by Section
(a)(1)(i)(B) of Rule 17f-7 under the 1940 Act, received
Instructions from Customer to withdraw securities therefrom
(a "Reported Depository"); and
(iii) to register in the name of Customer, Bank, a Subcustodian,
or their respective nominees, such Financial Assets as are
customarily held in registered form; provided, however,
that if it is market practice in a country for Financial
Assets customarily held in registered form to be registered
in the name of a Reported Depository, Bank is authorized in
its discretion to register such Financial Assets in the
name of such Reported Depository or its nominee.
(d) Except with the specific consent of Customer, Customer
authorizes Bank or its Subcustodian to hold Financial Assets in omnibus
accounts or in Customer's name, as required by local market practice, and
will accept delivery of Financial Assets of the same class and denomination
as those deposited with Bank or its Subcustodian.
2.4 Settlement of Trades.
--------------------
When Bank receives an Instruction directing settlement of a transaction
in (i.e., purchase or sale of) Financial Assets that includes all information
reasonably required by Bank, Bank will use reasonable care to effect such
settlement as instructed. Settlement of transactions in Financial Assets
will be conducted in accordance with prevailing standards of the market in
which the transaction occurs for transactions by Institutional Clients.
Notwithstanding applicable market standards, the Bank shall not deliver
Financial Assets or payment in advance of receipt or settlement of the
expected consideration unless instructed to do so by Customer. In the case
of the failure of Customer's counterparty to deliver the expected
consideration as agreed, Bank will contact the counterparty to seek
settlement, but Bank will not be obligated to institute legal proceedings,
file a proof of claim in any insolvency proceeding, or take any similar
action.
2.5 Settlement Procedures; Contractual Settlement Date Accounting.
---------------------------------------------------------------
(a) Securities will be transferred, exchanged or delivered by the
Custodian or Subcustodian upon receipt by Custodian of Instructions which
include all information required by Custodian. Bank will use "contractual
settlement date accounting" as described below with respect to the settlement
of trades in those markets where Bank generally offers contractual settlement
date accounting and will notify Customer of those markets from time to time.
(i) Sales: On the settlement date for a sale, Bank will credit
the Cash Account with the proceeds of the sale and transfer
the relevant Financial Assets to an account at Bank pending
settlement of the trade to the extent not already delivered.
(ii) Purchases: On the settlement date for the purchase (or
earlier, if market practice generally used by
Institutional Clients requires delivery of the purchase
price before the settlement date), Bank will debit the
Cash Account with the settlement amount and credit a
separate account at Bank. Bank then will post the
Securities Account as awaiting receipt of the expected
Financial Assets. Customer will not be entitled to the
credit in its Securities Account of the Financial Assets
that are awaiting receipt until Bank or a Subcustodian
actually receives them.
Bank reserves the right to restrict in good faith the availability of
contractual settlement date accounting for reasons of insufficient cash in
Customer's Cash Account or local market constraints that would prohibit
settlement.
(b) Bank may (in its absolute discretion) upon oral or written
notification to Customer reverse any pending debit or credit made pursuant to
Section 2.5(a) prior to a transaction's actual settlement, and Bank will not
be liable for any costs or liabilities resulting from such reversal. Customer
acknowledges that the procedures described in this sub-section are of an
administrative nature, and Bank does not undertake to make loans and/or
Financial Assets available to Customer.
2.6 Settlement Procedures; Actual Settlement Date Accounting.
----------------------------------------------------------
With respect to any sale or purchase transaction that is not posted to
the Account on the contractual settlement date as referred to in Section
2.5, Bank will post the transaction on the date on which the cash or
Financial Assets received as consideration for the transaction is actually
received by Bank.
2.7 Income Collection ; Autocredit(R).
---------------------------------
(a) Autocredit(R). Bank will credit all interest and dividends and
all other income and payments, including redemption proceeds on Financial
Assets, whether paid in cash or in kind, as the same become payable and
credit the same to the Cash Account, net of any taxes that are withheld by
Bank or any third party. Bank may reverse such credits upon oral or written
notification to Customer that Bank believes that the corresponding payment
will not be received by Bank within a reasonable period or such credit was
incorrect.
(b) Income Collection. Bank will use reasonable, good faith efforts
to contact appropriate parties to collect unpaid interest, dividends or
redemption proceeds, but neither Bank nor its Subcustodians will be obliged
to file any formal notice of default, institute legal proceedings, file a
proof of claim in any insolvency proceeding, or take any similar action.
With Bank's permission, which shall not be unreasonably withheld, Customer
may use the name of Bank or a Subcustodian when necessary to comment and
prosecute such legal proceedings to collect amounts due, and Bank will, and
will cause each Subcustodian to, cooperate fully with Customer in assisting
in collecting such amounts.
2.8 Certain Ministerial Acts.
------------------------
(a) Until Bank receives Instructions to the contrary, Bank will:
(i) present all Financial Assets for which Bank has received
notice of a call for redemption or that have otherwise
matured, and all income and interest coupons and other
income items that call for payment upon presentation;
(ii) execute in the name of Customer such certificates as may
be required to obtain payment in respect of Financial
Assets; and
(iii) exchange interim or temporary documents of title held in
the Securities Account for definitive documents of title.
(b) Bank may provide information concerning the Accounts to
Subcustodians, Securities Depositories, counterparties, issuers of Financial
Assets, governmental entities, securities exchanges, self-regulatory
entities, and similar entities to the extent required by Applicable Law or
as may be required by market practice for accounts of Institutional Clients
in order to provide the services contemplated by this Agreement.
2.9 Corporate Actions.
-----------------
(a) Subject to the standard of reasonable care of Section 7.1(a),
Bank will follow Corporate Actions through receipt of notices from issuers,
from Subcustodians, Securities Depositories and notices published in industry
publications and reported in reporting services. Bank will promptly notify
Customer of any Corporate Action of which information is either (i) received
by it or a Subcustodian to the extent that Bank's central corporate actions
department has actual knowledge of the Corporate Action in time to notify its
customers in a timely manner; or (ii) published via a formal notice in
publications and reporting services routinely used by Bank for this purpose
in time for Bank to notify its customers in a timely manner. Bank also will
use its reasonable efforts to notify Customer of any class action litigation
for which information is actually received by Bank's central corporate
actions department but shall not be liable for any Liabilities arising out of
Bank's failure to identify Customer's interest in any class action
litigation. Bank does not commit, however, to provide information concerning
Corporate Actions or class action litigation relating to Financial Assets
being held at Customer's request in a name not subject to the control of Bank
or its Subcustodian.
(b) If an Authorized Person fails to provide Bank with Instructions
prior to the deadline set by the Securities Depository with respect to any
Corporate Action, neither Bank nor its Subcustodians or their respective
nominees will take any action in relation to that Corporate Action, except as
otherwise agreed in writing by Bank and Customer or as may be set forth by
Bank as a default action in the notification it provides under Section 2.9
(a) with respect to that Corporate Action. If Customer provides Bank with
Instructions with respect to any Corporate Action after the deadline set by
the Bank but before the deadline set by the Securities Depository, Bank shall
use commercially reasonable efforts to act on such Instructions. If Bank
fails to act on Instructions provided by Customer prior to the deadline set
by Bank with respect to any Corporate Action, Bank will be liable for direct
losses incurred by Customer.
Bank's deadline for receipt of Instructions from Customer with respect
to any Corporate Action shall not precede the deadline set by the Securities
Depository by more than a commercially reasonable period of time, with such
interval between the Bank's deadline and the Securities Depository's deadline
as agreed upon between Customer and Bank.
(c) Bank may sell or otherwise dispose of fractional interests in Financial
Assets arising out of a Corporate Action and, to the extent necessary to
protect Customer's interest in that Corporate Action, credit the Cash
Account with the proceeds of the sale or disposition. If some, but not all,
of an outstanding class of Financial Asset is called for redemption, Bank
may allot the amount redeemed among the respective beneficial holders of
such class of Financial Asset in any basis such that Customer is not
allocated a higher proportion of the redeemed Financial Asset than it would
on a pro rata basis.
(d) Notices of Corporate Actions and class actions dispatched to
Customer may have been obtained from sources which Bank does not control and
may have been translated or summarized. Although Bank believes such sources
to be reliable, Bank has no duty to verify the information contained in such
notices nor the faithfulness of any translation or summary and therefore
does not guarantee its accuracy, completeness or timeliness.
2.10 Proxies.
-------
(a) As may be agreed upon between Customer and Bank, and subject to
and upon the terms of this sub-section, Bank will monitor information in
accordance with standard procedures as notified to Customer and will
promptly provide Customer with information which it receives on matters to be
voted upon at meetings of holders of Financial Assets ("Notifications"), and
Bank will act in accordance with Customer's Instructions in relation to such
Notifications ("the active proxy voting service"). If information is
received by Bank at its proxy voting department too late to permit timely
voting by Customer, Bank's only obligation will be to provide, so far as
reasonably practicable, a Notification (or summary information concerning a
Notification) on an "information only" basis.
(b) The active proxy voting service is available only in certain
markets, details of which are available from Bank on request. Provision of
the active proxy voting service is conditional upon receipt by Bank of a duly
completed enrollment form as well as additional documentation that may be
required for certain markets.
(c) Bank will act upon Instructions to vote on matters referred to
in a Notification, provided Instructions are received by Bank at its proxy
voting department by the deadline referred to in the relevant Notification.
If Instructions are not received in a timely manner, Bank will not be
obligated to provide further notice to Customer.
(d) Bank reserves the right to provide Notifications or parts
thereof in the language received, but shall use commercially reasonable
efforts to provide such Notifications in English in a timely manner. Bank
will attempt in good faith to provide accurate and complete Notifications,
whether or not translated.
(e) Customer acknowledges that Notifications and other information
furnished pursuant to the active proxy voting service ("information") not
the intellectual property of Customer. Accordingly, Customer will not make
any use of such information except in connection with the active proxy
voting service, and to the extent necessary to effectuate Customer's voting.
(f) In markets where the active proxy voting service is not
available or where Bank has not received a duly completed enrollment form or
other relevant documentation, Bank will not provide Notifications to
Customer but will endeavor to act upon Instructions to vote on matters
before meetings of holders of Financial Assets where it is reasonably
practicable for Bank (or its Subcustodians or nominees as the case may be)
to do so and where such Instructions are received in time for Bank to take
timely action (the "passive proxy voting service"). Bank shall in all
events promptly send notices and proxy information it receives either to
Customer or as directed by Customer.
(g) Customer acknowledges that the provision of proxy voting services
(whether active or passive) may be precluded or restricted under a variety of
circumstances. These circumstances include, but are not limited to:
(i) the Financial Assets being on loan or out for registration,
(ii) the pendency of conversion or another Corporate Action;
(iii) Financial Assets being held at Customer's request in a name
not subject to the control of Bank or its Subcustodian;
(iv) Financial Assets being held in a margin or collateral
account at Bank or another bank or broker, or otherwise in
a manner which affects voting;
(v) local market regulations or practices, or restrictions by
the issuer; and
(vi) Bank may be required to vote all shares held for a
particular issue for all of Bank's customers on a net basis
(i.e. a net yes or no vote based on voting instructions
received from all its customers). Where this is the case,
Bank will inform Customer by means of the Notification.
