EXHIBIT NO. 99.B7(b)
[logo]CHASE
GLOBAL CUSTODY AGREEMENT
BETWEEN
CUSTOMERS LISTED ON EXHIBIT A
AND
THE CHASE MANHATTAN BANK
July 2, 2001
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GLOBAL CUSTODY AGREEMENT
This Agreement, dated as of July 2, 2001, is between THE CHASE
MANHATTAN BANK ("Bank"), with a place of business at 000 Xxxx Xxxxxx, Xxx Xxxx,
Xxx Xxxx; and the Customers identified on Exhibit A hereto as "Chase Portfolios"
( each a "Customer") with a place of business at 000 Xxxxxxxx Xxxxxx, Xxxxxx,
Xxxxxxxxxxxxx 00000.
1. INTENTION OF THE PARTIES; DEFINITIONS
1.1 Intention of the Parties.
(a) This Agreement sets out the terms governing custodial,
settlement and certain other associated services offered by Bank to Customer.
Bank shall be responsible for the performance of only those duties that are set
forth in this Agreement or expressly contained in Instructions that are
consistent with the provisions of this Agreement and with Bank's operations and
procedures. Customer acknowledges that Bank is not providing any legal, tax or
investment advice in providing 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 features. Bank shall not be liable for any loss that
results from the general risks of investing or Country Risk.
1.2 Definitions.
(a) As used herein, the following terms have the meaning hereinafter
stated.
"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 (including an investment manager or
other agent) who has been designated by written notice from Customer or
its designated agent to act on behalf of Customer hereunder. Such
persons shall continue to be
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Authorized Persons until such time as Bank receives Instructions from
Customer or its designated 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 The Chase
Manhattan 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, class action notice, tender
offer, 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 a
Security, a security certificate, or a Securities Entitlement.
"Financial Asset" does not include cash.
"Institutional Clients" means U.S. registered investment companies, or
major, U.S. based commercial banks, insurance companies, pension funds
or substantially similar financial institutions which as a part of
their ordinary business operations purchase or sell securities and make
use of non-U.S. custodial services.
"Instructions" has the meaning set forth in Section 3.1 of this Agreement.
"Liabilities" means any liabilities, losses, claims, costs, damages,
penalties, fines, obligations, or expenses of any kind whatsoever
(including, without limitation, reasonable 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
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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" has the meaning set forth in Section 5.1 of this
Agreement.
"Securities Entitlement" means the rights and property interest 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" has the meaning set forth in Section 5.1 and includes
Affiliated Subcustodians.
(b) All terms in the singular shall have the same meaning in the plural
unless the context otherwise provides and visa versa.
2. WHAT BANK IS REQUIRED TO DO
2.1 Set Up Accounts.
(a) Bank shall establish and maintain the following accounts
("Accounts"):
(i) a Securities Account in the name of Customer for Financial
Assets, which may be received by 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 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 shall be held in that manner and shall not be part of
the Cash Account.
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(b) At the request of Customer, additional Accounts may be opened in
the future, which shall 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 shall 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 shall be payable
exclusively by Bank's London Branch in the applicable currency, subject to
compliance with any applicable laws, regulations, governmental decrees or
similar orders 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 shall 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
shall 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, 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; and to register in the
name of the Customer, Bank, a Subcustodian, a Securities Depository, or their
respective nominees, such Financial Assets as are customarily held in registered
form. Customer authorizes Bank or its Subcustodian to hold Financial Assets in
omnibus accounts and shall 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 trade in
Financial Assets that includes all information reasonably required by Bank, Bank
shall use reasonable care to effect such settlement as instructed. Settlement of
purchases and sales of Financial Assets shall be conducted in accordance with
prevailing standards of the market generally used by Institutional Clients in
which the transaction occurs. The risk of loss shall be Customer's whenever Bank
delivers Financial Assets or payment in accordance with applicable market
practice generally used by Institutional Clients in advance of receipt or
settlement of the expected consideration. In the case of the failure of
Customer's counterparty to deliver the expected consideration as agreed, Bank
shall contact the counterparty to seek settlement, but Bank shall not be
obligated to institute legal proceedings, file proof of claim in any insolvency
proceeding, or take any similar action.
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2.5 Contractual Settlement Date Accounting.
(a) Bank shall effect book entries on a "contractual settlement
date accounting" basis as described below with respect to the settlement of
trades in those markets where Bank generally offers contractual settlement day
accounting and shall notify Customer of these markets from time to time.
(i) Sales: On the settlement date for a sale, Bank shall credit
the Cash Account with the sale proceeds of the sale and
transfer the relevant Financial Assets to an account pending
settlement of the trade if 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 shall debit the Cash Account with the
settlement monies and credit a separate account. Bank then
shall post the Securities Account as awaiting receipt of the
expected Financial Assets. Customer shall not be entitled to
the delivery of 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 day settlement accounting for credit reasons.
(b) Bank may (in its absolute discretion) upon written
notification to Customer reverse any debit or credit made pursuant to Section
2.5(a) prior to a transaction's actual settlement, and Customer shall be
responsible 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 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 shall post the transaction on the date on which the cash or Financial
Assets received as consideration for the transaction is actually received by
Bank.
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2.7 Income Collection; Autocredit.
(a) Bank shall credit the Cash Account with income and
redemption proceeds on Financial Assets in accordance with the times notified by
Bank from time to time on or after the anticipated payment date, net of any
taxes that are withheld by Bank or any third party. Where no time is specified
for a particular market, income and redemption proceeds from Financial Assets
shall be credited only after actual receipt and reconciliation. Bank may reverse
such credits upon oral or written notification to Customer that Bank believes
that the corresponding payment shall not be received by Bank within a reasonable
period or such credit was incorrect.
(b) Bank shall make reasonable endeavors to contact appropriate
parties to collect unpaid interest, dividends or redemption proceeds, but
neither Bank nor its Subcustodians shall be obliged to file any formal notice of
default, institute legal proceedings, file proof of claim in any insolvency
proceeding, or take any similar action.
2.8 Fractions/ Redemptions by Lot.
Bank may sell fractional interests in Financial Assets and credit the
Cash Account with the proceeds of the sale. 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 a manner Bank deems to be fair and equitable.
2.9 Presentation of Coupons; Certain Other Ministerial Acts.
Until Bank receives Instructions to the contrary, Bank shall:
(a) 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;
(b) execute in the name of Customer such certificates as may be
required to obtain payment in respect of Financial Assets;
and
(c) exchange interim or temporary documents of title held in the
Securities Account for definitive documents of title.
2.10 Corporate Actions.
(a) Bank shall follow Corporate Actions and promptly advise
Customer of those Corporate Actions of which Bank's central corporate actions
department receives notice from the issuer or from the Securities Depository in
which such Financial Assets are maintained or notice published in publications
and reported in reporting services routinely used by Bank for this purpose.
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(b) If an Authorized Person fails to provide Bank with timely
Instructions with respect to any Corporate Action, neither Bank nor its
Subcustodians or their respective nominees shall 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 advice it
provides under Section 2.10 (a) with respect to that Corporate Action.
2.11 Proxy Voting.
(a) Subject to and upon the terms of this sub-section, Bank
shall monitor information in accordance with its standard procedures as notified
to Customer and shall promptly provide Customer with information which it
receives on matters to be voted upon at meetings of holders of Financial Assets
("Notifications"), and Bank shall 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 shall 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 shall 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
(which shall be determined by Bank in a reasonable manner.). If Instructions are
not received in a timely manner, Bank shall 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 its best efforts to provide such
Notifications in English in a timely manner. Bank shall 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") are proprietary to Bank and that Bank owns all intellectual
property rights, including copyrights and patents, embodied therein.
Accordingly, Customer shall 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 shall not provide Notifications to Customer
but shall endeavor to act upon Instructions
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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").
(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, or (iii) Financial Assets
being held at Customer's request in a name not subject to the control of Bank or
its Subcustodian, in a margin or collateral account at Bank or another bank or
broker, or otherwise in a manner which affects voting, local market regulations
or practices, or restrictions by the issuer. Additionally, in some cases Bank
may be required to vote all shares held for a particular issue for all of Bank's
customers in the same way. Bank shall inform Customer where this is the case.
(h) Notwithstanding the fact that Bank may act in a fiduciary
capacity with respect to Customer under other agreements or otherwise hereunder,
in performing active or passive voting proxy services Bank shall be acting
solely as the agent of Customer, and shall not exercise any discretion with
regard to such proxy services or vote any proxy except when directed by an
Authorized Person.
2.12 Statements and Information Available On-Line.
(a) Bank shall issue statements to Customer at times mutually
agreed identifying the Financial Assets and cash in the Accounts. Bank also
shall provide additional statements containing this information upon Customer's
request. Additionally, Bank shall send (or make available on-line to) Customer
an advice or notification of any transfers of cash or Financial Assets with
respect to the Accounts. Bank shall not be liable with respect to any matter set
forth in those portions of any such statement (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. References in this Agreement to
statements include any statements in electronic form.
(b) Prices and other information obtained from non-affiliated
third parties which may be contained in any 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 records and unaudited reports
available to it on-line shall be unaudited and may not be accurate due to
inaccurate pricing, delays in updating Account records, and other causes.
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2.13 Access to Bank's Records.
Bank shall 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
shall 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.
2.14 Maintenance of Financial Assets at Bank and Subcustodian Locations.
(a) Unless Instructions require another location acceptable to
Bank, Financial Assets shall 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. 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 1 to this Agreement, as in effect from time to time.
