EXHIBIT 28(G)
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MUTUAL FUND CUSTODY AND
SERVICES AGREEMENT
THIS AGREEMENT, effective as of the 27/th/ day of October, 2011, and is by
and between LINCOLN ADVISORS TRUST (referred to herein as the "Fund"), a
Delaware statutory trust with its principal place of business at 0000 X.
Xxxxxxx Xxxxxx, Xxxx Xxxxx, Xxxxxxx 00000, on behalf of its Series, and THE
BANK OF NEW YORK MELLON (referred to herein as the "Custodian"), a bank
organized under the laws of the state of New York with its principal place of
business at Xxx Xxxx Xxxxxx, Xxx Xxxx 00000.
W I T N E S S E T H:
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WHEREAS, the Fund is authorized to issue shares in separate series with each
such series representing interests in a separate portfolio of securities and
other assets, and the Fund has made the Series listed on Appendix D subject to
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this Agreement (each such series, together with all other series subsequently
established by the Fund and made subject to the Agreement in accordance with
the terms hereof, shall be referred to as a "Series" and collectively as the
"Series");
WHEREAS, the Fund and the Custodian desire to set forth their agreement with
respect to the custody of the Series' Securities and cash and the processing of
Securities transactions;
WHEREAS, the Board desires to delegate certain of its responsibilities for
performing the services set forth in paragraphs (c)(1), (c)(2) and (c)(3) of
Rule 17f-5 to the Custodian as a Foreign Custody Manager;
WHEREAS, the Custodian agrees to accept such delegation with respect to
Assets; and
WHEREAS, the Custodian agrees to perform the function of a Primary Custodian
under Rule 17f-7;
NOW THEREFORE, the Fund and the Custodian agree as follows:
DEFINITIONS
The following words and phrases, unless the context requires otherwise,
shall have the following meanings:
1. "ACT": the Investment Company Act of 1940 and the Rules and Regulations
thereunder, all as amended from time to time.
2. "AGREEMENT": this agreement and any amendments.
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3. "ASSETS": any Securities and other assets and investments of the Fund and/or
Series, including foreign currencies and investments for which the primary
market is outside the United States, and such cash and cash equivalents as are
reasonably necessary to effect the Fund's and/or Series' transactions in such
investments.
4. "AUTHORIZED PERSON": any person, whether or not any such person is an
officer or employee of the Fund, duly authorized by the Fund to add or delete
jurisdictions pursuant to Article II and to give Instructions on behalf of a
Series which is listed in the Certificate annexed hereto as Appendix A
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or such other Certificate as may be received by the Custodian from time to time.
5. "BOARD": the Board of Directors/Trustees (or the body authorized to exercise
authority similar to that of the board of directors of a corporation) of the
Fund.
6. "BOOK-ENTRY SYSTEM": the Federal Reserve/Treasury book-entry system for
United States and federal agency Securities, its successor or successors and
its nominee or nominees.
7. "BUSINESS DAY": any day on which the Series, the Custodian, the Book-Entry
System and appropriate clearing corporation(s) are open for business.
8. "CERTIFICATE": any notice, instruction or other instrument in writing,
authorized or required by this Agreement to be given to the Custodian, which is
actually received by the Custodian and signed on behalf of a Series by an
Authorized Person or Persons designated by the Board to issue a Certificate.
9. "ELIGIBLE SECURITIES DEPOSITORY": the meaning of the term set forth in Rule
17f-7(b)(1).
10. "FOREIGN COUNTRIES": the jurisdictions listed on Appendix C
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for which the Custodian makes available Foreign Custodians, as such list may be
amended from time to time in accordance with Article II.
11. "FOREIGN CUSTODIAN": (a) 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 the country's government or an agency of
the country's government; (b) a majority-owned direct or indirect subsidiary of
a U.S. Bank or bank-holding company; or (c) any entity, other than a Securities
Depository, with respect to which exemptive or no-action relief has been
granted by the Securities and Exchange Commission to act as an eligible foreign
custodian under Rule 17f-5. For the avoidance of doubt, the term "Foreign
Custodian" shall not include Euroclear, Clearstream, Bank One or any other
transnational system for the central handling of securities or equivalent
book-entries regardless of whether or not such entities or their service
providers are acting in a custodial capacity with respect to Assets, Securities
or other property of the Series.
12. "FOREIGN CUSTODY MANAGER": the meaning set forth in Rule 17f-5(a)(3).