(h) Notwithstanding the fact that Bank may act in a fiduciary
capacity with respect to Customer under other agreements, in performing
active or passive proxy voting services Bank will be acting solely as the
agent of Customer, and will not exercise any discretion, with regard to such
proxy services or vote any proxy except when directed by an Authorized Person.
2.11 Statements and Information Available On-Line.
--------------------------------------------
(a) Bank will send to Customer, or make available to Customer on-line
or otherwise at Customer's reasonable request, at times mutually agreed upon,
formal statements of account in Bank's standard format for each Account
maintained by Customer with Bank, identifying the Financial Assets and cash
held in each Account (each such statement a "Statement of Account").
Additionally, Bank will send (or make available on-line to) Customer an
advice or notification of any transfers of cash or Financial Assets with
respect to each Account. Bank will not be liable with respect to any matter
set forth in those portions of any Statement of Account or any such advice
(or reasonably implied therefrom) to which Customer has not given Bank a
written exception or objection within ninety (90) days of receipt of the
Statement of Account, provided such matter is not the result of Bank's
negligence, willful misconduct or bad faith. References in this Agreement to
Statements of Account include Statements of Account in electronic form.
(b) Prices and other information obtained from non-affiliated third
parties which may be contained in any Statement of Account or other
statement sent to Customer have been obtained from sources Bank believes to
be reliable. Bank does not, however, make any representation as to the
accuracy of such information or that the prices specified necessarily
reflect the proceeds that would be received on a disposal of the relevant
Financial Assets.
(c) Customer acknowledges that, except for Statements of Account or
as otherwise expressly agreed by Bank, records and reports available to it
on-line may not be accurate due to valuation differences by reason of prices
used by Customer to value its Financial Assets, delays in updating Account
records, and other causes.
2.12 Access to Bank's Records.
------------------------
Bank will allow Customer's independent public accountants such
reasonable access to the records of Bank relating to Financial Assets as is
required in connection with their examination of books and records pertaining
to Customer's affairs. Subject to restrictions under Applicable Law, Bank
also will obtain an undertaking to permit Customer's independent public
accountants, reasonable access to the records of any Subcustodian of
Securities held in the Securities Account as may be required in connection
with such examination.
2.13 Maintenance of Financial Assets at Subcustodian Locations.
---------------------------------------------------------
(a) Unless Instructions require another location acceptable to
Bank, Financial Assets will be held in the country or jurisdiction in which
their principal trading market is located, where such Financial Assets may
be presented for payment, where such Financial Assets were acquired, or
where such Financial Assets are held in a Reported Depository. Bank
reserves the right to refuse to accept delivery of Financial Assets or cash
in countries and jurisdictions other than those referred to in Schedule 2
to this Agreement, as in effect from time to time.
(b) Bank will not be obliged to follow an Instruction to hold
Financial Assets with, or have them registered or recorded in the name of,
any person not chosen by Bank or its Subcustodian. However, if Customer
does instruct Bank to hold Financial Assets and/or cash with or register
or record Financial Assets in the name of a person not chosen by Bank or
its Subcutodian and Bank agrees to do so, except in a case in which
registration or recording in the name of a person chosen by Bank or its
Subcustodian would impose risks to Customer not present if registration or
recordation were in a different name, the consequences of doing so are at
Customer's own risk and Bank (i) will not be liable therefor and (ii) may
not provide services under this Agreement with respect to Financial Assets s
or cash so held, including, without limitation, services provided under
Sections 2.8, 2.9, 2.10, and 8.2.
2.14 Tax Relief Services.
-------------------
Bank will provide tax relief services as provided in Section 8.2.
2.15 Foreign Exchange Transactions.
-----------------------------
To facilitate the administration of Customer's trading and investment
activity and pursuant to Instructions from CustomerBank may, but will not be
obliged to, enter into spot or forward foreign exchange contracts with
Customer, and may also provide foreign exchange contracts and facilities
through its Affiliates or Subcustodians. Instructions, including standing
Instructions, may be issued with respect to such contracts, but Bank may
establish rules or limitations concerning any foreign exchange facility made
available. In all cases where Bank, its Affiliates or Subcustodians enter
into a master foreign exchange contract that covers foreign exchange
transactions for the Accounts, the terms and conditions of that foreign
exchange contract and, to the extent not inconsistent, this Agreement, will
apply to such transactions.
2.16. Compliance with Securities and Exchange Commission ("SEC") Rule 17f-5
("Rule 17f-5").
-------------------
(a) Customer's board of directors (or equivalent body) (hereinafter
`Board') hereby delegates to Bank, and, as to those countries listed in
Schedule 2 hereto (and as the same may be amended on notice to Customer from
time to time), Bank hereby accepts the delegation to it, of the obligation to
perform as Customer's `Foreign Custody Manager' (as that term is defined in
rule 17f-5(a)(3) as promulgated under the Investment Company Act of 1940, as
amended ("1940 Act"), including for the purposes of: (i) selecting Eligible
Foreign Custodians (as that term is defined in rule 17f-5(a)(1), and as the
same may be amended from time to time, or that have otherwise been exempted
pursuant to an SEC exemptive order) to hold Foreign Financial Assets and
Cash, (ii) evaluating the contractual arrangements with such Eligible Foreign
Custodians (as set forth in rule 17f-5(c)(2)), (iii) monitoring such foreign
custody arrangements (as set forth in rule 17f-5(c)(3)).
(b) In connection with the foregoing, Bank shall:
(i) Promptly advise Customer of the placement of Customer's Financial
Assets and Cash with an Eligible Foreign Custodian in connection with
execution of this Agreement;
(ii) provide written reports notifying Customer's Board of the
placement of Financial Assets and Cash with particular Eligible Foreign
Custodians and of any material change in the arrangements with such
Eligible Foreign Custodians, with such reports to be provided to
Customer's Board at such times as the Board deems reasonable and
appropriate based on the circumstances of Customer's foreign custody
arrangements (and until further notice from Customer such reports shall
be provided not less than quarterly with respect to the placement of
Financial Assets and Cash with particular Eligible Foreign Custodians
and with reasonable promptness upon the occurrence of any material
change in the arrangements with such Eligible Foreign Custodians);
(iii) exercise such reasonable care, prudence and diligence in
performing as Customer's Foreign Custody Manager as a person having
responsibility for the safekeeping of Foreign Financial Assets and cash
would exercise;
(iv) in selecting an Eligible Foreign Custodian, first have determined
that Foreign Financial Assets and cash placed and maintained in the
safekeeping of such Eligible Foreign Custodian shall be subject to
reasonable care, based on the standards applicable to custodians in the
relevant market, after having considered all factors relevant to the
safekeeping of such Foreign Financial Assets and cash, including,
without limitation, those factors set forth in rule 17f-5(c)(1)(i)-(iv);
(v) determine that the written contract with an Eligible Foreign
Custodian requires that the Eligible Foreign Custodian shall provide
reasonable care for Foreign Financial Assets and Cash based on the
standards applicable to custodians in the relevant market;
(vi) determine that the written contract with an Eligible Foreign
Custodian contains the provisions set forth in Rule
17f-5(c)(2)(i)(A)-(F) or, in lieu of any of all of the provisions set
forth in Rule 17f-5(c)(2)(i)(A)-(F), other provisions that Bank
determines will provide, in their entirety, the same or level of care
and protection for the Foreign Financial Assets as the provisions in
Rule 17f-5(c)(2)(i)(A)-(F), in their entirety; and .
(vii) have established a system to monitor the initial and continued
appropriateness of maintaining Foreign Financial Assets and cash with
particular Eligible Foreign Custodians and of the governing contractual
arrangements; it being understood, however, that in the event that Bank
shall have determined that the existing Eligible Foreign Custodian in a
given country would no longer afford Foreign Financial Assets and cash
reasonable care and that no other Eligible Foreign Custodian in that
country would afford reasonable care, Bank shall promptly so advise
Customer and shall then act in accordance with the Instructions of
Customer with respect to the disposition of the affected Foreign
Financial Assets and cash.
Subject to (b)(i)-(vii) above, Bank is hereby authorized to place and
maintain Foreign Financial Assets and cash on behalf of Customer with
Eligible Foreign Custodians pursuant to a written contract deemed appropriate
by Bank.
(c) Bank represents to Customer that it is a U.S. Bank as defined in
Rule 17f-5(a)(7). Customer represents to Bank that: (1) the Foreign
Financial Assets and cash being placed and maintained in Bank's custody are
subject to the 1940 Act, as the same may be amended from time to time; (2)
its Board has determined that it is reasonable to rely on Bank to perform as
Customer's Foreign Custody in each country in which Customer's Financial
Assets and cash shall be held hereunder and determined to accept Country
Risk. Nothing contained herein shall require Bank to make any selection or
to engage in any monitoring on behalf of Customer that would entail
consideration of Country Risk.
For purposes hereof, "Country Risk" shall mean systemic risks of holding
assets in a particular country including, but no limited to, (a) an Eligible
Foreign Custodian's use of an Eligible Securities Depository as defined in Rule
17f-7 under the Investment Company Act of 1940 as amended, (b) such country's
financial infrastructure, (c) such country's prevailing custody and settlement
practices, (d) nationalization, expropriation or other governmental actions, (e)
regulation of the banking or securities industry, (f) currency controls,
restrictions, devaluations or fluctuations, and (g) market conditions which
affect the orderly execution of securities transactions or affect the value of
securities.
(d) Bank shall provide to Customer such information relating to Country
Risk as is specified in Schedule 1 hereto. Customer hereby acknowledges
that: (i) such information is solely designed to inform Customer of market
conditions and procedures and is not intended as a recommendation to invest
or not invest in particular markets; and (ii) Bank has gathered the
information from sources it considers reliable, but that Bank shall have no
responsibility for inaccuracies or incomplete information.
2.17 Compliance with SEC Rule 17f-7 ("Rule 17f-7").
----------------------------------------------
(a) Bank shall have provided for consideration by Customer, prior to
the placement of Customer's Foreign Financial Assets with any Eligible
Securities Depository in connection with execution of this Agreement, an
analysis of the custody risks associated with maintaining Customer's Foreign
Financial Assets with each Eligible Securities Depository used by Bank as of
the date hereof (or, in the case of an Eligible Securities Depository not
used by Bank as of the date hereof, prior to the initial placement of
Customer's Foreign Financial Assets at such Depository). The foregoing
analysis will be provided to Customer at Bank's Website. In connection with
the foregoing, Customer shall notify Bank of any Eligible Securities
Depositories at which it does not choose to have its Foreign Financial Assets
held. Bank shall monitor the custody risks associated with maintaining
Customer's Foreign Financial Assets at each such Eligible Securities
Depository on a continuing basis and shall promptly notify Customer or its
adviser of any material changes in such risks.
In conducting the aforementioned analysis, Bank shall consider factors
relevant to custody risks, including but not limited to:
(i) the depository's expertise and market reputation;
(ii) the quality of the despository's services;
(iii) the depository's financial strength;
(iv) insurance or indemnification arrangements;
(v) the extent and quality of regulation and independent examination of the
depository;
(vi) the depository's standing in published ratings;
(vii) the depository's internal controls and other procedures for
safeguarding investments; and
(viii) any related legal proceedings.