(b) Bank shall 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. However, if Customer does instruct Bank to hold
Securities with or register or record Securities in the name of a person not
chosen by Bank, the consequences of doing so are at Customer's own risk.
2.15 Tax Reclaims.
Bank shall provide tax reclamation services as provided in Section 8.2.
2.16 Foreign Exchange Transactions.
To facilitate the administration of Customer's trading and investment
activity, Bank may, but shall not be obliged to, enter into spot or forward
foreign exchange contracts with Customer, or an Authorized Person, 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, shall apply to such transactions.
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2.17 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, except as to the country or countries as
to which Bank may, from time to time, advise Customer that it does not accept
such delegation, 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 SEC 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 SEC 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) 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);
(ii) 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;
(iii) 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 SEC rule
17f-5(c)(1)(i)-(iv);
(iv) 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.
(v) have established a system to monitor the continued appropriateness
of maintaining foreign Financial Assets and cash with particular
Eligible Foreign
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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)-(v) 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) Except as expressly provided herein, Customer shall be solely
responsible to assure that the maintenance of foreign Financial Assets and cash
hereunder complies with the rules, regulations, interpretations and exemptive
orders as promulgated by or under the authority of the SEC.
(d) 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 Manager 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.
(e) Bank shall provide to Customer such information relating to Country
Risk as is specified in Appendix 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.
2.18 Compliance with SEC rule 17f-7 ("rule 17f-7").
(a) Bank shall, for consideration by Customer, provide an analysis of
the custody risks associated with maintaining Customer's Foreign 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 Assets at such
Depository) and at which any foreign Assets of Customer are held or are expected
to be held. 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
Assets held. Bank shall monitor the custody risks associated with maintaining
Customer's foreign Assets
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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.
(b) Bank shall exercise reasonable care, prudence and diligence in
performing the requirements set forth in Section 2.18(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.)
3. INSTRUCTIONS
3.1 Acting on Instructions; Unclear Instructions.
(a) Bank is authorized to act under this Agreement (or to
refrain from taking action) in accordance with the instructions received by
Bank, via telephone, telex, facsimile transmission, or other teleprocess or
electronic instruction or trade information system acceptable to Bank
("Instructions"). Bank shall have no responsibility for the authenticity or
propriety of any Instructions that Bank believes in good faith to have been
given by Authorized Persons or which are transmitted with proper testing or
authentication pursuant to terms and conditions that Bank may reasonably
specify. Customer authorizes Bank to accept and act upon any Instructions
received by it without inquiry, except for where Instructions are clearly
incorrect on their face.
(b) Unless otherwise expressly provided, all Instructions shall
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 shall not be
liable for any loss arising from any delay while it seeks such clarification or
confirmation, except as provided in Section 7.1 hereof.
(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 shall promptly
thereafter be confirmed in writing by an Authorized Person. Each confirmation is
to be clearly marked
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"Confirmation." Bank shall 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 shall immediately notify
Customer of such discrepancy. Either party may record any of their telephonic
communications. Customer shall comply with any security procedures reasonably
required by Bank from time to time with respect to verification of Instructions.
Customer shall be responsible for safeguarding any test keys, identification
codes or other security devices that Bank shall 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 but shall 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 shall be made available to Customer. If Bank receives an
Instruction after its established cut-off time, it shall attempt to act upon the
Instruction on the day requested if Bank deems it practicable to do so or
otherwise as soon as practicable after that day.
4. FEES, EXPENSES AND OTHER AMOUNTS OWING TO BANK
4.1 Fees and Expenses.
Customer shall pay Bank for its services hereunder the fees set forth
in Schedule 2 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, legal fees. Customer authorizes Bank to
charge the Cash Account, for any such fees or expenses.
4.2 Overdrafts.
If a debit to any currency in the Cash Account results in a debit
balance in that currency (without regard to any Cash Account investments) then
Bank may, in its discretion, advance an amount equal to the overdraft and such
an advance shall be deemed a loan to Customer, payable on demand, bearing
interest at the rate charged by Bank from time to time, for overdrafts incurred
by customers similar to Customer, 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 shall be asserted by Customer against Bank for
Bank's refusal to make
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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
Account.
4.3 Bank's Right Over Securities; Set-off.
(a) To the extent Customer may do so without being deemed to
have created an encumbrance on its Financial Assets which would make its
Financial Assets ineligible to cover its "senior security" positions within the
meaning of Section 18 of the 1940 Act, Customer grants Bank a security interest
in and a lien on the Financial Assets held in the Securities Account as security
for any and all amounts which are now or become owing to Bank under any
provision of this Agreement, whether or not matured or contingent
("Indebtedness").
(b) With respect to any right of debit or set-off conferred upon Bank
by Sections 4.1,.9 and 10.5(b) of this Agreement, the following shall apply:
(i) Bank shall send Customer an invoice for amounts to be
charged against its Accounts under this Agreement and
Customer shall be given the opportunity to pay such
amounts within a reasonable period of time;
(ii) In the event that Customer does not pay such amounts
within a reasonable period of time and has not disputed
its liability therefor in good faith, Bank shall be
entitled to set any such Indebtedness off against its
Accounts, regardless of the currency involved.
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 1 and/or such other entities as Bank
may appoint as subcustodians ("Subcustodians"). Bank may, but need not, add to
Schedule 1 an Eligible Foreign Custodian where Bank has not acted as Foreign
Custody Manager with respect to the selection thereof. Bank shall notify
Customer in the event that it elects to add any such entity. Bank shall 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 securities depository, settlement
system, dematerialized book entry system or similar system (together a
"Securities Depository") on such terms as such systems customarily operate and
Customer shall provide Bank with such documentation or acknowledgements that
Bank may reasonably require to hold the Financial Assets in such systems.
15
(b) Any agreement Bank enters into with a Subcustodian for
holding Bank's customers' assets shall provide that such assets shall not be
subject to any right, charge, security interest, lien or claim of any kind in
favor of such Subcustodian or its creditors except a claim of payment for their
safe custody or administration or, in the case of cash deposits, except for
liens or rights in favor of creditors of the Subcustodian arising under
bankruptcy, insolvency or similar laws, and that the beneficial ownership of
such assets shall be freely transferable without the payment of money or value
other than for safe custody or administration. Where a Subcustodian deposits
Securities with a Securities Depository, Bank shall 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. The foregoing shall
not apply to the extent of any special agreement or arrangement made by Customer
with any particular Subcustodian.
(c) Bank shall have no responsibility 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 shall make reasonable endeavors, in its discretion, to seek
recovery from the Securities Depository.
(d) The term Subcustodian as used herein shall mean 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.
(e) The term 'securities depository' as used herein when referring to a
securities depository located outside the U.S. shall mean::
An 'Eligible Securities Depository' which, in turn, shall have the same meaning
as in 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.
16
(f) The term 'securities depository' as used herein when referring to a
securities depository located in the U.S. shall mean a securities depository as
defined in SEC rule 17f-4(a).
5.2 Liability for Subcustodians.
(a) Subject to Section 7.1(b), Bank shall be liable for direct
losses incurred by Customer that result from:
(i) the failure by the Subcustodian to use reasonable care
in the provision of custodial services by it in
accordance with the standards prevailing in the
relevant market or from the fraud or willful 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 shall 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 shall give prompt notice of any such action, which shall be
advance notice if practicable. Upon request by Customer, Bank shall 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. These third parties may be Affiliates. Except to the
extent provided in Section 5.2 with respect to Subcustodians, Bank shall 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, such as pricing, proxy voting, and corporate action
services, that it does not customarily provide itself. Nevertheless, Bank shall
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) Bank shall execute transactions involving Financial Assets
of United States origin through a broker which is an Affiliate (i) in the case
of the sale under Section 2.8 of a fractional interest or (ii) if an Authorized
Person directs Bank to use the affiliated broker or otherwise requests that Bank
select a broker for that transaction, unless, in either case, the Affiliate does
not execute similar transactions in such Financial Assets. The affiliated broker
17
may charge its customary commission (or retain its customary spread) with
respect to either such transaction.
6. ADDITIONAL PROVISIONS RELATING TO CUSTOMER
6.1 (a) Representations of Customer.
Customer represents and warrants to Bank 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 and to
incur indebtedness, pledge Financial Assets as contemplated by Section 4.3, and
enter into foreign exchange transactions; and (ii) this Agreement is its 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. Bank may rely upon the
above or the certification of such other facts as may be required to administer
Bank's obligations hereunder.
(b) Representations of Bank.
Bank represents and warrants to Customer that: (i) it has full
authority and power, and has obtained all necessary authorizations and consents,
to act as custodian hereunder; and (ii) this Agreement is its 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.
6.2 Customer to Provide Certain Information to Bank.
Upon request, Customer shall promptly provide to Bank such information
about itself and its financial status as Bank may reasonably request, including
Customer's 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 shall treat Customer as its principal for all purposes under this
Agreement. In this regard, Customer shall be liable to Bank as a principal in
respect of any transactions relating to the Account. The foregoing shall not
affect any rights Bank might have against Customer's principal.
7. WHEN BANK IS LIABLE TO CUSTOMER
7.1 Standard of Care; Liability.
18
(a) Bank shall use reasonable care in performing its obligations
under this Agreement. Bank shall 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 shall 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 for in
Section 5.2(a). Nevertheless, under no circumstances shall Bank be liable for
any indirect, incidental, consequential or special damages (including, without
limitation, lost profits) of any form incurred by any person, whether or not
foreseeable and regardless of the type of action in which such a claim may be
brought, with respect to the Accounts or Bank's performance hereunder or its
role as custodian.