13. "INSTRUCTIONS": (i) all directions to the Custodian from an Authorized
Person
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pursuant to the terms of this Agreement; (ii) all directions by or on behalf of
the Fund to the Custodian in its corporate capacity (or any of its affiliates)
with respect to contracts for foreign exchange; (iii) all directions by or on
behalf of the Fund pursuant to an agreement with Custodian (or any of its
affiliates) with respect to benefit disbursement services or information or
transactional services provided via a web site sponsored by the Custodian (or
any of its affiliates) (e.g., the "Workbench web site") and (iv) all directions
by or on behalf of the Fund pursuant to any other agreement or procedure
between the Custodian (or any of its affiliates) and the Fund, if such
agreement or procedure specifically provides that authorized persons thereunder
are deemed to be authorized to give instructions under this Agreement.
Instructions shall be in writing, transmitted by first class mail, overnight
delivery, private courier, facsimile, or shall be an electronic transmission
subject to the Custodian's policies and procedures, other institutional
delivery systems or trade matching utilities as directed by an Authorized
Person and supported by the Custodian, or other methods agreed upon in writing
by the Fund and Custodian. The Custodian may, in its discretion, accept oral
directions and instructions from an Authorized Person and may require
confirmation in writing. However, where the Custodian acts on an oral direction
prior to receipt of a written confirmation, the Custodian shall not be liable
if a subsequent written confirmation fails to conform to the oral direction.
14. "PRIMARY CUSTODIAN": the meaning set forth in Rule 17f-7(b)(2).
15. "PROSPECTUS": a Series' current registration statement, including the
prospectus(es) and statement(s) of additional information, relating to the
registration of the Shares under the Securities Act of 1933, as amended, and
the Act.
16. "RISK ANALYSIS": the analysis required under Rule 17f-7(a)(1)(i)(A).
17. "RULES 17F-4, 17F-5 and 17F-7": such Rules as promulgated under
Section 17(f) of the Act, as such rules (and any successor rules or
regulations) may be amended from time to time.
18. "SECURITY" or "SECURITIES": bonds, debentures, notes, stocks, shares,
evidences of indebtedness, and other securities, commodities, interests and
investments from time to time owned by the Series.
19. "SECURITIES DEPOSITORY": a system for the central handling of securities as
defined in Rule 17f-4.
20. "SHARES": shares of each Series, however designated.
ARTICLE I. - CUSTODY PROVISIONS
1. APPOINTMENT OF CUSTODIAN. The Board appoints the Custodian, and the
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Custodian accepts appointment, as custodian of all the Assets at the time owned
by or in the possession of the Series during the period of this Agreement. The
Board shall not appoint any other custodian for any Assets of any Series during
the Initial Term.
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2. CUSTODY OF CASH AND SECURITIES.
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a. Receipt and Holding of Assets. The Series will deliver or cause to be
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delivered to the Custodian all Assets owned by it at any time during the period
of this Custody Agreement. The Custodian will not be responsible for such
Assets until actually received. The Board specifically authorizes the Custodian
to hold Assets or other property of the Series with any domestic subcustodian
or Securities Depository, and Foreign Custodians or Eligible Securities
Depositories in the Foreign Countries as provided in Article II, as may be
directed by the Fund or its investment adviser or subadviser, as the case may
be. Assets of the Series deposited in a Securities Depository or Eligible
Securities Depositories will be reflected in an account or accounts which
include only assets held by the Custodian or a Foreign Custodian for its
customers.
b. Disbursements of Cash and Delivery of Securities. The Custodian shall
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disburse cash or deliver out Securities only for the purposes listed below.