(b) Bank shall exercise reasonable care, prudence and diligence in
performing the requirements set forth in Section 2.17(a) above.
(c) Based on the information available to it in the exercise of
diligence, Bank shall determine the eligibility under rule 17f-7 of each
depository before including it on Schedule 3 hereto and shall promptly advise
Customer if any Eligible Securities Depository ceases to be eligible.
(Eligible Securities Depositories used by Bank as of the date hereof are set
forth in Schedule 3 hereto, and as the same may be amended on notice to
Customer from time to time.)
2.18 Securities Entitlement Orders.
-----------------------------
Bank shall at all times be bound by Instructions (except as otherwise
herein provided) as to Securities Entitlements of Customer and shall not
permit, honor or act upon any prior, equal or contemporaneous claim to or
instructions or orders of any kind with respect to Financial Assets or Cash
by or from any other person or entity of any kind, and shall keep all
Financial Assets and Cash at all times free from all security interests,
charges, claims, mortgages, pledges or other liens, restrictions or
encumbrances other than those arising in connection with settlement of
transactions pursuant to this Agreement and other charges and payments by
Bank as permitted by this Agreement.
2.19 Confirmations.
--------------
Bank shall send Customer confirmations of transfers to and from the
Accounts at the end of each business day.
3. INSTRUCTIONS
3.1 Acting on Instructions; Unclear Instructions.
--------------------------------------------
(a) Customer authorizes Bank to accept and act upon any Instructions
received by it without inquiry. Customer will indemnify the Bank
Indemnitees against, and hold each of them harmless from, any Liabilities
that may be imposed on, incurred by, or asserted against the Bank
Indemnitees as a result of any action or omission taken in accordance with
any Instructions or other directions upon which Bank is authorized to rely
under the terms of this Agreement, provided that Bank shall not be
indemnified against or held harmless from any liability arising out of
Bank's negligence, fraud or willful misconduct.
(b) Unless otherwise expressly provided, all Instructions will
continue in full force and effect until canceled or superseded.
(c) Bank may (in its sole discretion and without affecting any part
of this Section 3.1) seek clarification or confirmation of an Instruction
from an Authorized Person and may decline to act upon an Instruction if it
does not receive clarification or confirmation satisfactory to it. Bank will
not, except as provided in Section 7.1 hereof, be liable for any loss arising
from any delay while it seeks such clarification or confirmation and it
documents that it sought clarification or confirmation.
(d) In executing or paying a payment order Bank may rely upon the
identifying number (e.g. Fedwire routing number or account) of any party as
instructed in the payment order. Customer assumes full responsibility for
any inconsistency between the name and identifying number of any party in
payment orders issued to Bank in Customer's name.
3.2 Confirmation of Oral Instructions/Security Devices.
--------------------------------------------------
Any Instructions delivered to Bank by telephone will promptly
thereafter be confirmed in writing by an Authorized Person. Each
confirmation is to be clearly marked "Confirmation." Bank will not be liable
for having followed such Instructions notwithstanding the failure of an
Authorized Person to send such confirmation in writing or the failure of
such confirmation to conform to the telephone Instructions received,
provided that Bank shall have exercised reasonable care in following such
Instructions. In the event of a discrepancy between Instructions and a
subsequent confirmation, Bank will immediately notify Customer of such
discrepancy. Either party may record any of their telephonic
communications. Customer will comply with any security procedures
reasonably required by Bank from time to time with respect to verification
of Instructions. Customer will be responsible for safeguarding any test
keys, identification codes or other security devices that Bank will make
available to Customer or any Authorized Person.
3.3 Instructions; Contrary to Law/Market Practice.
---------------------------------------------
Bank need not act upon Instructions which it reasonably believes to be
contrary to law, regulation or market practice and will immediately so
notify Customer, but Bank will be under no duty to investigate whether any
Instructions comply with Applicable Law or market practice.
3.4 Cut-off Times.
-------------
Bank has established cut-off times for receipt of some categories of
Instruction, which are consistent with industry standards for the receipt of
such instructions and which will be made available to Customer. If Bank
receives an Instruction after its established cut-off time, Bank will
attempt to act upon the Instruction on the day requested if Bank deems it
practicable to do so or otherwise as soon as practicable on the next
business day.
4. FEES, EXPENSES AND OTHER AMOUNTS OWING TO BANK
4.1 Fees and Expenses.
----------------- -
Customer will pay Bank for its services hereunder the fees set forth
in Schedule A hereto or such other amounts as may be agreed upon in writing
from time to time, together with Bank's reasonable out-of-pocket or
incidental expenses, including, but not limited to, reasonable and
appropriate legal fees. Customer authorizes Bank to deduct amounts owing to
it from the Cash Account, for any undisputed fees or expenses from time to
time more than 60 days in arrears. Bank may increase the fees for its
services hereunder by not less than thirty days' notice in writing to
Customer. Without prejudice to Bank's other rights, Bank reserves the right
to charge interest on undisputed overdue amounts from the due date until
actual payment at such rate as Bank may reasonably determine but not to
exceed an annual rate of the then-current Federal funds plus 0.25%.
4.2 Overdrafts.
----------
If a debit to any currency in the Cash Account results in a debit
balance in that currency (without regard to Cash Account investments), then
Bank may, in its discretion, (i) advance an amount equal to the overdraft,
(ii) refuse to settle in whole or in part the transaction causing such debit
balance, or (iii) if any such transaction is posted to the Securities
Account, reverse any such posting. If Bank elects to make such an advance,
the advance will be deemed a loan to Customer, payable on demand, bearing
interest at the applicable rate charged by Bank from time to time to
customers similar to Customer, for such overdrafts, from the date of such
advance to the date of payment (both after as well as before judgment) and
otherwise on the terms on which Bank makes similar overdrafts available from
time to time. No prior action or course of dealing on Bank's part with
respect to the settlement of transactions on Customer's behalf will be
asserted by Customer against Bank for Bank's refusal to make advances to the
Cash Account or to settle any transaction for which Customer does not have
sufficient available funds in the applicable currency in the Cash Account.
Custodian may, without prior notice to Customer, set off any payment
obligation owed to it by Customer under this Section 4.2 against Customer's
Cash Account, regardless of currency involved. If, after set off against
Customer's Cash Account, there remains a debit balance under this Section
4.2, then, with respect to Financial Assets in the Securities Account and
without prejudice to Bank's rights as a Securities Intermediary under New
York law (including, but not limited to, under the Uniform Commercial Code),
upon notice to Customer, Bank shall be entitled to withhold delivery of such
Financial Assets against settlement of pending trades, sell or otherwise
realize any such Financial Assets and to apply the proceeds in satisfaction
of any such payment obligation, provided that the foregoing is not prohibited
by Section 18 of the Investment Company Act of 1940.
5. SUBCUSTODIANS, SECURITIES DEPOSITORIES, AND OTHER AGENTS
5.1 Appointment of Subcustodians; Use of Securities Depositories.
------------------------------------------------------------
(a) Bank is authorized under this Agreement to act through and hold
Customer's Financial Assets with Subcustodians, being at the date of this
Agreement the entities listed in Schedule 2. Bank will use reasonable
care in the selection and continued appointment of such Subcustodians. In
addition, Bank and each Subcustodian may deposit Financial Assets with, and
hold Financial Assets in, any Reported Depository or "other U.S. Securities
Depository." Customer will provide Bank with such documentation or
acknowledgements that Bank may reasonably require to hold the Financial
Assets in such Securities Depositories.
(b) Any agreement Bank enters into with a Subcustodian for holding
Bank's customers' assets will 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 a claim for 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 law, and that the beneficial ownership
thereof will be freely transferable without the payment of money or value
other than for safe custody or administration. Where a Subcustodian
deposits Securities with a Securities Depository, Bank will cause the
Subcustodian to identify on its records as belonging to Bank, as agent, the
Securities shown on the Subcustodian's account at such Securities
Depository. This Section 5.1(b) will not apply to the extent of any special
agreement or arrangement made by Customer with any particular Subcustodian.
(c) Bank will not be liable for any act or omission by (or the
insolvency of) any Securities Depository. In the event Customer incurs a
loss due to the negligence, willful misconduct, or insolvency of a Securities
Depository, Bank will make good faith efforts, in its discretion, to seek
recovery from the Securities Depository, but Bank will not be obligated to
institute legal proceedings, file a proof of claim in any insolvency
proceeding, or take any similar action.
5.2 Liability for Subcustodians.
---------------------------
(a) Subject to Section 7.1(b), Bank will be liable for direct losses
incurred by Customer that result from:
(i) the failure by a Subcustodian to use reasonable care in the
provision of custodial services by it in accordance with
the standards prevailing in the relevant market for
Institutional Clients or from the fraud or willful
misconduct or default of such Subcustodian in the provision
of custodial services by it; or
(ii) the bankruptcy or insolvency of any Affiliated
Subcustodian.
(b) Subject to Section 7.1(b) and Bank's duty to use reasonable care
in the monitoring of a Subcustodian's financial condition as reflected in
its published financial statements and other publicly available financial
information concerning it, Bank will not be responsible for the insolvency
of any Subcustodian which is not a branch or an Affiliated Subcustodian.
(c) Bank reserves the right to add, replace or remove
Subcustodians. Bank will give prompt notice of any such action, which will
be advance notice if practicable. Bank 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.
5.3 Use of Agents.
-------------
(a) Bank may provide certain services under this Agreement through
third parties, which may be Affiliates. Except to the extent provided in
Section 5.2 with respect to Subcustodians, Bank will not be responsible for
any loss as a result of a failure by any broker or any other third party that
it selects and retains using reasonable care to provide ancillary services
that it may not customarily provide itself, including, without limitation,
delivery services and providers of information regarding matters such as
pricing, proxy voting or Corporate Actions. Nevertheless, Bank will be liable
for the performance of any such service provider selected by Bank that is an
Affiliate to the same extent as Bank would have been liable if it performed
such services itself.
(b) In the case of the sale under Section 2.9(c) of a fractional
interest (or in other cases where Customer has requested Bank to arrange for
execution of a trade) Bank will place trades with a broker which is an
Affiliate to the extent that Bank has established a program for such trading
with such Affiliate. An affiliated broker may charge its customary
commission (or retain its customary spread) with respect to any such
transaction.
6. ADDITIONAL PROVISIONS RELATING TO CUSTOMER
6.1 Representations of Customer and Bank.
------------------------------------
(a) Customer represents and warrants that (i) it has full authority
and power, and has obtained all necessary authorizations and consents, to
deposit and control the Financial Assets and cash in the Accounts, to use
Bank as its custodian in accordance with the terms of this Agreement, to
incur indebtedness as contemplated by this Agreement, and to enter into
foreign exchange transactions; (ii) assuming execution and delivery of this
Agreement by Bank, this Agreement is Customer's legal, valid and binding
obligation, enforceable in accordance with its terms and it has full power
and authority to enter into and has taken all necessary corporate action to
authorize the execution of this Agreement (iii) it has not relied on any
oral or written representation made by Bank or any person on its behalf, and
acknowledges that this Agreement sets out to the fullest extent the duties
of Bank; and (iv) it is a resident of the United States and shall notify
Bank of any changes in residency.