(c) Customer shall 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 in connection with or arising out
of 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. Customer shall indemnify the Bank
Indemnitees against, and hold each of them harmlesss from, an 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. Nevertheless, Customer shall not be obligated to indemnify any Bank
Indemnitee under the preceding sentences 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 shall
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) 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 shall bear any
responsibility to review such confirmations against Instructions issued to and
statements 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 to 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 Bank otherwise than under this Agreement. In case any such action is
brought against Bank, and it notified Customer of the
19
commencement thereof, Customer will be entitled to participate therein and, to
the extent that 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 its intention to
assume the defense of an action, Bank shall bear the expenses of any additional
counsel obtained by it, 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 shall maintain and update from time to time business continuation
and disaster recovery procedures with respect to its global custody business
that it determines from time to time meet reasonable commercial standards. Bank
shall have no liability, however, for any damage, loss or expense 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), legal constraint, fraud or
forgery, malfunction of equipment or software (except to the extent such
malfunction is primarily attributable to Bank's negligence in maintaining the
equipment or software), failure of or the effect of rules or 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 shall 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 shall not be
liable to Customer for any action reasonably taken or omitted pursuant to such
advice.
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 acknowledges that Bank or its Affiliates may be in
possession of information tending to show that the Instructions received may not
be in the best interests of Customer. Bank is not under any duty to disclose any
such information.
20
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.
(b) Customer shall be responsible for the payment of all taxes
relating to the Financial Assets in the Securities Account, and Customer shall
pay, 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 (1) to pay, withhold or report any U.S. federal,
state or local taxes or foreign taxes imposed on, or (2) to report interest,
dividend or other income paid or credited to the Cash Account, whether such
failure or delay by Bank to pay, withhold or report tax or income is the result
of (x) Customer's failure to comply with the terms of this paragraph, or (y)
Bank's own acts or omissions; provided however, Customer shall 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 shall 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.
(b) The provision of a tax reclamation 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). If Financial Assets
credited to the Account are beneficially owned by someone other than Customer,
this information shall be necessary with respect to the beneficial owner.
Customer acknowledges that Bank shall be unable to perform tax reclamation
services unless it receives this information.
(c) Bank shall perform tax reclamation services only with
respect to taxation levied by the revenue authorities of the countries advised
by Bank 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
reclamation services are offered. Other than as expressly provided in this
Section 8.2 Bank shall 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 body with
appropriate jurisdiction in relation to the processing of any tax reclaim.
21
9. TERMINATION
Either party may terminate this Agreement on sixty days' notice in
writing to the other party. If Customer gives notice of termination, it must
provide full details of the persons to whom Bank must deliver Financial Assets
and cash. If Bank gives notice of termination, then Customer must, within sixty
days, notify Bank of details of its new custodian, failing which Bank may elect
(at any time after the sixty day notice period) either to retain the Financial
Assets and cash until such details are given, continuing to charge fees due , or
deliver the Financial Assets and cash to Customer. Bank shall in any event be
entitled to deduct any amounts owing to it prior to delivery of the Financial
Assets and cash (and, accordingly, Bank shall be entitled to sell Financial
Assets and apply the sale proceeds in satisfaction of amounts owing to it).
Customer shall reimburse Bank promptly for all out-of-pocket __expenses it
incurs in delivering __Financial Assets upon termination. Termination shall
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) shall 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 shall not be deemed to be given unless it has been
received.
10.2 Successors and Assigns.
This Agreement shall 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 shall 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.
22
10.4 Entire Agreement.
(a) The following Rider(s) are incorporated into this Agreement:
__ Cash Trade Execution;
__ Accounting Services
__ Mutual Fund
_X_ Domestic and Global
(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.
(a) Bank's London Branch is a member of the United Kingdom
Deposit Protection Scheme (the "Scheme") established under Banking Xxx 0000 (as
amended). The 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 euros made with Bank within the United Kingdom are covered.
Further details of the Scheme are available on request.
(b) In the event that Bank incurs a loss attributable to Country
Risk with respect to any cash balance it maintains on deposit at a Subcustodian
or other correspondent bank in regard to its global custody or trust businesses
in the country where the Subcustodian or other correspondent bank is located,
Bank may set such loss off against Customer's Cash Account to the extent that
such loss is directly attributable to Customer's investments in that market and,
to the extent that such loss is not directly attributable to any of Bank's
customers' investments in that market, Bank may set such loss off in a pro-rata
manner against its customers' cash account holdings in that currency, including
such holdings in Customer's Cash Account.
10.6 Confidentiality.
Bank shall not disclose any confidential information concerning its
relationship with Customer 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
23
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.
10.7 Insurance.
Bank shall not be required to maintain any insurance coverage for the
benefit of Customer.
10.8 Governing Law and Jurisdiction. Certification of Residency.
This Agreement shall 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 parties 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. Customer certifies that it is a resident of the United
States and shall notify Bank of any changes in residency. Bank may rely upon
this certification or the certification of such other facts as may be required
to administer Bank's obligations hereunder.
10.9 Severability and Waiver.
(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 shall 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 in writing and signed by the party against whom the
waiver is to be enforced.
10.10 Counterparts.
This Agreement may be executed in several counterparts each of which
shall be deemed to be an original and together shall constitute one and the same
agreement.
24
Customer's Obligations.
With respect to Customers organized as Massachusetts business trusts, a
copy of each 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 a Customer are
not binding upon any of the 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. The
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. The 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.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.
CUSTOMERS, as identified in Exhibit A
By: XXXXXXX XXXXXX
----------------------------
Xxxxxxx Xxxxxx
Title: Director
Date: May 26, 2001
THE CHASE MANHATTAN BANK
By: XXXXXXX XXXXX
----------------------------
Xxxxxxx Xxxxx
Title: Senior Vice President
Date: May 4, 2001
25
As of ____________
Exhibit B to Custodian Contract
As of July 2, 2001
Exhibit A to Custodian Contract
-------------------------------------------------------------------------------------------------
Name of Trust/Portfolio State Street Portfolio Chase Portfolio
-------------------------------------------------------------------------------------------------
I. MFS Family of Funds
MFS Series Trust I:
Managed Sectors Fund (MMS) (check)
-------------------------------------------------------------------------------------------------
Cash Reserve Fund (MCF) N/A N/A
-------------------------------------------------------------------------------------------------
Global Asset Allocation Fund (MAA) (check)
-------------------------------------------------------------------------------------------------
Strategic Growth Fund (AGF) (check)
-------------------------------------------------------------------------------------------------
Research Gr. and Inc. Fund (RGI) (check)
-------------------------------------------------------------------------------------------------
Value Fund (EIF) (check)
-------------------------------------------------------------------------------------------------
Core Growth Fund (CGF) (check)
-------------------------------------------------------------------------------------------------
New Discovery Fund (NDF) (check)
-------------------------------------------------------------------------------------------------
Technology Fund (SCT) (check)
-------------------------------------------------------------------------------------------------
Research International Fund (RIF) (check)
-------------------------------------------------------------------------------------------------
Global Telecommunications (GTF) (check)
-------------------------------------------------------------------------------------------------
Japan Equity (MJE) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust II:
-------------------------------------------------------------------------------------------------
Emerging Growth Fund (MEG) (check)
-------------------------------------------------------------------------------------------------
Large Cap Growth Fund (MCG) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust III:
-------------------------------------------------------------------------------------------------
High Income Fund (MFH) (check)
-------------------------------------------------------------------------------------------------
High Yield Opportunities Fund (HYO) (check)
-------------------------------------------------------------------------------------------------
Municipal High Income Fund (MMH) N/A N/A
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust IV:
-------------------------------------------------------------------------------------------------
Money Market Fund (MMM) N/A N/A
-------------------------------------------------------------------------------------------------
Gov't. Money Mkt. Fund (MMG) N/A N/A
-------------------------------------------------------------------------------------------------
Municipal Bond Fund (MMB) N/A N/A
-------------------------------------------------------------------------------------------------
Mid Cap Growth Fund (OTC) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust V:
-------------------------------------------------------------------------------------------------
Total Return Fund (MTR) (check)
-------------------------------------------------------------------------------------------------
