GLOBAL CUSTODY AGREEMENT
EX-99.G
5
custody.htm
GLOBAL CUSTODY AGREEMENT
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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
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2.17 Compliance with SEC Rule 17f-7
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2.18 Securities Entitlement Orders
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2.19 Confirmations
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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
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10.12 Limited Obligations
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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.
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(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.
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(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
-----------------------------------------------------------------------
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. Xxxxxx 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)
-----------------------------------------------------------------------------------