(b) Bank represents and warrants that (i) assuming execution and
delivery of this Agreement by Customer, this Agreement is Bank's legal,
valid and binding obligation, enforceable in accordance with its terms, (ii)
it has full power and authority to enter into and has taken all necessary
corporate action to authorize the execution of this Agreement, (iii) it has
not relied on any oral or written representation made by Customer or any
person on its behalf, and acknowledges that this Agreement sets out to the
fullest extent the duties of Customer; and (iv) it is qualified to act as a
custodian for investment companies registered under the 1940 Act.
Each party may rely upon the above or the certification of such other facts
as may be required to perform its obligations hereunder.
6.2 Provision of Additional Information.
-----------------------------------
Upon request, each party will promptly provide to the other such
information about itself and its financial status as the other party may
reasonably request, including its organizational documents and its current
audited and unaudited financial statements.
6.3 Customer is Liable to Bank Even if it is Acting for Another Person.
------------------------------------------------------------------
If Customer is acting as an agent for a disclosed or undisclosed
principal in respect of any transaction, cash, or Financial Asset, Bank
nevertheless will treat Customer as its principal for all purposes under this
Agreement. In this regard, Customer will be liable to Bank as a principal in
respect of any transactions relating to the Account. The foregoing will not
affect any rights Bank might have against Customer's principal.
7. WHEN BANK IS LIABLE TO CUSTOMER
7.1 Standard of Care; Liability.
---------------------------
(a) Bank will use reasonable care in performing its obligations
under this Agreement. Bank will not be in violation of this Agreement with
respect to any matter as to which it has satisfied its obligation of
reasonable care.
(b) Bank will be liable for Customer's direct damages to the extent
they result from Bank's negligence or willful misconduct in performing its
duties as set out in this Agreement and to the extent provided in Section
5.2(a) or breach of any warranty or representation made under this
Agreement. In the event of such negligence or willful misconduct the
liability of the Bank in connection with the loss or damage will not exceed
(i) the lesser of the current replacement cost of any Financial Assets or
the market value of the Financial Assets to which such loss or damage
relates at the time the Customer reasonably should have been aware of such
negligence or willful misconduct, plus (ii) compensatory interest up to that
time at the rate applicable to the base currency of the Customers' Cash
Account. Nevertheless, under no circumstances will Bank be liable for any
indirect, incidental, consequential or special damages (including, without
limitation, lost profits) of any form incurred by any person or entity,
whether or not foreseeable and regardless of the type of action in which
such a claim may be brought, with respect to the Accounts, Bank's
performance hereunder, or Bank's role as custodian.
(c) Customer will indemnify the Bank Indemnitees against, and hold
them harmless from, any Liabilities that may be imposed on, incurred by or
asserted against any of the Bank Indemnitees to the extent in connection with
or arising out of (i) Bank's performance under this Agreement, provided the
Bank Indemnitees have not acted with negligence or engaged in fraud or
willful misconduct in connection with the Liabilities in question or (ii) any
action or omission taken by Bank or such Bank Indemnitees in accordance with
any Instructions or other directions of Customer on which Bank is authorized
hereunder to rely. Nevertheless, Customer will not be obligated to indemnify
any Bank Indemnitee under the preceding sentence with respect to any
Liability for which Bank is liable under Section 5.2 of this Agreement.
(d) Without limiting Subsections 7.1(a), (b) or (c), Bank will have
no duty or responsibility to: (i) question Instructions or make any
suggestions to Customer or an Authorized Person regarding such Instructions,
except as provided in Section 3.2, provided that the Instructions are not
clearly incorrect on their face; (ii) supervise or make recommendations with
respect to investments or the retention of Financial Assets; (iii) advise
Customer or an Authorized Person regarding any default in the payment of
principal or income of any security other than as provided in Section 2.7(b)
of this Agreement; (iv) except as may otherwise be required by Sections 2.16
or 2.17, evaluate or report to Customer or an Authorized Person regarding
the financial condition of any broker, agent or other party to which Bank is
instructed by an Authorized Person to deliver Financial Assets or cash; or
(v) review or reconcile trade confirmations received from brokers (and
Customer or its Authorized Persons issuing Instructions will bear any
responsibility to review such confirmations against Instructions issued to
and Statements of Account issued by Bank).
(e) Promptly after receipt by Bank of notice of commencement of any
action, Bank will, if a claim in respect thereof is made against Customer
under this Agreement, notify Customer of the commencement thereof; but the
omission so to notify Customer will not relieve it from any liability which
it may have to Customer otherwise than under this Agreement. In case any such
action is brought against Bank, and it notified Customer of the commencement
thereof, Customer will be entitled to participate therein and, to the extent
that Customer may wish, assume the defense thereof; provided, that in the
case of any claim that Bank deems significant, Bank shall have the right to
consent to Customer's choice of counsel in its defense of such action, such
consent not to be unreasonably withheld. After notice from Customer of
Customer's intention to assume the defense of an action, Bank shall bear the
expenses of any additional counsel obtained by Bank, and Customer shall not
be liable to Bank under this section for any legal or other expenses
subsequently incurred by Bank in connection with the defense thereof other
than reasonable costs of investigation. Bank shall in no case confess any
claim or make any compromise in any case in which Customer is asked to
indemnify Bank except with Customer's prior written consent.
7.2 Force Majeure.
-------------
Bank will maintain and update from time to time business continuation
and disaster recovery procedures with respect to its custody business that
it determines from time to time meet reasonable commercial standards. Bank
will have no liability, however, for any damage, loss, expense or liability
of any nature that Customer may suffer or incur, caused by an act of God,
fire, flood, civil or labor disturbance, war, act of any governmental
authority or other act or threat of any authority (de jure or de facto),
malfunction of equipment or software (except where such malfunction is
primarily attributable to Bank's negligence in maintaining the equipment or
software), failure of operations of any external funds transfer system,
inability to obtain or interruption of external communications facilities,
or any cause beyond the reasonable control of Bank (including without
limitation, the non-availability of appropriate foreign exchange).
7.3 Bank May Consult With Counsel.
------------------------------
Bank will be entitled to rely on, and may act upon the advice of
professional advisers in relation to matters of law, regulation or market
practice (which may be the professional advisers of Customer), and will not
be liable to Customer for any action reasonably taken or omitted pursuant to
such advice of which it promptly notifies Customer.
7.4 Bank Provides Diverse Financial Services and May Generate Profits as a
Result.
-------
Customer acknowledges that Bank or its Affiliates may have a material
interest in transactions entered into by Customer with respect to the
Account or that circumstances are such that Bank may have a potential
conflict of duty or interest. For example, Bank or its Affiliates may act
as a market maker in the Financial Assets to which Instructions relate,
provide brokerage services to other customers, act as financial adviser to
the issuer of such Financial Assets, act in the same transaction as agent
for more than one customer, have a material interest in the issue of the
Financial Assets; or earn profits from any of these activities. Customer
further acknowledges that Bank or its Affiliates may be in possession of
investment-related information tending to show that the Instructions
received may not be in the best interests of Customer but that Bank is not
under any duty to disclose any such information.
8. TAXATION
8.1 Tax Obligations.
---------------
(a) Customer confirms that Bank is authorized to deduct from any cash
received or credited to the Cash Account any taxes or levies required by any
revenue or governmental authority in respect of Customer's Accounts; provided
that such cash shall be paid to such revenue or governmental authority or set
aside in a separate account of Customer for such purpose.
(b) Customer will provide to Bank such certifications, documentation,
and information as it may reasonably require in connection with taxation.
(c) Customer will be responsible for the payment of all taxes
relating to the Financial Assets in the Securities Account. Customer will
indemnify and hold Bank harmless from and against any and all liabilities,
penalties, interest or additions to tax with respect to or resulting from,
any delay in, or failure by, Bank (i) to pay, withhold or report any U.S.
federal, state or local taxes or foreign taxes imposed on Customer's
Financial Assets, or (ii) to report interest, dividend or other income paid
or credited to the Cash Account, provided, however, that Customer will not be
liable to Bank for any penalty or additions to tax due as a result of Bank's
failure to pay or withhold tax or to report interest, dividend or other
income paid or credited to the Cash Account solely as a result of Bank's
negligent acts or omissions.
8.2 Tax Reclaims.
-------------
(a) Subject to the provisions of this Section, Bank will apply for a
reduction of withholding tax and any refund of any tax paid or tax credits in
respect of income payments on Financial Assets credited to the Securities
Account that Bank believes may be available. To defray expenses pertaining
to nominal tax claims, Bank may from time-to-time set minimum thresholds as
to a de minimus value of tax reclaims or reduction of withholding which it
will pursue in respect of income payments under this section. Notwithstanding
any minimum threshold set by Bank, Bank will file a tax reclaim or
application for reduction of withholding if requested by Customer.
(b) The provision of a tax reclaim service by Bank is conditional
upon Bank receiving from Customer (i) a declaration of its identity and place
of residence and (ii) certain other documentation requested by Bank (pro
forma copies of which are available from Bank), prior to the receipt of
Financial Assets in the Account or the payment of income.
(c) Bank will perform tax reclaim services only with respect to
taxation levied by the revenue authorities of the countries advised to
Customer from time to time and Bank may, by notification in writing, in its
absolute discretion, supplement or amend the countries in which the tax
relief services are offered. Other than as expressly provided in this
Section 8.2, Bank will have no responsibility with regard to Customer's tax
position or status in any jurisdiction.
(d) Customer confirms that Bank is authorized to disclose any
information required by any revenue authority or any governmental entity with
appropriate jurisdiction in relation to the processing of any tax reclaim.
9. TERMINATION
This Agreement will continue until terminated by either Bank giving to
Customer, or Customer giving to Bank , a notice in writing specifying the
date of termination, which date shall be not less than 60 days after the date
of giving such notice. If Customer gives notice of termination, Customer
shall designate a successor custodian or custodian to whom Bank must deliver
the Financial Assets and cash. If Bank gives notice of termination, Customer
shall, within sixty days of the notice, notify Bank as to identity of the
successor custodian or custodians. Upon the date of termination specified
in the notice, this Agreement shall terminate, and Bank shall deliver the
Financial Assets and cash to the successor custodian(s). If a successor
custodian is not designated by Customer in accordance with the foregoing,
Bank shall, upon the date of termination specified in the notice of
termination, deliver the Financial Asset and cash to Customer.
Bank will in any event be entitled to deduct any undisputed amounts
owing to it prior to delivery of the Financial Assets and cash (and,
accordingly, Bank will be entitled to sell Financial Assets and apply the
sale proceeds in satisfaction of undisputed amounts owing to it). Customer
will reimburse Bank promptly for all out-of-pocket expenses it incurs in
delivering Financial Assets upon termination. Termination will not affect
any of the liabilities either party owes to the other arising under this
Agreement prior to such termination.
10. MISCELLANEOUS
10.1 Notices.
-------
Notices (other than Instructions) will be served by registered mail or
hand delivery to the address of the respective parties as set out on the
first page of this Agreement, unless notice of a new address is given to the
other party in writing. Notice will not be deemed to be given unless it has
been received.