Research Fund (MFR) (check)
-------------------------------------------------------------------------------------------------
Int'l New Discovery Fund (MIO) (check)
-------------------------------------------------------------------------------------------------
Int'l Strategic Growth Fund (MGR) (check)
-------------------------------------------------------------------------------------------------
Int'l Value Fund (MIV) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust VI:
-------------------------------------------------------------------------------------------------
Global Total Return Fund (MWT) (check)
-------------------------------------------------------------------------------------------------
Utilities Fund (MMU) (check)
-------------------------------------------------------------------------------------------------
Global Equity Fund (MWE) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust VII:
Global Governments Fund (MWG) (check)
-------------------------------------------------------------------------------------------------
Capital Opportunities Fund (MVF) (check)
-------------------------------------------------------------------------------------------------
26
-------------------------------------------------------------------------------------------------
Name of Trust/Portfolio State Street Portfolio Chase Portfolio
-------------------------------------------------------------------------------------------------
MFS Series Trust VIII:
-------------------------------------------------------------------------------------------------
Strategic Income Fund (MSI) (check)
-------------------------------------------------------------------------------------------------
Global Growth Fund (WGF) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust IX:
-------------------------------------------------------------------------------------------------
Bond Fund (MFB) (check)
-------------------------------------------------------------------------------------------------
Limited Maturity Fund (MLM) (check)
-------------------------------------------------------------------------------------------------
Municipal Ltd. Maturity Fund (MML) N/A N/A
-------------------------------------------------------------------------------------------------
Research Bond Fund (RBF) (check)
-------------------------------------------------------------------------------------------------
Intermediate Inv. Grade Xxxx Xx.(IBF) (check)
-------------------------------------------------------------------------------------------------
Emerging Opportunities Fund (MCV) (check)
-------------------------------------------------------------------------------------------------
Large Cap Value Fund (MLV) (check)
-------------------------------------------------------------------------------------------------
High Quality Bond Fund (MQB) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust X:
-------------------------------------------------------------------------------------------------
Government Mortgage Fund (MGM) N/A N/A
-------------------------------------------------------------------------------------------------
Emerging Markets Equity Fund (FEM) (check)
-------------------------------------------------------------------------------------------------
Int'l. Growth Fund (FGF) (check)
-------------------------------------------------------------------------------------------------
Int'l. Investors Trust (FGI) (check)
-------------------------------------------------------------------------------------------------
Strategic Value Fund (SVF) (check)
-------------------------------------------------------------------------------------------------
Emerging Mkts. Debt Fund (EMD) (check)
-------------------------------------------------------------------------------------------------
Income Fund (MIY) (check)
-------------------------------------------------------------------------------------------------
European Equity Fund (MEQ) (check)
-------------------------------------------------------------------------------------------------
High Yield Fund (MHT) (check)
-------------------------------------------------------------------------------------------------
Concentrated Growth Fund (MCN) (check)
-------------------------------------------------------------------------------------------------
New Endeavor Fund (NEF) (check)
-------------------------------------------------------------------------------------------------
Multi Cap Growth Fund (MPF) (check)
-------------------------------------------------------------------------------------------------
Fundamental Growth Fund (FDG) (check)
-------------------------------------------------------------------------------------------------
Gemini Large Cap U.S. Fund (GSF) (check)
-------------------------------------------------------------------------------------------------
Gemini U.K. Fund (GKF) (check)
-------------------------------------------------------------------------------------------------
International ADR Fund (IAF) (check)
-------------------------------------------------------------------------------------------------
Global Conservative Equity Fund (GOF) (check)
-------------------------------------------------------------------------------------------------
International Core Equity Fund(ICF) (check)
-------------------------------------------------------------------------------------------------
Global Health Sciences Fund (MGH) (check)
-------------------------------------------------------------------------------------------------
Emerging Companies Fund (ECF) (check)
-------------------------------------------------------------------------------------------------
Select Growth Fund (SRF) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Series Trust XI:
-------------------------------------------------------------------------------------------------
Union Standard Equity Fund (UNE) (check)
-------------------------------------------------------------------------------------------------
Vertex Contrarian Fund (VCF) (check)
-------------------------------------------------------------------------------------------------
Vertex International Fund (VXI) (check)
-------------------------------------------------------------------------------------------------
Mid Cap Value Fund (MDF) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Municipal Series Trust:
-------------------------------------------------------------------------------------------------
AL Municipal Bond Fund (MAL) N/A N/A
-------------------------------------------------------------------------------------------------
AR Municipal Bond Fund (MAR) N/A N/A
-------------------------------------------------------------------------------------------------
CA Municipal Bond Fund (MCA) N/A N/A
-------------------------------------------------------------------------------------------------
FL Municipal Bond Fund (MFL) N/A N/A
-------------------------------------------------------------------------------------------------
GA Municipal Bond Fund (MGA) N/A N/A
-------------------------------------------------------------------------------------------------
MD Municipal Bond Fund (MMD) N/A N/A
-------------------------------------------------------------------------------------------------
MA Municipal Bond Fund (MMA) N/A N/A
-------------------------------------------------------------------------------------------------
27
-------------------------------------------------------------------------------------------------
Name of Trust/Portfolio State Street Portfolio Chase Portfolio
-------------------------------------------------------------------------------------------------
MFS Municipal Series Trust (cont.):
-------------------------------------------------------------------------------------------------
MS Municipal Bond Fund (MMP) N/A N/A
-------------------------------------------------------------------------------------------------
NY Municipal Bond Fund (MNY) N/A N/A
-------------------------------------------------------------------------------------------------
NC Municipal Bond Fund (MNC) N/A N/A
-------------------------------------------------------------------------------------------------
PA Municipal Bond Fund (MPA) N/A N/A
-------------------------------------------------------------------------------------------------
SC Municipal Bond Fund (MSC) N/A N/A
-------------------------------------------------------------------------------------------------
TN Municipal Bond Fund (MTN) N/A N/A
-------------------------------------------------------------------------------------------------
VA Municipal Bond Fund (MVA) N/A N/A
-------------------------------------------------------------------------------------------------
WV Municipal Bond Fund (MWV) N/A N/A
-------------------------------------------------------------------------------------------------
Municipal Income Fund (MMI) N/A N/A
-------------------------------------------------------------------------------------------------
N.Y. High Income Tax Free Fund (NYT) N/A N/A
-------------------------------------------------------------------------------------------------
Mass. High Income Tax Free Fund (MAT) N/A N/A
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
Stand-Alone Funds:
Growth Opportunities Fund (MGO) (check)
-------------------------------------------------------------------------------------------------
Government Securities Fund (MGS) N/A N/A
-------------------------------------------------------------------------------------------------
MA Investors Gr. Stock Fund (MIG) (check)
-------------------------------------------------------------------------------------------------
Gov't. Ltd. Maturity Fund (MGL) N/A N/A
-------------------------------------------------------------------------------------------------
MA Investors Trust (MIT) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
II. MFS Closed-End Funds
-------------------------------------------------------------------------------------------------
Municipal Income Trust (MFM) N/A N/A
-------------------------------------------------------------------------------------------------
Multimarket Income Trust (MMT) (check)
-------------------------------------------------------------------------------------------------
Gov't. Mkts. Income Trust (MGF) (check)
-------------------------------------------------------------------------------------------------
Intermediate Income Trust (MIN) (check)
-------------------------------------------------------------------------------------------------
Charter Income Trust (MCR) (check)
-------------------------------------------------------------------------------------------------
Special Value Trust (MFV) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
III. MFS Institutional Funds
-------------------------------------------------------------------------------------------------
MFS Institutional Trust (MFSIT):
-------------------------------------------------------------------------------------------------
Inst. Emerging Equities Fund (MEE) (check)
-------------------------------------------------------------------------------------------------
Inst. International Equity Fund (IIE) (check)
-------------------------------------------------------------------------------------------------
Inst. Mid Cap Growth Fund (IMC) (check)
-------------------------------------------------------------------------------------------------
Inst. Research Fund (IRF) (check)
-------------------------------------------------------------------------------------------------
Inst. Core Equity Fund (ICE) (check)
-------------------------------------------------------------------------------------------------
Inst. Large Cap Grth. Fund (ILC) (check)
-------------------------------------------------------------------------------------------------
Inst. High Yield Fund (IHY) (check)