10.2 Successors and Assigns.
----------------------
This Agreement will be binding on each of the parties' successors and
assigns, but the parties agree that neither party can assign its rights and
obligations under this Agreement without the prior written consent of the other
party, which consent will not be unreasonably withheld. In the event that
Customer substitutes another bank or trust company for Bank due to a change in
control of Bank, Bank shall pay all of Customer's reasonable expenses incurred
in connection with the transition to the successor custodian, including, without
limitation, the expenses associated with the transfer of securities, monies and
other properties and Customer's negotiation of new custodian contractual
documentation.
10.3 Interpretation.
--------------
Headings are for convenience only and are not intended to affect
interpretation. References to sections are to sections of this Agreement
and references to sub-sections and paragraphs are to sub-sections of the
sections and paragraphs of the sub-sections in which they appear.
10.4 Entire Agreement.
----------------
(a) The following Rider(s) are incorporated into this Agreement:
___ Cash Trade Execution;
___ Cash Sweep;
___ Accounting Services;
___ Mutual Fund.
(b) This Agreement, including the Schedules, Exhibits, and Riders
(and any separate agreement which Bank and Customer may enter into with
respect to any Cash Account), sets out the entire Agreement between the
parties in connection with the subject matter, and this Agreement supersedes
any other agreement, statement, or representation relating to custody,
whether oral or written. Amendments must be in writing and signed by both
parties.
10.5 Information Concerning Deposits at Bank's London Branch.
-------------------------------------------------------
Under U.S federal law, deposit accounts that Customer maintains in Bank's
foreign branches (outside of the U.S.) are not insured by the Federal Deposit
Insurance Corporation ("FDIC"); in the event of Bank's liquidation, foreign
branch deposits have a lesser preference than U.S. deposits; and such foreign
deposits are subject to cross-border risks. Bank's London Branch is a member of
the United Kingdom Deposit Protection Scheme (the "Scheme") established under
Banking Xxx 0000 (as amended). This Scheme provides that in the event of Bank's
insolvency payments may be made to certain customers of Bank's London Branch.
Payments under the Scheme are limited to 90% of a depositor's total cash
deposits subject to a maximum payment to any one depositor of(pound)18,000 (or
20,000 euros if greater). Most deposits denominated in sterling and other
European Economic Area Currencies and euro made with Bank within the United
Kingdom are covered. Further details of the Scheme are available on request.
10.6 Insurance.
---------
Bank will not be required to maintain any insurance coverage for the
benefit of Customer.
10.7 Governing Law and Jurisdiction.
-------------------------------
This Agreement will be construed, regulated, and administered under
the laws of the United States or State of New York, as applicable, without
regard to New York's principles regarding conflict of laws. The United
States District Court for the Southern District of New York will have the
sole and exclusive jurisdiction over any lawsuit or other judicial
proceeding relating to or arising from this Agreement. If that court lacks
federal subject matter jurisdiction, the Supreme Court of the State of New
York, New York County will have sole and exclusive jurisdiction. Either of
these courts will have proper venue for any such lawsuit or judicial
proceeding, and the parties waive any objection to venue or their
convenience as a forum. The parties agree to submit to the jurisdiction of
any of the courts specified and to accept service of process to vest
personal jurisdiction over them in any of these courts. The parties further
hereby knowingly, voluntarily and intentionally waive, to the fullest extent
permitted by Applicable Law, any right to a trial by jury with respect to
any such lawsuit or judicial proceeding arising or relating to this
Agreement or the transactions contemplated hereby. To the extent that in any
jurisdiction Customer may now or hereafter be entitled to claim, for itself
or its assets, immunity from suit, execution, attachment (before or after
judgment) or other legal process, Customer shall not claim, and it hereby
irrevocably waives, such immunity.
10.8 Severability; Waiver; and Survival.
----------------------------------
(a) If one or more provisions of this Agreement are held invalid,
illegal or unenforceable in any respect on the basis of any particular
circumstances or in any jurisdiction, the validity, legality and
enforceability of such provision or provisions under other circumstances or
in other jurisdictions and of the remaining provisions will not in any way be
affected or impaired.
(b) Except as otherwise provided herein, no failure or delay on the
part of either party in exercising any power or right hereunder operates as a
waiver, nor does any single or partial exercise of any power or right
preclude any other or further exercise, or the exercise of any other power or
right. No waiver by a party of any provision of this Agreement, or waiver of
any breach or default, is effective unless it is in writing and signed by the
party against whom the waiver is to be enforced.
(c) Each party's rights, protections, and remedies under this
Agreement shall survive its termination.
10.9 Counterparts.
------------
This Agreement may be executed in several counterparts each of which
will be deemed to be an original and together will constitute one and the
same agreement.
10.10 No Third Party Beneficiaries.
----------------------------
A person who is not a party to this Agreement shall have no right to
enforce any term of this Agreement.
10.11 Confidentiality.
----------------
Bank shall not disclose any information regarding Customer's
Securities, Securities Account, Financial Assets or cash under this Agreement
except as is reasonably necessary to provide services to Customer, as
required by law or regulation or the organizational documents of the issuer
of any Financial Asset, or otherwise with the consent of Customer. Customer
agrees to keep this Agreement confidential and, except where disclosure is
required by law or regulation, shall only disclose it (or any part of it)
with the prior written consent of Bank.
10.12 Limited Obligations.
-------------------
With respect to a Customer organized as a Massachusetts business
trust, a copy of such Customer's Declaration of Trust is on file with the
Secretary of State of The Commonwealth of Massachusetts, the Bank
acknowledges that the obligations of or arising out of this Agreement with
respect to such Customer are not binding upon any of such Customer's
trustees, officers, employees, agents or shareholders individually, but are
binding solely upon the assets and property of the Customer in accordance
with its proportionate interest hereunder. Bank further acknowledges that the
assets and liabilities of each series are separate and distinct, and that the
obligations of or arising out of this Agreement are binding solely upon the
assets or property of the series on behalf of which the Customer has executed
this instrument. Bank also agrees that the obligations of each Customer and
series hereunder shall be several and not joint, in accordance with its
proportionate interest hereunder, and agrees not to proceed against any
Customer or series for the obligations of another Customer or series.
Customers may be added or deleted as parties to this Agreement from
time to time by amendment to Exhibit A.
OPPENHEIMERFUNDS, INC.
By: /s/ Xxxxx X. Xxxxxx
-------------------
Title: Senior Vice President and
Treasurer, on behalf of each investment
company identified as a Customer in
Exhibit A attached hereto individually
and severally, and not jointly and
severally
JPMORGAN CHASE BANK
By: /s/ Xxxxxxx Xxxxxxx
Title: Vice President
EXHIBIT A
---------
List of Investment Companies that are a Party to this Agreement (each, a
"Customer"):
-----------------------------------------------------------------------
Fund Name
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Champion Income Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Strategic Income Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Multiple Strategies Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Strategic Bond Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx High Yield Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Integrity Funds for the account of Xxxxxxxxxxx Bond Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Main Street Small Cap Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Capital Appreciation Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Global Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Global Securities Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Growth Portfolio
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Total Return Portfolio
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Capital Appreciation Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Government Securities
Portfolio
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Panorama Series Fund, Inc. for the account of Xxxxxxxxxxx
International Growth Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Aggressive Growth Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Bond Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
High Income Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Main Street Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account Xxxxxxxxxxx Money
Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Multiple Strategies Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Multi-Sector Income Trust
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Real Asset Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Developing Markets Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx International Small Company Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx International Growth Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Main Street Small Cap Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx International Bond Fund
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Variable Account Funds for the account of Xxxxxxxxxxx
Value Fund/VA
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Xxxxxxxxxxx Principal Protected Trust for the account of Xxxxxxxxxxx
Principal Protected Main Street Fund(R)
-----------------------------------------------------------------------
Schedule A
-----------
FEES
-----
OppenheimerFunds Fee Schedule August 16, 2002
Domestic Custody Services
Annual
Market Value Fees Safekeeping
(basis points)
----------------------------------------------------------
----------------------------------------------------------
First $15 billion 0.15 bp
----------------------------------------------------------
----------------------------------------------------------
Next $10 billion 0.10 bp
----------------------------------------------------------
----------------------------------------------------------
Over $25 billion 0.05 bp
----------------------------------------------------------
Global Custody Services
----------------------------------------------------------
Annual
Market Safekeeping
(basis points)
----------------------------------------------------------
----------------------------------------------------------
Argentina 25
----------------------------------------------------------
----------------------------------------------------------
Australia 3.8
----------------------------------------------------------
----------------------------------------------------------
Austria 4
----------------------------------------------------------
----------------------------------------------------------
Bahrain 45
----------------------------------------------------------
----------------------------------------------------------
Bangladesh 35
----------------------------------------------------------
----------------------------------------------------------
Belgium 6
----------------------------------------------------------
----------------------------------------------------------
Bermuda 45
----------------------------------------------------------
----------------------------------------------------------
Botswana 35
----------------------------------------------------------
----------------------------------------------------------
Brazil 10
----------------------------------------------------------
----------------------------------------------------------
Bulgaria 50
----------------------------------------------------------
----------------------------------------------------------
Canada 1.43
----------------------------------------------------------
----------------------------------------------------------
CEDEL/Euroclear 1.75
----------------------------------------------------------
----------------------------------------------------------
Chile 25
----------------------------------------------------------
----------------------------------------------------------
China (Shanghai) 35
----------------------------------------------------------
----------------------------------------------------------
China (Shenzhen) 35
----------------------------------------------------------
----------------------------------------------------------
Colombia 35
----------------------------------------------------------
----------------------------------------------------------
Croatia 45
----------------------------------------------------------
----------------------------------------------------------
Cyprus 40
----------------------------------------------------------
----------------------------------------------------------
Czech Republic 25
----------------------------------------------------------
----------------------------------------------------------
Denmark 6
----------------------------------------------------------
----------------------------------------------------------
Ecuador 40
----------------------------------------------------------
----------------------------------------------------------
Egypt 25
----------------------------------------------------------
----------------------------------------------------------
Estonia 45
----------------------------------------------------------
----------------------------------------------------------
Euro CDs 1.75
----------------------------------------------------------
----------------------------------------------------------
Finland 4
----------------------------------------------------------
----------------------------------------------------------
France 2.15
----------------------------------------------------------
----------------------------------------------------------
Germany 1.5
----------------------------------------------------------
----------------------------------------------------------
Ghana 40
----------------------------------------------------------
----------------------------------------------------------
Greece 40
----------------------------------------------------------
----------------------------------------------------------
Hong Kong 2.85
----------------------------------------------------------
----------------------------------------------------------
Hungary 15
----------------------------------------------------------
----------------------------------------------------------
India 16
----------------------------------------------------------
----------------------------------------------------------
Indonesia 12
----------------------------------------------------------
----------------------------------------------------------
Ireland 6
----------------------------------------------------------
----------------------------------------------------------
Israel 30
----------------------------------------------------------
----------------------------------------------------------
Italy 5
----------------------------------------------------------
----------------------------------------------------------
Ivory Coast 50
----------------------------------------------------------
----------------------------------------------------------
Jamaica 50
----------------------------------------------------------
Japan 1.75
----------------------------------------------------------
----------------------------------------------------------
Jordan 35
----------------------------------------------------------
----------------------------------------------------------
Kenya 40
----------------------------------------------------------
----------------------------------------------------------
Korea 7
----------------------------------------------------------
----------------------------------------------------------
Latvia 45
----------------------------------------------------------
----------------------------------------------------------
Lebanon 40
----------------------------------------------------------
----------------------------------------------------------
Lithuania 45
----------------------------------------------------------
----------------------------------------------------------
Luxembourg 6
----------------------------------------------------------
----------------------------------------------------------
Malaysia 5.4
----------------------------------------------------------
----------------------------------------------------------
Mauritius 35
----------------------------------------------------------
----------------------------------------------------------
Mexico 7
----------------------------------------------------------
----------------------------------------------------------
Morocco 40
----------------------------------------------------------
----------------------------------------------------------
Namibia 45
----------------------------------------------------------
----------------------------------------------------------
Netherlands 3.25
----------------------------------------------------------
----------------------------------------------------------
New Zealand 3.5
----------------------------------------------------------
----------------------------------------------------------
Norway 6
----------------------------------------------------------
----------------------------------------------------------
Oman 45
----------------------------------------------------------
----------------------------------------------------------
Pakistan 28
----------------------------------------------------------
----------------------------------------------------------
Peru 28
----------------------------------------------------------
----------------------------------------------------------
Philippines 30
----------------------------------------------------------
----------------------------------------------------------
Poland 30
----------------------------------------------------------
----------------------------------------------------------
Portugal 20
----------------------------------------------------------
----------------------------------------------------------
Romania 45
----------------------------------------------------------
----------------------------------------------------------
Russia 45
----------------------------------------------------------
----------------------------------------------------------
Singapore 3.8
----------------------------------------------------------
----------------------------------------------------------
Xxxxxx Xxxxxxxx 00
----------------------------------------------------------
----------------------------------------------------------
Slovenia 45
----------------------------------------------------------
----------------------------------------------------------
South Africa 5
----------------------------------------------------------
----------------------------------------------------------
Spain 6
----------------------------------------------------------
----------------------------------------------------------
Sri Lanka 35
----------------------------------------------------------
----------------------------------------------------------
Swaziland 45
----------------------------------------------------------
----------------------------------------------------------
Sweden 6
----------------------------------------------------------
----------------------------------------------------------
Switzerland 2.5
----------------------------------------------------------
----------------------------------------------------------
Taiwan 20
----------------------------------------------------------
----------------------------------------------------------
Thailand 15
----------------------------------------------------------
----------------------------------------------------------
Tunisia 35
----------------------------------------------------------
----------------------------------------------------------
Turkey 30
----------------------------------------------------------
----------------------------------------------------------
United Kingdom 1.5
----------------------------------------------------------
----------------------------------------------------------
Uruguay 40
----------------------------------------------------------
----------------------------------------------------------
Venezuela 25
----------------------------------------------------------
----------------------------------------------------------
Zambia 40
----------------------------------------------------------
----------------------------------------------------------
Zimbabwe 40
----------------------------------------------------------
Note: The minimum Russian asset based fee per relationship is $100,000.