-------------------------------------------------------------------------------------------------
Inst. Large Cap Value Fund (ILV) (check)
-------------------------------------------------------------------------------------------------
Inst. Int'l Research Equity Fund (IRE) (check)
-------------------------------------------------------------------------------------------------
Inst. Real Estate Investment Fund (IRT) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
MFS Variable Insurance Trust (MVI):
-------------------------------------------------------------------------------------------------
Emerging Growth Series (VEG) (check)
-------------------------------------------------------------------------------------------------
Capital Opportunities Series (VVS) (check)
-------------------------------------------------------------------------------------------------
Research Series (VFR) (check)
-------------------------------------------------------------------------------------------------
Investors Trust Series (VGI) (check)
-------------------------------------------------------------------------------------------------
Total Return Series (VTR) (check)
-------------------------------------------------------------------------------------------------
Utilities Series (VUF) (check)
-------------------------------------------------------------------------------------------------
High Income Series (VHI) (check)
-------------------------------------------------------------------------------------------------
Global Governments Series (VWG) (check)
-------------------------------------------------------------------------------------------------
Bond Series (VFB) (check)
-------------------------------------------------------------------------------------------------
Money Market Series (VMM) N/A N/A
-------------------------------------------------------------------------------------------------
28
-------------------------------------------------------------------------------------------------
Name of Trust/Portfolio State Street Portfolio Chase Portfolio
-------------------------------------------------------------------------------------------------
MFS Variable Insurance Trust (cont'd):
-------------------------------------------------------------------------------------------------
New Discovery Series (VND) (check)
-------------------------------------------------------------------------------------------------
Investors Growth Stock Series (VGS) (check)
-------------------------------------------------------------------------------------------------
Global Equity Series (VGE) (check)
-------------------------------------------------------------------------------------------------
Mid Cap Growth Series (VMG) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
IV. MFS/Sun Life Series Trust
-------------------------------------------------------------------------------------------------
Capital Appreciation Series (CAS) (check)
-------------------------------------------------------------------------------------------------
Mass. Investors Trust Series (CGS) (check)
-------------------------------------------------------------------------------------------------
Gov't. Securities Series (GSS) N/A N/A
-------------------------------------------------------------------------------------------------
Global Governments Series (WGS) (check)
-------------------------------------------------------------------------------------------------
High Yield Series (HYS) (check)
-------------------------------------------------------------------------------------------------
Managed Sectors Series (MSS) (check)
-------------------------------------------------------------------------------------------------
Money Market Series (MKS) N/A N/A
-------------------------------------------------------------------------------------------------
Total Return Series (TRS) (check)
-------------------------------------------------------------------------------------------------
Utilities Series (UTS) (check)
-------------------------------------------------------------------------------------------------
Global Growth Series (WGO) (check)
-------------------------------------------------------------------------------------------------
Research Series (RES) (check)
-------------------------------------------------------------------------------------------------
Global Asst. Allocation Series (AAS) (check)
-------------------------------------------------------------------------------------------------
Global Total Return Series (WTS) (check)
-------------------------------------------------------------------------------------------------
Emerging Growth Series (EGS) (check)
-------------------------------------------------------------------------------------------------
Int'l. Investors Trust Series (FCG) (check)
-------------------------------------------------------------------------------------------------
Int'l. Growth Series (FCI) (check)
-------------------------------------------------------------------------------------------------
Emerging Markets Equity Series (FCE) (check)
-------------------------------------------------------------------------------------------------
Capital Opportunity Series (VAL) (check)
-------------------------------------------------------------------------------------------------
Res. Gr. and Inc. Series (RGS) (check)
-------------------------------------------------------------------------------------------------
Bond Series (BDS) (check)
-------------------------------------------------------------------------------------------------
Value Series (EIS) (check)
-------------------------------------------------------------------------------------------------
Mass. Inv. Grth. Stk. Ser. (MIS) (check)
-------------------------------------------------------------------------------------------------
New Discovery Series (NWD) (check)
-------------------------------------------------------------------------------------------------
Research Int'l Series (RSS) (check)
-------------------------------------------------------------------------------------------------
Strategic Income Series (SIS) (check)
-------------------------------------------------------------------------------------------------
Strategic Growth Series (SGS) (check)
-------------------------------------------------------------------------------------------------
Technology Series (TKS) (check)
-------------------------------------------------------------------------------------------------
Mid Cap Growth Series (MCS) (check)
-------------------------------------------------------------------------------------------------
Global Telecommunications Series (GLS) (check)
-------------------------------------------------------------------------------------------------
Global Health Services Series (GHS) (check)
-------------------------------------------------------------------------------------------------
International New Discovery Series (IDS) (check)
-------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------
V. Compass Products
-------------------------------------------------------------------------------------------------
Cap. Appreciation Var. Acct. (CAVA) (check)
-------------------------------------------------------------------------------------------------
Gov't. Securities Var. Acct. (GSVA) N/A N/A
-------------------------------------------------------------------------------------------------
Global Gov'ts. Var. Acct. (WGVA) (check)
-------------------------------------------------------------------------------------------------
High Yield Variable Acct. (HYVA) (check)
-------------------------------------------------------------------------------------------------
Managed Sectors Var. Acct. (MSVA) (check)
-------------------------------------------------------------------------------------------------
Money Mkt. Variable Acct.(MMVA) N/A N/A
-------------------------------------------------------------------------------------------------
Total Return Variable Acct. (TRVA) (check)
-------------------------------------------------------------------------------------------------
29
Exhibit B to Custodian Contract
SCHEDULE 1
SUB-CUSTODIAN EMPLOYED BY
THE CHASE MANHATTAN BANK, GLOBAL CUSTODY
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
ARGENTINA The Chase Manhattan Bank Banco Generale de Negocios
Arenales 000, 0xx Xxxxx Xxxxxx Xxxxx
0000 Xxxxxx Xxxxx
XXXXXXXXX
Citibank, N.A. Banco Generale de Negocios
Xxxxxxxxx Xxxxx 000 Xxxxxx Xxxxx
0000 Xxxxxx Xxxxx
XXXXXXXXX
AUSTRALIA The Chase Manhattan Bank Australia and New Zealand
Xxxxx 00 Banking Group Ltd.
AAP Center Melbourne
000, Xxxxxx Xxxxxx
Xxxxxx XXX 0000
XXXXXXXXX
AUSTRIA Bank Austria XX Xxxxx Manhattan Bank 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
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
BANGLADESH Standard Chartered Bank Standard Chartered Bank
18-20 Motijheel C.A. Xxxxx
Xxx 000,
Xxxxx-0000
XXXXXXXXXX
XXXXXXX Fortis Bank N.V. Chase Manhattan Bank AG
0 Xxxxxxxx Xx Xxxx Xxxxxxxxx
0000 Xxxxxxxx
XXXXXXX
BERMUDA The Bank of Bermuda Limited The Bank of Bermuda Ltd
0 Xxxxx Xxxxxx Xxxxxxxx
Xxxxxxxx HMDX
BERMUDA
BOTSWANA Barclays Bank of Botswana Limited Barclays Bank of Botswana
Barclays House, Khama Crescent Ltd
Gaborone Gaborone
BOTSWANA
BRAZIL Citibank, N.A. Citibank, N.A..
Xxxxxxx Xxxxxxxx, 0000 Xxx Xxxxx
Sao Paulo, SP 00000-000
XXXXXX
BankBoston, N.A. BankBoston, N.A.
Rua Libero Badaro, 425-29 andar Sao Paulo
Sao Paulo - SP 00000-000
XXXXXX
BULGARIA ING Bank N.V. ING Bank N.V.
Xxxxx Xxxxxx Sofia
7 Vassil Xxxxxx Xxxxxx
0000 Xxxxx
XXXXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
CANADA Canadian Imperial Bank of Commerce Royal Bank of Canada
Xxxxxxxx Xxxxx Xxxx Xxxxxxx
Security Level
Toronto, Ontario M5L 1G9
CANADA
Royal Bank of Canada Royal Bank of Canada
000 Xxx Xxxxxx, Xxxxx 0000 Xxxxxxx
00xx Xxxxx
Xxxxx Xxxx Xxxxx, Xxxxx Xxxxx
Xxxxxxx
Ontario M5J 2J5
CANADA
CHILE Citibank, N.A. Citibank, N.A.
Xxxx. Xxxxxx Xxxxx 0000 Xxxxxxxx
0xx xxx 0xx Xxxxxx
Xxxxxxxx
XXXXX
CHINA - SHANGHAI The Hongkong and Shanghai Banking Citibank, N.A.
Corporation Limited New York
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 Banking The Chase Manhattan
Corporation Limited Bank
0xx Xxxxx Xxxx Xxxx
Xxxxxxx Xxxxx Hotel
No.1 Xxxx Xxxx Lu
Shenzhen
THE PEOPLE'S REPUBLIC OF CHINA
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
COLOMBIA Cititrust Colombia S.A. Cititrust Colombia S.A.
Sociedad Fiduciaria Sociedad Fiduciaria
Carrera 9a No. 99-021 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. Cyprus Popular Bank
000 Xxxxxxxx Xxxxxx Xxxxxxx
P.O. Box 22032
CY-1598 Nicosia,
CYPRUS
CZECH REPUBLIC Ceskoslovenska Obchodni Banka, A.S. Ceskoslovenska Obchodni
Na Prikope 14 Banka, A.S
000 00 Xxxxxx 0 Xxxxxx
XXXXX XXXXXXXX
DENMARK Danske Bank A/S Unibank A/S
2-12 Holmens Kanal Copenhagen
DK 1092 Copenhagen K
DENMARK
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
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
XXXXXXX Xxxxxx Bank Plc Chase Manhattan Bank AG
2598 Custody Services Frankfurt
Xxxxxxx Xxxxx Xxxx 0-0
XXX-00000 XXXXXX, Xxxxxxxx
FINLAND
FRANCE BNP PARIBAS X.X. Xxxxx Manhattan Bank XX
Xxx 000 Xxxxxxxxx
XX 000
0, Xxx X'Xxxxx
75078 Xxxxx
Xxxxx 00
XXXXXX
Societe Generale Chase Manhattan Bank AG
00 Xxxxxxxxx Xxxxxxxx Xxxxxxxxx
00000 Xxxxx
XXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
Credit Agricole Indosuez Chase Manhattan Bank AG
00 Xxxx. Xxxxxxxxx Xxxxxxxxx
00000 Xxxxx
FRANCE
GERMANY Dresdner Bank XX Xxxxx Manhattan Bank AG
Xxxxxxx-Xxxxx-Xxxxx 0 Xxxxxxxxx
00000 Xxxxxxxxx/Xxxx
XXXXXXX
GHANA Barclays Bank of Ghana Limited Barclays Bank of Ghana Ltd
Xxxxxxxx Xxxxx, Xxxx Xxxxxx Xxxxx
Xxxxx
XXXXX
XXXXXX HSBC Bank plc Chase Manhattan Bank XX
0, Xxxxxxxxxxx Xxxxxx Xxxxxxxxx
000 00 Xxxxxx
XXXXXX
HONG KONG The Hongkong and Shanghai Banking The Chase Manhattan Bank
Corporation Limited Hong Kong
36th Floor, Sun Hung Kai Centre
00 Xxxxxxx Xxxx
Xxx Xxxx
XXXX XXXX
XXXXXXX Citibank Rt. Citibank Rt.
Szabadsag ter 0-0 Xxxxxxxx
X-0000 Xxxxxxxx V
HUNGARY
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
INDIA The Hongkong and Shanghai Banking The Hongkong and Shanghai
Corporation Limited Banking
Xxxxx Xxxx Xxxxx Xxxx, Worli Corporation Limited
Xxxxxx 000 000 Xxxxxx
XXXXX
Deutsche Bank AG Deutsche Bank AG
Kodak House Mumbai
000 X.X. Xxxx, Xxxx
Xxxxxx 400 001
INDIA
Standard Chartered Bank Standard Chartered Bank
Phoenix Centre, Phoenix Xxxxx Mumbai
Compound
Senapati Xxxxx Xxxx, Lower Parel
Mumbai 400 013
INDIA
INDONESIA The Hongkong and Shanghai Banking Standard Chartered Bank
Corporation Limited Jakarta
World Trade Center
Xx. Xxxx Xxxxxxxx Xxx. 00-00
Xxxxxxx 00000
XXXXXXXXX
Standard Chartered Bank Standard Chartered Bank
Xx. Xxxx Xxxxxxxx Xxx. 00-X Xxxxxxx
Xxxxxxx 00000
XXXXXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
IRELAND Bank of Ireland Chase Manhattan Bank AG
International Financial Services Xxxxxx Xxxxxxxxx
0 Xxxxxxxxxxxxx Xxxxx
Xxxxxx 0
XXXXXXX
Allied Irish Banks, p.l.c. Chase Manhattan Bank 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 X.X. Xxxxx Manhattan Bank AG
2 Xxxxxx Xxx Xxxxxx Xxxxxxxxx
00000 Xxxxx
XXXXX
IVORY COAST Societe Generale de Banques en Cote Societe Generale
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
Jamaica Limited Bank
00-00 Xxxxxxxxx Xxxx. Jamaica Limited
Kingston 10 Kingston
JAMAICA
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
JAPAN The Fuji Bank, Limited The Chase Manhattan Bank
0-0 Xxxxxxxxxx-Xxxxxxxxx Xxxxx
Xxxx-Xx
Xxxxx 000
XXXXX
The Bank of Tokyo-Mitsubishi, Limited The Chase Manhattan Bank
0-0 Xxxxxxxxxx Xxxxxxxxx 0-xxxxx 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
00, Xxxxxxx Xxxxxx Xxxxxx Xxxxxxxxxx
480099 Almaty Almaty
KAZAKHSTAN
KENYA Barclays Bank of Kenya Limited Barclays Bank of Kenya Ltd
c/o Barclaytrust Investment Services Nairobi
& Limited
Mezzanine 0, Xxxxxxxx Xxxxx, Xxxxx Xxxxxx
Xxxxxxx
XXXXX
XXXXXX A/S Hansabanka A/S Hansabanka
Kalku iela 26 Xxxx
Xxxx, XX 0000
XXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
LEBANON HSBC Bank Middle East The Chase Manhattan Bank
Ras-Beirut Branch New York
P.O. Box 11-1380
Xxxxx Xxxx
Ras-Beirut
LEBANON
LITHUANIA Vilniaus Bankas AB Vilniaus Bankas AB
Xxxxxxxx xxx. 00-000 Xxxxxxx
LT 2662 Vilnius
LITHUANIA
LUXEMBOURG Banque Generale du Luxembourg X.X. Xxxxx Manhattan Bank AG
00 Xxxxxx X.X. Xxxxxxx Xxxxxxxxx
X-0000
XXXXXXXXXX
XXXXXXXX The Chase Manhattan Bank (M) Berhad The Chase Manhattan Bank
Menara Dion, Xxxxx 00 (X) Xxxxxx
Xxxxx Xxxxxx Xxxxxx Xxxxx Xxxxxx
00000, Kuala Lumpur
MALAYSIA
HSBC Bank Malaysia Berhad HSBC Bank Malaysia Berhad
0 Xxxxx Xxxxxx Xxxxx Xxxxxx
00000 Xxxxx Xxxxxx
MALAYSIA
MAURITIUS The Hongkong and Shanghai Banking The Hongkong and Shanghai
Corporation Limited Banking
5/F Les Cascades Building Corporation Limited
Xxxxx Xxxxxx Street Port Louis
Port Louis
MAURITIUS
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
MEXICO Chase Manhattan Xxxx Xxxxxx, X.X. Xxxxx Manhattan Bank
Torre Optima Mexico, S.A.
Xxxxx xx xxx Xxxxxx #000 Xxxx 00 Xxxxxx, X.X
Xxxxx xx Xxxxxxxxxxx
00000 Xxxxxx, D. F.
MEXICO
Citibank Mexico, S.A. Citibank Mexico, S.A.
Paseo de la Reforma 390 Xxxxxx, X.X
00000 Xxxxxx, D.F.
MEXICO
MOROCCO Banque Commerciale du Maroc S.A. Banque Commerciale du
2 Boulevard Xxxxxx Xxxxxxx Maroc S.A.
Casablanca 2000 Casablanca
MOROCCO
NAMIBIA Standard Bank Namibia Limited Standard Corporate &
Mutual Platz Merchant Bank
Cnr Xxxxxxxx and Post Streets Johannesburg
X.X.Xxx 0000
Xxxxxxxx
XXXXXXX
XXXXXXXXXXX ABN AMRO N.V. Chase Manhattan Bank AG
Kemelstede 2 Frankfurt
X. X. Xxx 0000
0000 Xx Xxxxx
XXXXXXXXXXX
Fortis Bank (Nederland) N.V. Chase Manhattan Bank AG
55 Rokin Frankfurt
X.X. Xxx 000
0000 XX Xxxxxxxxx
XXXXXXXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
NEW ZEALAND National Nominees Limited National Bank of Xxx
Xxxxx 0 XXX Xxxxx Xxxxxxx
000 Xxxxx Xxxxxx Xxxxxxxxxx
Xxxxxxxx
XXX XXXXXXX
*NIGERIA* Stanbic Merchant Bank Nigeria Limited Standard Bank of South
000 Xxxxxxx Xxxx Xxxxxx
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 Xxxxxx
Xxxx, Xxxxxx XX 000
XXXX
XXXXXXXX Citibank, N.A. Citibank, N.A.
AWT Plaza Karachi
X.X. Xxxxxxxxxx Xxxx
Xxxxxxx 00000
XXXXXXXX
Deutsche Bank AG Deutsche Bank AG
Unitowers Karachi
X.X. Xxxxxxxxxx Xxxx
Xxxxxxx 00000
XXXXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
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
XXXXXXXXXXX The Hongkong and Shanghai Banking The Hongkong and Shanghai
Corporation Limited Banking
30/F Discovery Suites Corporation Limited
00 XXX Xxxxxx Xxxxxx
Ortigas Center
Pasig City, Manila
PHILIPPINES
POLAND Bank Handlowy w. Warszawie S.A. Bank Rozwoju Eksportu S.A.
xx. Xxxxxxxxxx 00 Xxxxxx
00-000 Xxxxxx
XXXXXX
Bank Polska Kasa Opieki S.A. Bank Rozwoju Eksportu S.A.
00 Xxxxx xxxxxx Xxxxxx
00-000 Xxxxxx
XXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
PORTUGAL Banco Espirito Santo e Comercial de Chase Manhattan Bank AG
Lisboa, S.A. Frankfurt
Xxx Xxxxxxxx xx Xxxxxxxx, 00 X/x
0000 Xxxxxx
XXXXXXXX
Banco Comercial Portugues, X.X. Xxxxx Manhattan Bank AG
Xxx Xxxxxxx, 00000 Xxxxxxxxx
0000 Xxxxxx
XXXXXXXX
ROMANIA ABN AMRO Bank (Romania) S.A. ABN AMRO Bank
World Trade Centre Building-E, 2nd Floor (Romania) S.A.
Bld. Xxxxxxxxxx Xx. 0 Xxxxxxxxx
00000 Xxxxxxxxx 0
XXXXXXX
ING Bank N.V. ING Bank N.V.
00-00 Xxxxxxxx Xxxx Xxxxxxxxx
Xxxxxxxxx 0
XXXXXXX
*RUSSIA* Chase Manhattan Bank International The Chase Manhattan
1st Tverskaya - Yamskaya, 23 Bank
125047 Moscow New York
RUSSIA A/C The Chase Manhattan
London (US$ NOSTRO
Account)
Credit Suisse First Boston AO The Chase Manhattan
Nikitsky Pereulok, 5 Bank
103009 Moscow New York
RUSSIA A/C The Chase Manhattan
London (US$ NOSTRO
Account)
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
*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, A.S. Ceskoslovenska Obchodni
Xxxxxxxxx 00 Xxxxx, A.S.
000 00 Xxxxxxxxxx Xxxxxxxxxx
XXXXXX XXXXXXXX
SLOVENIA Bank Austria Creditanstalt d.d. Xxxxxxxxx Xxxx Xxxxxxx
Xxxxxxxxx 0 Creditanstalt d.d. Ljubljana
XX-00000 Xxxxxxxxx Xxxxxxxxx
XXXXXXXX
XXXXX XXXXXX The Standard Bank of South Africa Limited Standard Corporate &
Standard Xxxx Xxxxxx Xxxxxxxx Xxxx
0xx Xxxxx Xxxxxxxxxxxx
0 Xxxxxxxx Xxxxxx
Xxxxxxxxxxxx 0000
XXXXX XXXXXX
SOUTH KOREA The Hongkong and Shanghai Banking The Hongkong and
Corporation Limited Shanghai Banking
5/F HSBC Building Corporation Limited
#00, Xxxxxxx-xxxx 0-xx Xxxxx
Xxxxx
XXXXX XXXXX
Standard Chartered Bank Standard Chartered Bank
22/F, Seoul Finance Centre BuildingSeoul
00, Xxxxx-xxxx, Xxxxx-Xx
Xxxxx
XXXXX XXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
SPAIN Chase Manhattan Bank CMB, X.X. Xxxxx Manhattan Bank AG
Xxxxx xx xx Xxxxxxxxxx, 00 Xxxxxxxxx
00000 Xxxxxx
XXXXX
SRI LANKA The Hongkong and Shanghai Banking The Hongkong and Shanghai
Corporation Limited Banking
Unit #02-02, West Block Podium Corporation Limited
World Trade Center 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 The Chase Manhattan Bank The Chase Manhattan Bank
14th Floor Taipei
0, Xxx Xxx X. Xxxx Xxx. 0
Xxxxxx
XXXXXX
The Hongkong and Shanghai Banking The Hongkong and Shanghai
Corporation Limited Banking
International Trade Building Corporation Limited
16th Floor, Taipei World Trade Center Taipei
000 Xxxxxxx Xxxx, Xxxxxxx 0
Xxxxxx 000
XXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
THAILAND Standard Chartered Bank Standard Chartered Bank
14th Floor, Zone B Bangkok
Sathorn Nakorn Tower
000 Xxxxx Xxxxxxx Xxxx
Xxxxxxx, Xxxxxxx 00000
THAILAND
TUNISIA Banque Internationale Arabe de Banque Internationale Arabe
Tunisie, S.A. de Tunisie, S.A.