Out of Pocket Fees
The OppenheimerFunds will reimburse JPMorgan for reasonable out-of-pocket
expenses incurred on its behalf.
Earnings Credits for Balances on Domestic Accounts
Earnings credits will be reflected on the monthly custody bills as an offset
to fees. The rates applied will be the Fed Funds Rate less 10 basis points.
The earnings credits are earned at the Fund level and are carried forward on
a monthly basis throughout a one-year period.
Overdraft Balances on Domestic Accounts
Overdraft amounts will be reflected on the monthly custody bills at the Fund
level. The rates applied will be the Fed Funds Rate plus 50 basis points.
OppenheimerFunds, Inc. JPMorgan Chase Bank
on behalf of each investment
company named in Exhibit A
/s/ Xxxxx X. Xxxxxx /s/ Xxxxxxx Xxxxxxx
Signature Signature
Xxxxx X. Wited /s/ Xxxxxxx Xxxxxxx
Print Name Print Name
Senior Vice President and Treasurer Vice President
Title Title
Schedule 1
----------
Information Regarding Country Risk
----------------------------------
1. To aid Customer in its determinations regarding Country Risk, Bank
shall furnish annually and upon the initial placing of Financial Assets and
cash into a country the following information (check items applicable):
A Opinions of local counsel concerning:
_X_ i. Whether applicable foreign law would restrict the access afforded
Customer's independent public accountants to books and records
kept by an eligible foreign custodian located in that country.
_X__ ii. Whether applicable foreign law would restrict Customer's ability
to recover its Financial Assets and cash in the event of the
bankruptcy of an Eligible Foreign Custodian located in that
country.
_X__ iii. Whether applicable foreign law would restrict Customer's ability
to recover Financial Assets that are lost while under the control
of an Eligible Foreign Custodian located in the country.
B. Written information concerning:
_X__ i. The foreseeability of expropriation, nationalization, freezes, or
confiscation of Customer's Financial Assets.
_X__ ii. Whether difficulties in converting Customer's cash and cash
equivalents to U.S. dollars are reasonably foreseeable.
C. A market report with respect to the following topics:
(i) securities regulatory environment, (ii) foreign ownership
restrictions, (iii) foreign exchange, (iv) securities settlement and
registration, (v) taxation, and (vi) depositories (including depository
evaluation), if any.
2. To aid Customer in monitoring Country Risk, Bank shall furnish
board the following additional information:
Market flashes, including with respect to changes in the information in
market reports.
Schedule 2
----------
LIST OF COUNTRIES and SUBCUSTODIANS
------------------------------------
JPMORGAN INVESTOR SERVICES
AGENT AND CASH NETWORK
-----------------------------------------------------------------------------------
COUNTRY SUB-CUSTODIAN CASH CORRESPONDENT BANK
-----------------------------------------------------------------------------------
ARGENTINA JPMorgan Chase Bank JPMorgan Chase Bank
Arenales 000, 0xx Xxxxx Xxxxxx Xxxxx
0000 Xxxxxx Xxxxx
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRALIA JPMorgan Chase Bank Australia and New Zealand
Xxxxx 00 Banking Group Ltd.
AAP Xxxxxx 000, Xxxxxx Xxxxxx Xxxxxxxxx
Xxxxxx XXX 0000
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRIA Bank Austria Creditanstalt AG X.X. Xxxxxx AG
Xxxxxx Xxxxxxx Xxxxx - 0 Xxxxxxxxx
X-0000 Xxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BAHRAIN HSBC Bank Middle East National Bank of Bahrain
XX Xxx 00 Xxxxxx
Xxxxxx, 000
BAHRAIN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BANGLADESH Standard Chartered Bank Standard Chartered Bank
18-20 Motijheel X.X Xxxxx
Xxx 000
Xxxxx-0000
XXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BELGIUM Fortis Bank N.V. J.P. Xxxxxx XX
0 Xxxxxxxx Xx Xxxx Xxxxxxxxx
0000 Xxxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BERMUDA The Bank of Bermuda Limited The Bank of Bermuda Limited
0 Xxxxx Xxxxxx Xxxxxxxx
Xxxxxxxx HMDX
BERMUDA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BOTSWANA Barclays Bank of Botswana Barclays Bank of Botswana
Limited Limited
Barclays House, Khama Crescent Gaborone
Gaborone
BOTSWANA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BRAZIL Citibank, N.A. Citibank, N.A..
Xxxxxxx Xxxxxxxx, 0000 Xxx Xxxxx
Sao Paulo, SP 00000-000
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BULGARIA ING Bank N.V. ING Bank N.V.
Xxxxx Xxxxxx Sofia
12 Xxxx Bersinski Xxxxxx
Xxxx Xxxxx Xxxxxx
0000 Xxxxx
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CANADA Royal Bank of Canada Royal Bank of Canada
000 Xxx Xxxxxx, Xxxxx 0000 Xxxxxxx
15th Floor
Xxxxx Xxxx Xxxxx, Xxxxx Xxxxx
Xxxxxxx Xxxxxxx X0X 0X0
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHILE Citibank, N.A. Citibank, N.A
Xxxx. Xxxxxx Xxxxx 0000 Xxxxxxxx.
0xx xxx 0xx Xxxxxx
Xxxxxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA - SHANGHAI The Hongkong and Shanghai Citibank, N.A.
Banking New York
Corporation Limited
00/X, Xxxxxxxx Senmao
International Building
101 Xxx Xxxxx Xxxx Xxxx
Xxxxxx
Xxxxxxxx 000000
THE PEOPLE'S REPUBLIC OF CHINA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA - SHENZHEN The Hongkong and Shanghai JPMorgan Chase Bank
Banking Hong Kong
Corporation Limited
0xx Xxxxx
Xxxxxxx Xxxxx Hotel
No.1 Xxxx Xxxx Lu
Shenzhen
THE PEOPLE'S REPUBLIC OF CHINA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
COLOMBIA Cititrust Colombia S.A. Cititrust Colombia S.A.
Sociedad Fiduciaria Sociedad Fiduciaria
Carrera 9a No 99-02 Santa Fe de Bogota
First Floor
Santa Fe de Bogota, D.C.
COLOMBIA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CROATIA Privredna banka Zagreb d.d. Privredna banka Zagreb d.d.
Xxxxxx x.00 Xxxxxx
00000 Xxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CYPRUS The Cyprus Popular Bank Ltd. The Cyprus Popular Bank Ltd.
000 Xxxxxxxx Xxxxxx Xxxxxxx
X.X. Xxx 00000
CY-1598 Nicosia
CYPRUS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CZECH REPUBLIC Ceskoslovenska obchodni banka, Ceskoslovenska obchodni banka,
a.s. a.s.
Xx Xxxxxx 00 Xxxxxx
000 00 Xxxxxx 0
XXXXX XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
DENMARK Danske Bank A/S Nordea Bank Danmark A/S
2-12 Holmens Kanal Copenhagen
DK 1092 Copenhagen K
DENMARK
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ECUADOR Citibank, N.A. Citibank, N.A.
Av. Republica de El Xxxxxxxx x Xxxxx
Naciones Unidas (Esquina)
Quito
ECUADOR
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
EGYPT Citibank, N.A. Citibank, N.A.
4 Xxxxx Xxxxx Street Cairo
Garden City
Cairo
EGYPT
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ESTONIA Hansabank Esti Uhispank
Xxxxxxxxx 0 Xxxxxxx
XX0000 Xxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FINLAND Nordea Bank Finland Plc X.X. Xxxxxx AG
2598 Custody Services Frankfurt
Xxxxxxx Xxxxx Xxxx 0-0
XXX-00000 XXXXXX, Xxxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FRANCE BNP Paribas Securities Services X.X. Xxxxxx AG
S.A. Frankfurt
Ref 256
XX 000
0, Xxx X'Xxxxx
75078 Xxxxx
Xxxxx 00
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GERMANY Dresdner Bank AG X.X. Xxxxxx AG
Xxxxxxx-Xxxxx-Xxxxx 0 Xxxxxxxxx
00000 Xxxxxxxxx/Xxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GHANA Barclays Bank of Ghana Limited Barclays Bank of Ghana Limited
Xxxxxxxx Xxxxx, Xxxx Xxxxxx Xxxxx
Xxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GREECE HSBC Bank plc X.X. Xxxxxx AG
Messogion 109-111 Xxxxxxxxx
00000 Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HONG KONG The Hongkong and Shanghai JPMorgan Chase Bank
Banking Hong Kong
Corporation Limited
36th Floor, Sun Hung Kai Centre
00 Xxxxxxx Xxxx
Xxx Xxxx
XXXX XXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HUNGARY Citibank Rt. ING Bank Rt.