00-00 Xxxxxx Xxxxx Xxxxxxxxx Tunis
X.X. Xxx 000
0000 Xxxxx Xxxxx
XXXXXXX
XXXXXX The Chase Manhattan Bank The Chase Manhattan 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. The Chase Manhattan Bank National Westminster Bank
Xxxxxx Court London
Ground Floor
00 Xxxxxxxxxxx
Xxxxxx XX0X 0XX
XXXXXX XXXXXXX
COUNTRY SUB-CUSTODIAN CORRESPONDENT BANK
------- ------------- ------------------
URUGUAY BankBoston, N.A. BankBoston, X.X.
Xxxxxx 1463 Montevideo
Montevideo
URUGUAY
U.S.A. The Chase Manhattan Bank The Chase Manhattan 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
Xxxxxxxx Xxxxxxxx
Xxxxxxx 0000
XXXXXXXXX
XXXXXXX The Hongkong and Shanghai Banking The Hongkong and Shanghai
Corporation Limited Banking
00 Xxxx Xxxx Xxxx, Xxxxxxxx 1 Corporation Limited
Ho Chi Minh City Ho Chi Minh City
VIETNAM
ZAMBIA Barclays Bank of Zambia Limited Barclays Bank of Zambia Ltd
Xxxxx Xxxxx, Xxxxx Xxxx Xxxxxx
Xxxxxx
XXXXXX
ZIMBABWE Barclays Bank of Zimbabwe Limited Barclays Bank of Xxxxxxxx
0xx Xxxxx, 0 Xxxxxx Xxxxx Ltd
Xxxxx Xxxx Avenue Harare
Harare
ZIMBABWE
Schedule 2
Fees
July 2, 2001
Global Custody Services
Safekeeping fees will be calculated on the month end market values of
the securities under custody, and collected monthly. Fees are payable within 30
days of the invoice date.
Safekeeping Fees:
First $500 million ($0-$500mm) 9.0 bp per annum
Next $500 million ($500mm-$1b) 8.0 bp per annum
Next $500 million ($1b-$1.5b) 7.5 bp per annum
Excess (over $1.5b) 7.0 bp per annum
Out of Pocket Fees
The Funds will reimburse Chase for out-of-pocket expenses incurred on
their behalf. Out-of-pocket expenses consist of pass-through charges such as
scrip fees, stamp duties, re-registration fees, etc.
This Fee Schedule will remain in effect until July 2, 2002 and may then
be subject to renegotiation based on significant market, asset, transaction or
product usage variances.
Schedule 3
Investor Services Network Management "At A Glance" Report
SECURITIES DEPOSITORIES
----------------------------------------------------------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
----------------------------------------------------------------------------------------------------------------------------------
Argentina CVSA Equity, Corporate Debt, Government Debt
(Caja de Valores S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Argentina CRYL Government Debt
(Central de Registration y Liquidacion de
Instrumentos de Endeudamiento Publico)
----------------------------------------------------------------------------------------------------------------------------------
Australia Austraclear Limited Corporate Debt, Money Market, Semi-Government Debt
----------------------------------------------------------------------------------------------------------------------------------
Australia CHESS Equity
(Clearing House Electronic Sub-register System)
----------------------------------------------------------------------------------------------------------------------------------
Australia RITS Government Debt
(Reserve Bank of Australia/Reserve Bank
Information and Transfer System)
----------------------------------------------------------------------------------------------------------------------------------
Austria OeKB Equity, Corporate Debt, Government Debt
(Oesterreichische Kontrollbank AG)
----------------------------------------------------------------------------------------------------------------------------------
Belgium CIK Equity, Corporate Debt
(Caisse Interprofessionnelle de Depots et de
Virements de Titres S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Xxxxxxx XXX Corporate Debt, Government Debt
(National Bank of Belgium)
----------------------------------------------------------------------------------------------------------------------------------
Brazil CBLC Equity
(Companhia Brasileira de Liquidacao e Custodia)
----------------------------------------------------------------------------------------------------------------------------------
Brazil CETIP Corporate Debt
(Central de Custodia e Liquidacao Financiera
de Titulos Privados)
----------------------------------------------------------------------------------------------------------------------------------
Brazil SELIC Government Debt
(Sistema Especial de Liquidacao e Custodia)
----------------------------------------------------------------------------------------------------------------------------------
Bulgaria BNB Government Debt
(Bulgaria National Bank)
----------------------------------------------------------------------------------------------------------------------------------
Bulgaria CDAD Equity, Corporate Debt
(Central Depository A.D.)
----------------------------------------------------------------------------------------------------------------------------------
Canada CDS Equity, Corporate, Government Debt
(The Canadian Depository for Securities
Limited)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
----------------------------------------------------------------------------------------------------------------------------------
Chile DCV Equity, Corporate Debt, Government Debt
(Deposito Central de Valores S.A.)
----------------------------------------------------------------------------------------------------------------------------------
China, Shanghai SSCCRC Equity
(Shanghai Securities Central Clearing and
Registration Corporation)
----------------------------------------------------------------------------------------------------------------------------------
China, Shenzhen SSCC Equity
(Shenzhen Securities Clearing Company, Limited)
----------------------------------------------------------------------------------------------------------------------------------
Colombia DCV Government Debt
(Deposito Central de Valores)
----------------------------------------------------------------------------------------------------------------------------------
Colombia DECEVAL Equity, Corporate Debt, Government Debt
(Deposito Centralizado de Valores de Colombia
S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Croatia SDA Equity, Government Debt
(Central Depository Agency Inc. - Stredisnja
depozitarna agencija d.d.)
----------------------------------------------------------------------------------------------------------------------------------
Croatia MOF Short-term debt issued by the Ministry of Finance.
(Ministry of Finance of the Republic of
Croatia)
----------------------------------------------------------------------------------------------------------------------------------
Croatia CNB Short-term debt issued by the National Bank of
(Croatian National Bank) Croatia.
----------------------------------------------------------------------------------------------------------------------------------
Czech Republic SCP Equity, Corporate Debt, Government Debt
(Stredisko cennych papiru - Ceska republica)
----------------------------------------------------------------------------------------------------------------------------------
Czech Republic CNB Government Debt
(Czech National Bank)
----------------------------------------------------------------------------------------------------------------------------------
Denmark VP Equity, Corporate Debt, Government Debt
(Vaerdipapircentralen A/S)
----------------------------------------------------------------------------------------------------------------------------------
Egypt MCSD Equity, Corporate Debt
(Misr for Clearing, Settlement and Depository,
S.A.E.)
----------------------------------------------------------------------------------------------------------------------------------
Estonia ECDS Equity, Corporate Debt, Government Debt
(Estonian Central Depository for Securities
Limited - Eesti Vaatpaberite Keskdepositoorium)
----------------------------------------------------------------------------------------------------------------------------------
Finland APK Equity, Corporate Debt, Government Debt
(Finnish Central Securities Depository Limited)
----------------------------------------------------------------------------------------------------------------------------------
France Euroclear France Equity, Corporate Debt, Government Debt
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
----------------------------------------------------------------------------------------------------------------------------------
Germany CBF Equity, Corporate Debt, Government Debt
(Clearstream Banking AG)
----------------------------------------------------------------------------------------------------------------------------------
Greece CSD Equity, Corporate Debt
(Central Securities Depository S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Greece BoG Government Debt
(Bank of Greece)
----------------------------------------------------------------------------------------------------------------------------------
Hong Kong HKSCC Equity
(Hong Kong Securities Clearing Company Limited)
----------------------------------------------------------------------------------------------------------------------------------
Hong Kong CMU Corporate Debt, Government Debt
(Central Moneymarkets Unit)
----------------------------------------------------------------------------------------------------------------------------------
Hungary KELER Equity, Corporate Debt, Government Debt
(Central Clearing House and Depository
(Budapest) Ltd. - Kozponti Elszamolohaz es
Ertektar (Budapest) Rt.)
----------------------------------------------------------------------------------------------------------------------------------
India NSDL Equity, Corporate Debt, Government Debt
(National Securities Depository Limited)
----------------------------------------------------------------------------------------------------------------------------------
India CDSL Equity
(Central Depository Services (India) Limited)
----------------------------------------------------------------------------------------------------------------------------------
India 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, Government Debt
(Tel Aviv Stock Exchange Clearing House)
----------------------------------------------------------------------------------------------------------------------------------
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, Government Debt
(Jamaica Central Securities Depository)
----------------------------------------------------------------------------------------------------------------------------------
Japan JASDEC Equity, Convertible Debt
(Japan Securities Depository Center)
----------------------------------------------------------------------------------------------------------------------------------
Japan BoJ Registered Government Debt
(Bank of Japan)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
----------------------------------------------------------------------------------------------------------------------------------
Kazahkstan CSD Equity
(Central Securities Depository CJSC)
----------------------------------------------------------------------------------------------------------------------------------
Kenya CBCD Government Debt
(Central Bank Central Depository)
----------------------------------------------------------------------------------------------------------------------------------
Latvia LCD Equity, Corporate Debt, Government Debt
(Latvian Central Depository)
----------------------------------------------------------------------------------------------------------------------------------
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, Government Debt
(Central Securities Depository of Lithuania)
----------------------------------------------------------------------------------------------------------------------------------
Luxembourg CBL Equity
(Clearstream Banking S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Malaysia MCD Equity, Corporate Debt
(Malaysian Central Depository Sdn. Bhd.)