Szabadsag ter 0-0 Xxxxxxxx
X-0000 Xxxxxxxx V
HUNGARY
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ICELAND Islandsbanki-FBA Islandsbanki-FBA
Xxxxxxxxxxxx 0 Xxxxxxxxx
000 Xxxxxxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDIA Standard Chartered Bank Standard Chartered Bank
Phoenix Centre, Phoenix Xxxxx Mumbai
Compound
Senapati Xxxxx Xxxx, Xxxxx
Xxxxx
Xxxxxx 000 000
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDONESIA The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
World Trade Center 4th Floor Jakarta
Xxxxx Xxxxxxx Xxxxxxxx Xxx.
00-00
Xxxxxxx 00000
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IRELAND Bank of Ireland X.X. Xxxxxx AG
International Financial Frankfurt
Services Centre
0 Xxxxxxxxxxxxx Xxxxx
Xxxxxx 0
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Allied Irish Banks, p.l.c. X.X. Xxxxxx AG
P.O. Box 518 Frankfurt
International Financial
Services Centre
Dublin 1
IRELAND
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ISRAEL Bank Leumi le-Israel B.M Bank Leumi le-Israel B.M.
00, Xxxxxx Xxxxxx Xxxxxx Xxx Xxxx
00000 Tel Aviv
ISRAEL
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ITALY BNP Paribas Securities Services X.X. Xxxxxx AG
S.A. Frankfurt
2 Xxxxxx Xxx Xxxxxx
00000 Xxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IVORY COAST Societe Generale de Banques en Societe Generale
Cote d'Ivoire Paris
5 et 7, Avenue J. Anoma - 01
B.P. 1355
Abidjan 01
IVORY COAST
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAMAICA CIBC Trust and Merchant Bank CIBC Trust and Merchant Bank
Jamaica Limited Jamaica Limited
00-00 Xxxxxxxxx Xxxx. Xxxxxxxx
Xxxxxxxx 10
JAMAICA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAPAN Mizuho Corporate Bank, Limited JPMorgan Xxxxx Xxxx
0-0 Xxxxxxxxxx-Xxxxxxxxx Xxxxx
Xxxx-Xx
Xxxxx 000
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JORDAN Arab Bank Plc Arab Bank Plc
P O Box 950544-5 Amman
Amman
Shmeisani
JORDAN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KAZAKHSTAN ABN AMRO Bank Kazakhstan ABN AMRO Bank Kazakhstan
45, Khadzhi Mukana Street Almaty
480099 Almaty
KAZAKHSTAN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KENYA Barclays Bank of Kenya Limited Barclays Bank of Kenya Limited
c/o Barclaytrust Investment Nairobi
Services & Limited
Mezzanine 0, Xxxxxxxx Xxxxx,
Xxxxx Xxxxxx
Xxxxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LATVIA Hansabanka Hansabanka
Kalku iela 26 Xxxx
Xxxx, XX 0000
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LEBANON HSBC Bank Middle East JPMorgan Chase Bank
Ras-Beirut Branch New York
P.O. Box 11-1380
Xxxxx Xxxx
Ras-Beirut
LEBANON
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LITHUANIA Vilniaus Bankas AB Vilniaus Bankas AB
12 Xxxxxxxx xx. Xxxxxxx
XX 0000 Xxxxxxx
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LUXEMBOURG Banque Generale du Luxembourg X.X. Xxxxxx AG
S.A. Frankfurt
00 Xxxxxx X.X. Xxxxxxx
X-0000
XXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MALAYSIA HSBC Bank Malaysia Berhad HSBC Bank Malaysia Berhad
0 Xxxxx Xxxxxx Xxxxx Xxxxxx
00000 Xxxxx Xxxxxx
MALAYSIA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MAURITIUS The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
0/X Xxx Xxxxxxxx Xxxxxxxx Xxxx Xxxxx
Xxxxx Xxxxxx Street
Port Louis
MAURITIUS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MEXICO Banco X.X. Xxxxxx, S.A. Banco X.X. Xxxxxx, X.X.
Xxxxx Optima Mexico, D.F
Xxxxx xx xxx Xxxxxx #000 Xxxx
00
Xxxxx xx Xxxxxxxxxxx
00000 Xxxxxx, X. F.
MEXICO
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MOROCCO Banque Commerciale du Maroc Banque Commerciale du Maroc
S.A. S.A.
2 Boulevard Xxxxxx Xxxxxxx Xxxxxxxxxx
Xxxxxxxxxx 00000
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NAMIBIA Standard Bank Namibia Limited Standard Bank of Namibia Limited
Mutual Xxxxx Xxxxxxxx
Xxx. Xxxxxxxx xxx Xxxx Xxxxxxx
X.X.Xxx 0000
Windhoek
NAMIBIA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NETHERLANDS ABN AMRO Bank N.V. J.P. Xxxxxx XX
Kemelstede 2 Frankfurt
X. X. Xxx 0000
0000 Xx Xxxxx
XXXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NEW ZEALAND National Nominees Limited National Bank of Xxx Xxxxxxx
Xxxxx 0 XXX Xxxxx Xxxxxxxxxx
000 Xxxxx Xxxxxx
Xxxxxxxx
XXX XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*NIGERIA* Stanbic Bank Nigeria Limited The Standard Bank of South
000 Xxxxxxx Xxxx Xxxxxx Limited
X.X. Xxx 00000 Xxxxxxxxxxxx
Xxxxxx, Xxxxx
Xxxxx
XXXXXXX
-----------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER
INFORMATION.*
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NORWAY Den norske Bank ASA Den norske Bank XXX
Xxxxxxxx 00 Xxxx
XX Xxx 0000 Xxxxxxx
X-0000 Xxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
OMAN HSBC Bank Middle East Oman Arab Bank
Bait Al Falaj Main Office Muscat
Ruwi, Muscat PC 112
OMAN
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PAKISTAN Standard Chartered Bank Standard Chartered Bank
Box 4896 Karachi
Xxxxxx Xxxxxxx Xxxxxxxxxx Xxxx
Xxxxxxx 00000
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PERU Citibank, N.A. Banco de Credito del Peru
Camino Real 457 Lima
Torre Real - 0xx Xxxxx
Xxx Xxxxxx, Xxxx 00
XXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PHILIPPINES The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
00/X Xxxxxxxxx Xxxxxx Xxxxxx
00 XXX Xxxxxx
Xxxxxxx Xxxxxx
Xxxxx Xxxx, Xxxxxx
XXXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
POLAND Bank Handlowy w. Warszawie S.A. Bank Rozwoju Eksportu S.A.
xx. Xxxxxxxxxx 00 Xxxxxx
00-000 Xxxxxx 00
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PORTUGAL Banco Espirito Santo, S.A X.X. Xxxxxx AG
7th floor Frankfurt
Xxx Xxxxxxxx, 00
0000-000 Xxxxxx
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ROMANIA ING Bank N.V. ING Bank N.V.
00-00 Xxxxxxxx Xxxx Xxxxxxxxx
Xxxxxxxxx 0
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*RUSSIA* X.X. Xxxxxx Bank International JPMorgan Chase Bank
(Limited Liability Company) Xxx Xxxx
Xxxxxxxx 0/0, 0xx xxxxx X/X XXXxxxxx Chase Bank London
Paveletskaya Square (USD XXXXXX Xxxxxxx)
000000 Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER
INFORMATION.*
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SINGAPORE Standard Chartered Bank Oversea-Chinese Banking
3/F, 6 Battery Road Corporation
000000 Xxxxxxxxx
XXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVAK REPUBLIC Ceskoslovenska obchodni banka, Vseobecno Uverova Banka S.A.
a.s. Bratislava
pobocka zahranicnej banky v SR
Xxxxxxxxx 00
000 00 Xxxxxxxxxx
XXXXXX XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVENIA Bank Austria Creditanstalt d.d. Bank Austria Creditanstalt d.d.
Xxxxxxxxx Xxxxxxxxx
Xxxxxxx 0 Xxxxxxxxx
XX-0000 Xxxxxxxxx
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH AFRICA The Standard Bank of South The Standard Bank of South
Africa Limited Africa Limited
Standard Bank Centre Johannesburg
0xx Xxxxx
0 Xxxxxxxx Xxxxxx
Xxxxxxxxxxxx 0000
XXXXX XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH KOREA The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
0/X XXXX Xxxxxxxx Xxxxx
#00, Xxxxxxx-xxxx 0-xx
Xxxxx
XXXXX XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SPAIN X.X. Xxxxxx Bank, S.A. J.P. Xxxxxx XX
Xxxxx xx xx Xxxxxxxxxx, 00 Xxxxxxxxx
00000 Xxxxxx
XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SRI LANKA The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
00 Xxx Xxxxx Xxxxxxxxxxx Xxxxxxx
Xxxxxxx
Xxxxxxx 0
XXX XXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWEDEN Skandinaviska Enskilda Banken Svenska Handelsbanken
Sergels Torg 2 Xxxxxxxxx
XX-000 00 Xxxxxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWITZERLAND UBS AG UBS XX
00 Xxxxxxxxxxxxxx Xxxxxx
0000 Xxxxxx
XXXXXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TAIWAN JPMorgan Chase Bank JPMorgan Chase Bank
14th Floor Taipei
0, Xxx Xxx X. Xxxx Xxx. 0
Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
THAILAND Standard Chartered Bank Standard Chartered Bank
14th Floor, Zone B Bangkok
Sathorn Nakorn Tower
000 Xxxxx Xxxxxxx Xxxx Xxxxxxx
Xxxxxxx 00000
XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TUNISIA Banque Internationale Arabe de Banque Internationale Arabe de
Tunisie, S.A. Tunisie, S.A.
00-00 Xxxxxx Xxxxx Xxxxxxxxx Tunis
X.X. Xxx 000
0000 Xxxxx Xxxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TURKEY JPMorgan Chase Bank JPMorgan Chase Bank
Emirhan Cad. No: 145 Istanbul
Atakule, A Blok Kat:11
00000-Xxxxxxxxx/Xxxxxxxx
Xxxxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
*UKRAINE* ING Bank Ukraine ING Bank Ukraine
00 Xxxxxxxxxx Xxxxxx Xxxx
0xx Xxxxx
Xxxx, 000000
XXXXXXX
-----------------------------------------------------------------------------------
*RESTRICTED SERVICE ONLY. PLEASE CONTACT YOUR RELATIONSHIP MANAGER FOR FURTHER
INFORMATION.*
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
U.A.E. HSBC Bank Middle East The National Bank of Abu Dhabi
X.X. Xxx 00 Xxx Xxxxx
Xxxxx
XXXXXX XXXX XXXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
U.K. JPMorgan Chase Bank National Westminster Bank
Xxxxxx Court London
Ground Floor
00 Xxxxxxxxxxx
Xxxxxx XX0X 0XX
XXXXXX XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
URUGUAY BankBoston, N.A. BankBoston, X.X
Xxxxxx 1463 Montevideo.
Montevideo
URUGUAY
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
U.S.A. JPMorgan Chase Bank JPMorgan Chase Bank
0 Xxx Xxxx Xxxxx Xxx Xxxx
Xxx Xxxx
XX 00000
U.S.A.
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VENEZUELA Citibank, N.A. Citibank, N.A.
Carmelitas a Xxxxxxxxxx Caracas
Edificio Citibank
Caracas 1010
VENEZUELA
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VIETNAM The Hongkong and Shanghai The Hongkong and Shanghai
Banking Banking
Corporation Limited Corporation Limited
75 Xxxx Hong Thai, District 0 Xx Xxx Xxxx Xxxx
Xx Xxx Xxxx Xxxx
XXXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ZAMBIA Barclays Bank of Zambia Limited Barclays Bank of Zambia Limited
Xxxxx Xxxxx, Xxxxx Xxxx Xxxxxx
Xxxxxx
XXXXXX
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ZIMBABWE Barclays Bank of Zimbabwe Barclays Bank of Zimbabwe
Limited Limited
0xx Xxxxx, 0 Xxxxxx Xxxxx Xxxxxx
Xxxxx Xxxx Avenue
Harare
ZIMBABWE
-----------------------------------------------------------------------------------
Schedule 3
----------
ELIGIBLE SECURITIES DEPOSITORIES
--------------------------------
JPMORGAN INVESTOR SERVICES
SECURITIES DEPOSITORIES
-----------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ARGENTINA CVSA Equity, Corporate Debt,
(Caja de Valores S.A.) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CRYL Government Debt
(Central de Registration y
Liquidacion de Instrumentos de
Endeudamiento Publico)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRALIA Austraclear Limited Corporate Debt, Money Market,
Government Debt and
Semi-Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHESS Equity
(Clearing House Electronic
Sub-register System)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
AUSTRIA OeKB Equity, Corporate Debt,
(Oesterreichische Kontrollbank Government Debt
AG)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BELGIUM CIK Equity, Corporate Debt
(Caisse Interprofessionnelle de
Depots et de Virements de
Titres S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NBB Corporate Debt, Government Debt
(National Bank of Belgium)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BRAZIL CBLC Equity
(Companhia Brasileira de
Liquidacao e Custodia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CETIP Corporate Debt
(Central de Custodia e
Liquidacao Financiera de
Titulos Privados)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SELIC Government Debt
(Sistema Especial de Liquidacao
e Custodia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BULGARIA BNB Government Debt
(Bulgaria National Bank)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CDAD Equity, Corporate Debt
(Central Depository A.D.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CANADA CDS Equity, Corporate, Government
(The Canadian Depository for Debt
Securities Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHILE DCV Equity, Corporate Debt,
(Deposito Central de Valores Government Debt
S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA, SHANGHAI CSDCC, Shanghai Branch Equity
(China Securities Depository
and Clearing Corporation
Limited, Shanghai Branch)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CHINA, SHENZHEN CSDCC, Shenzhen Branch Equity
(China Securities Depository
and Clearing Corporation Ltd,
Shenzhen Branch)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
COLOMBIA DCV Government Debt
(Deposito Central de Valores)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
DECEVAL Equity, Corporate Debt,
(Deposito Centralizado de Government Debt
Valores de Colombia S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CROATIA SDA Equity, Government Debt
(Central Depository Agency Inc.
- Stredisnja depozitarna
agencija d.d.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MOF Short-term debt issued by the
(Ministry of Finance of the Ministry of Finance.
Republic of Croatia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CNB Short-term debt issued by the
(Croatian National Bank) National Bank of Croatia.
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CZECH REPUBLIC SCP Equity, Corporate Debt,
(Stredisko cennych papiru - Government Debt
Ceska republica)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CNB Government Debt
(Czech National Bank)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
DENMARK VP Equity, Corporate Debt,
(Vaerdipapircentralen A/S) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
EGYPT MCSD Equity, Corporate Debt
(Misr for Clearing, Settlement
and Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ESTONIA ECDS Equity, Corporate Debt,
(Estonian Central Depository Government Debt
for Securities Limited - Eesti
Vaatpaberite Keskdepositoorium)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
EUROMARKET DCC Euro-CDs
(The Depository and Clearing
Centre)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CBL Internationally Traded Debt,
(Clearstream Banking, S.A.) Equity
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Euroclear Bank Internationally Traded Debt,
Equity
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FINLAND APK Equity, Corporate Debt,
(Finnish Central Securities Government Debt
Depository Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FRANCE Euroclear France Equity, Corporate Debt,
Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GERMANY CBF Equity, Corporate Debt,
(Clearstream Banking AG) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
GREECE CSD Equity, Corporate Debt
(Central Securities Depository
S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BoG Government Debt
(Bank of Greece)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HONG KONG HKSCC Equity
(Hong Kong Securities Clearing
Company Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CMU Corporate Debt, Government Debt
(Central Moneymarkets Unit)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
HUNGARY KELER Equity, Corporate Debt,
(Central Clearing House and Government Debt
Depository (Budapest) Ltd. -
Kozponti Elszamolohaz es
Ertektar (Budapest) Rt.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ICELAND ISD Equity, Corporate Debt,
(The Islandic Securities Government Debt
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDIA NSDL Equity, Corporate Debt,
(National Securities Depository Government Debt
Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CDSL Equity
(Central Depository Services
(India) Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
RBI Government Debt
(Reserve Bank of India)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
INDONESIA KSEI Equity, Corporate Debt
(PT Kustodian Sentral Efek
Indonesia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IRELAND CREST Equity, Corporate Debt
(CRESTCo Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ISRAEL TECH Equity, Corporate Debt,
(Tel Aviv Stock Exchange Government Debt
Clearing House Ltd.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ITALY Monte Titoli S.p.A. Equity, Corporate Debt,
Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
IVORY COAST DC/BR Equity
(Le Depositaire Central /
Banque de Reglement)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAMAICA JCSD Equity, Corporate Debt,
(Jamaica Central Securities Government Debt
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
JAPAN JASDEC Equity, Convertible Debt
(Japan Securities Depository
Center, Incorporated)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BoJ Registered Government Debt
(Bank of Japan)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KAZAHKSTAN CSD Equity
(Central Securities Depository
CJSC)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
KENYA CBCD Government Debt
(Central Bank Central
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LATVIA LCD Equity, Corporate Debt,
(Latvian Central Depository) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LEBANON Midclear X.X.X. Equity
(Custodian and Clearing Center
of Financial Instruments for
Lebanon and the Middle East
X.X.X.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LITHUANIA CSDL Equity, Corporate Debt,
(Central Securities Depository Government Debt
of Lithuania)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
LUXEMBOURG CBL Equity
(Clearstream Banking S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MALAYSIA MCD Equity, Corporate Debt
(Malaysian Central Depository
Sdn. Bhd.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BNM Government Debt
(Bank Negara Malaysia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MAURITIUS CDS Equity, Corporate Debt
(Central Depository and
Settlement Company Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MEXICO INDEVAL Equity, Corporate Debt,
(S.D. INDEVAL S.A. de C.V.) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MOROCCO Maroclear Equity, Corporate Debt,
Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NETHERLANDS NECIGEF Equity, Corporate Debt,
(Nederlands Centraal Insituut Government Debt
voor Giraal Effectenverkeer
B.V.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NEW ZEALAND NZCSD Equity, Corporate Debt,
(New Zealand Central Securities Government Debt
Depository)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NIGERIA CSCS Equity, Corporate Debt,
(Central Securities Clearing Government Debt
System Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NORWAY VPS Equity, Corporate Debt,
(Verdipapirsentralen) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
OMAN MDSRC Equity, Corporate Debt
(The Muscat Depository and
Securities Registration
Company, S.A.O.C.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PAKISTAN CDC Equity, Corporate Debt
(Central Depository Company of
Pakistan Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SBP Government Debt
(State Bank of Pakistan)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PERU CAVALI Equity, Corporate Debt,
(CAVALI ICLV S.A.) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PHILIPPINES PCD Equity
(Philippine Central Depository,
Inc.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ROSS Government Debt
(Bangko Sentral ng Pilipinas /
Register of Scripless
Securities)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
POLAND NDS Equity, Long-Term Government
(National Depository for Debt
Securities S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CRT Short-Term Government Debt
(Central Registry of
Treasury-Bills)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
PORTUGAL INTERBOLSA Equity, Corporate Debt,
(Sociedade Gestora de Sistemas Government Debt
de Liquidacao e de Sistemas
Centralizados de Valores
Mobiliarios, S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ROMANIA SNCDD Equity
(National Company for Clearing,
Settlement and Depository for
Securities)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BSE Equity
(Bucharest Stock Exchange)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
RUSSIA VTB Equity, Corporate Debt,
(Vneshtorgbank) Government Debt (Ministry of
Finance Bonds)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NDC Equity, Corporate Debt,
(National Depository Centre) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SINGAPORE CDP Equity, Corporate Debt
(The Central Depository (Pte)
Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
MAS Government Debt
(Monetary Authority of
Singapore)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVAK REPUBLIC SCP Equity, Corporate Debt,
(Stredisko cennych papierov SR, Government Debt
a.s.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
NBS Government Debt
(National Bank of Slovakia)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SLOVENIA KDD Equity, Corporate Debt,
(Centralna klirinsko depotna Government Debt
xxxxxx x.x.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH AFRICA CD Corporate Debt, Government Debt
(The Central Depository Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
STRATE Equity
(Share Transactions Totally
Electronic)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SOUTH KOREA KSD Equity, Corporate Debt,
(Korea Securities Depository) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SPAIN SCLV Equity, Corporate Debt
(Servicio de Compensacion y
Liquidacion de Valores, S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Bank of Spain Corporate Debt, Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SRI LANKA CDS Equity, Corporate Debt
(Central Depository System
(Private) Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWEDEN VPC Equity, Corporate Debt,
(Vardepapperscentralen AB) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
SWITZERLAND SIS Equity, Corporate Debt,
(SIS SegaInterSettle AG) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TAIWAN TSCD Equity, Government Debt
(Taiwan Securities Central
Depository Co., Ltd.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
THAILAND TSD Equity, Corporate Debt,
(Thailand Securities Depository Government Debt
Company Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TUNISIA STICODEVAM Equity, Corporate Debt,
(Societe Tunisienne Government Debt
Interprofessionnelle pour la
Compensation et le Depot des
Valeurs Mobilieres)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
TURKEY TAKASBANK Equity, Corporate Debt,
(IMKB Takas ve Saklama Bankasi Government Debt
A.S.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
UNITED ARAB DFM Equity, Corporate Debt,
EMIRATES (Dubai Financial Market Government Debt
Clearing House)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
UNITED KINGDOM CREST Equity, Corporate Debt,
(CRESTCo Limited) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CMO Sterling & Euro CDs,
(Central Moneymarkets Office) Commercial Paper
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
UNITED STATES DTC Equity, Corporate Debt
(Depository Trust Company)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
FED Government Debt, Mortgage Back
(The Federal Reserve Book-Entry Debt
System)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VENEZUELA BCV Government Debt
(Banco Central de Venezuela)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
CVV Equity, Corporate Debt, Money
(Caja Venezolana de Valores, Market
S.A.)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
VIETNAM SCC Equity, Corporate Debt,
(Securities Custody Centre) Government Debt
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
ZAMBIA CSD Equity, Government Debt
(XxXX Central Shares Depository
Limited)
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
BoZ Government Debt
(Bank of Zambia)
-----------------------------------------------------------------------------------