----------------------------------------------------------------------------------------------------------------------------------
Malaysia BNM Government Debt
(Bank Negara Malaysia)
----------------------------------------------------------------------------------------------------------------------------------
Mauritius CDS Equity, Corporate Debt
(Central Depository and Settlement Company
Limited)
----------------------------------------------------------------------------------------------------------------------------------
Mexico INDEVAL Equity, Corporate Debt, Government Debt
(S.D. INDEVAL S.A. de C.V.)
----------------------------------------------------------------------------------------------------------------------------------
Morocco Maroclear Equity, Corporate Debt, Government Debt
----------------------------------------------------------------------------------------------------------------------------------
Netherlands NECIGEF Equity, Corporate Debt, Government Debt
(Nederlands Centraal Insituut voor Giraal
Effectenverkeer B.V.)
----------------------------------------------------------------------------------------------------------------------------------
New Zealand NZCSD Equity, Corporate Debt, Government Debt
(New Zealand Central Securities Depository)
----------------------------------------------------------------------------------------------------------------------------------
Nigeria CSCS Equity, Corporate Debt, Government Debt
(Central Securities Clearing System Limited)
----------------------------------------------------------------------------------------------------------------------------------
Norway VPS Equity, Corporate Debt, Government Debt
(Verdipapirsentralen)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
----------------------------------------------------------------------------------------------------------------------------------
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)
----------------------------------------------------------------------------------------------------------------------------------
Pakistan SBP Government Debt
(State Bank of Pakistan)
----------------------------------------------------------------------------------------------------------------------------------
Peru CAVALI Equity, Corporate Debt, Government Debt
(CAVALI ICLV S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Philippines PCD Equity
(Philippine Central Depository, Inc.)
----------------------------------------------------------------------------------------------------------------------------------
Philippines XXXX Government Debt
(Bangko Sentral ng Pilipinas / Register of
Scripless Securities)
----------------------------------------------------------------------------------------------------------------------------------
Poland NDS Equity, Long-Term Government Debt
(National Depository for Securities S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Poland CRT Short-Term Government Debt
(Central Registry of Treasury-Bills)
----------------------------------------------------------------------------------------------------------------------------------
Portugal INTERBOLSA Equity, Corporate Debt, Government Debt
(Sociedade Gestora de Sistemas de Liquidacao e
de Sistemas Centralizados de Valores
Mobiliarios, S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Romania SNCDD Equity
(National Company for Clearing, Settlement and
Depository for Securities)
----------------------------------------------------------------------------------------------------------------------------------
Romania BSE Equity
(Bucharest Stock Exchange)
----------------------------------------------------------------------------------------------------------------------------------
Russia VTB Equity, Corporate Debt, Government Debt (Ministry of
(Vneshtorgbank) Finance Bonds)
----------------------------------------------------------------------------------------------------------------------------------
Russia NDC Equity, Corporate Debt, Government Debt
(National Depository Centre)
----------------------------------------------------------------------------------------------------------------------------------
Singapore CDP Equity, Corporate Debt
(The Central Depository (Pte) Limited)
----------------------------------------------------------------------------------------------------------------------------------
Singapore MAS Government Debt
(Monetary Authority of Singapore)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
----------------------------------------------------------------------------------------------------------------------------------
Slovak Republic SCP Equity, Corporate Debt, Government Debt
(Stredisko cennych papierov SR Bratislava, a.s.)
----------------------------------------------------------------------------------------------------------------------------------
Slovak Republic NBS Government Debt
(National Bank of Slovakia)
----------------------------------------------------------------------------------------------------------------------------------
Slovenia KDD Equity, Corporate Debt, Government Debt
(Centralna klirinsko depotna xxxxxx x.x.)
----------------------------------------------------------------------------------------------------------------------------------
South Africa CDL Corporate Debt, Government Debt
(Central Depository (Pty) Limited)
----------------------------------------------------------------------------------------------------------------------------------
South Africa STRATE Equity
(Share Transactions Totally Electronic)
----------------------------------------------------------------------------------------------------------------------------------
South Korea KSD Equity, Corporate Debt, Government Debt
(Korea Securities Depository)
----------------------------------------------------------------------------------------------------------------------------------
Spain SCLV Equity, Corporate Debt
(Servicio de Compensacion y Liquidacion de Valores,
S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Spain CBEO Government Debt
(Banco de Espana / Central Book Entry Office)
----------------------------------------------------------------------------------------------------------------------------------
Sri Lanka CDS Equity, Corporate Debt
(Central Depository System (Private) Limited)
----------------------------------------------------------------------------------------------------------------------------------
Sweden VPC Equity, Corporate Debt, Government Debt
(Vardepapperscentralen AB)
----------------------------------------------------------------------------------------------------------------------------------
Switzerland SIS Equity, Corporate Debt, Government Debt
(SIS SegaInterSettle AG)
----------------------------------------------------------------------------------------------------------------------------------
Taiwan TSCD Equity, Government Debt
(Taiwan Securities Central Depository Co.,
Ltd.)
----------------------------------------------------------------------------------------------------------------------------------
Thailand TSD Equity, Corporate Debt, Government Debt
(Thailand Securities Depository Company
Limited)
----------------------------------------------------------------------------------------------------------------------------------
Transnational DCC Euro-CDs
(The Depository and Clearing Centre)
----------------------------------------------------------------------------------------------------------------------------------
Transnational CBL Internationally Traded Debt, Equity
(Clearstream Banking, S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Transnational Euroclear Internationally Traded Debt, Equity
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
COUNTRY DEPOSITORY INSTRUMENTS
----------------------------------------------------------------------------------------------------------------------------------
Tunisia STICODEVAM Equity, Corporate Debt, Government Debt
(Societe Tunisienne Interprofessionnelle pour
la Compensation et le Depot des Valeurs
Mobilieres)
----------------------------------------------------------------------------------------------------------------------------------
Turkey TAKASBANK Equity, Corporate Debt, Government Debt
(IMKB Takas ve Saklama Bankasi A.S.)
----------------------------------------------------------------------------------------------------------------------------------
United Arab DFM Equity, Corporate Debt, Government Debt
Emirates (Dubai Financial Market Clearing House)
----------------------------------------------------------------------------------------------------------------------------------
United Kingdom CREST Equity, Corporate Debt, Government Debt
(CRESTCo Limited)
----------------------------------------------------------------------------------------------------------------------------------
United Kingdom CMO Sterling & Euro CDs, Commercial Paper
(Central Moneymarkets Office)
----------------------------------------------------------------------------------------------------------------------------------
United States DTC Equity, Corporate Debt
(Depository Trust Company)
----------------------------------------------------------------------------------------------------------------------------------
United States PTC Mortgage Back Debt
(Participants Trust Company)
----------------------------------------------------------------------------------------------------------------------------------
United States FED Government Debt
(The Federal Reserve Book-Entry System)
----------------------------------------------------------------------------------------------------------------------------------
Venezuela BCV Government Debt
(Banco Central de Venezuela)
----------------------------------------------------------------------------------------------------------------------------------
Venezuela CVV Equity, Corporate Debt, Money Market
(Caja Venezolana de Valores, S.A.)
----------------------------------------------------------------------------------------------------------------------------------
Vietnam SCC Equity, Corporate Debt, Government Debt
(Securities Custody Centre)
----------------------------------------------------------------------------------------------------------------------------------
Zambia CSD Equity, Government Debt
(XxXX Central Shares Depository Limited)
----------------------------------------------------------------------------------------------------------------------------------
Zambia BoZ Government Debt
(Bank of Zambia)
----------------------------------------------------------------------------------------------------------------------------------
Appendix 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:
A. Opinions of local counsel concerning:
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.
ii. Whether applicable foreign law would restrict the 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.
iii. Whether applicable foreign law would restrict the 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:
i. The foreseeability of expropriation, nationalization, freezes, or
confiscation of Customer's Financial Assets.
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.
DOMESTIC AND GLOBAL
SPECIAL TERMS AND CONDITIONS RIDER
Corporate Actions and Proxies through The Depository Trust Company ("DTC")
With respect to Financial Assets held at DTC, the following provisions shall
apply rather than the pertinent provisions of Sections 2.10-2.11 of the
Agreement:
Bank shall send to Customer or the Authorized Person for a Custody
Account, such proxies (signed in blank, if issued in the name of Bank's
nominee or the nominee of a central depository) and communications with
respect to Financial Assets in the Custody Account as call for voting
or relate to legal proceedings within a reasonable time after
sufficient copies are received by Bank for forwarding to its customers.
In addition, Bank shall follow coupon payments, redemptions, exchanges
or similar matters with respect to Financial Assets in the Custody
Account and advise Customer or the Authorized Person for such Account
of rights issued, tender offers or any other discretionary rights with
respect to such Financial Assets, in each case, of which Bank has
received notice from the issuer of the Financial Assets, or as to which
notice is published in publications routinely utilized by Bank for this
purpose.