Instructions must specify or evidence the purpose for which any transaction is
to be made and the Series shall be solely responsible to assure that
Instructions are in accord with any limitations or restrictions applicable to
the Series:
(1) In payment for Securities purchased for the applicable Series;
(2) In payment of dividends or distributions with respect to Shares;
(3) In payment for Shares which have been redeemed by the applicable
Series;
(4) In payment of taxes;
(5) When Securities are sold, called, redeemed, retired, or otherwise
become payable;
(6) In exchange for, or upon conversion into, other securities alone or
other securities and cash pursuant to any plan or merger, consolidation,
reorganization, recapitalization, readjustment or other similar transactions;
(7) Upon conversion of Securities pursuant to their terms into other
securities;
(8) Upon exercise of subscription, purchase or other similar rights
represented by Securities;
(9) For the payment of interest, management or supervisory fees,
distributions or operating expenses;
(10) In payment of fees and in reimbursement of the expenses and
liabilities of the Custodian attributable to the applicable Series;
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(11) In connection with any borrowings by the applicable Series or short
sales of securities requiring a pledge of Assets, but only against receipt of
amounts borrowed;
(12) In connection with any loans, but only against receipt of adequate
collateral as specified in Instructions which shall reflect any restrictions
applicable to the Series;
(13) For the purpose of redeeming Shares of the capital stock of the
applicable Series and the delivery to, or the crediting to the account of, the
Custodian or the applicable Series' transfer agent, such Shares to be purchased
or redeemed;
(14) For the purpose of redeeming in kind Shares of the applicable
Series against delivery to the Custodian, its subcustodian or the Series'
transfer agent of such Shares to be so redeemed;
(15) For delivery in accordance with the provisions of any agreement
among the Fund, the Custodian and a broker-dealer registered under the
Securities Exchange Act of 1934 (the "Exchange Act") and a member of the
Financial Industry Regulatory Authority ("FINRA"), relating to compliance with
the rules of The Options Clearing Corporation and of any registered national
securities exchange, or of any similar organization or organizations, regarding
escrow or other arrangements in connection with transactions by the Fund. The
Custodian will act only in accordance with Instructions in the delivery of
Securities to be held in escrow and will have no responsibility or liability
for any such Securities which are not returned promptly when due other than to
make proper requests for such return;
(16) For spot or forward foreign exchange transactions to facilitate
security trading, receipt of income from Securities or related transactions;
(17) Upon the termination of this Agreement;
(18) In connection with non-certificated investments including, but not
limited to: deposit obligations, repurchase agreements, and swap transactions,
loan participations, options and futures transactions and other derivative
investments;
(19) For other proper purposes as may be specified in Instructions
issued by an Authorized Person of the Fund which shall include a statement of
the purpose for which the delivery or payment is to be made, the amount of the
payment or specific Assets to be delivered, the name of the person or persons
to whom delivery or payment is to be made, and a Certificate stating that the
purpose is a proper purpose under the instruments governing the Fund; and
(20) For delivery of Assets of the Fund as set forth under Article I,
Section 7.
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c. Deposits. The Custodian may hold cash of the Fund or may arrange to
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have such cash held by any direct or indirect subsidiary of The Bank of New
York Mellon Corporation ("BNY Mellon Affiliate"), domestic subcustodian, a
Foreign Custodian, or with an Eligible Securities Depository. Where cash is on
deposit with the Custodian, a domestic subcustodian, a Foreign Custodian or a
BNY Mellon Affiliate, it will be subject to the terms of this Agreement and
such deposit terms and conditions as may be issued by the Custodian or a BNY
Mellon Affiliate or a domestic subcustodian or a Foreign Custodian, to the
extent applicable, from time to time, including rates of interest and deposit
account access.
d. Actions Which May be Taken Without Instructions. Unless an Instruction
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to the contrary is received, the Custodian shall:
(1) Collect all income due or payable, provided that the Custodian shall
not be responsible for the failure to receive payment of (or late payment of)
distributions or other payments with respect to Assets held in the account;
(2) Present for payment and collect the amount payable upon all Assets
which may mature or be called, redeemed, retired or otherwise become payable.
Notwithstanding the foregoing, the Custodian shall have no responsibility to
the Series for monitoring or ascertaining any call, redemption or retirement
dates with respect to put bonds or similar instruments which are owned by the
Series and held by the Custodian or its nominees where such dates are not
published in sources routinely used by the Custodian. Nor shall the Custodian
have any responsibility or liability to the Series for any loss by the Series
for any missed payments or other defaults resulting therefrom, unless the
Custodian received timely notification from the Series specifying the time,
place and manner for the presentment of any such put bond owned by the Series
and held by the Custodian or its nominee. The Custodian shall not be
responsible and assumes no liability for the accuracy or completeness of any
notification the Custodian may furnish to the Series with respect to put bonds
or similar instruments;
(3) Surrender Securities in temporary form for definitive Securities;
(4) Hold directly, or through a Securities Depository with respect to
Securities therein deposited, for the account of the applicable Series all
rights and similar Securities issued with respect to any Securities held by the
Custodian hereunder for that Series;
(5) Submit or cause to be submitted to the applicable Series or its
investment advisor as designated by the Fund information actually received by
the Custodian regarding ownership rights, including proxies pertaining to
Assets held for the applicable Series;
(6) Deliver or cause to be delivered any Securities held for the
applicable Series in exchange for other Securities or cash issued or paid in
connection with the liquidation, reorganization, refinancing, merger,
consolidation or recapitalization of any corporation, or the exercise of any
conversion privilege;
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(7) Deliver or cause to be delivered any Securities held for the
applicable Series to any protective committee, reorganization committee or
other person in connection with the reorganization, refinancing, merger,
consolidation or recapitalization or sale of assets of any corporation, and
receive and hold under the terms of this Agreement such certificates of
deposit, interim receipts or other instruments or documents as may be issued to
it to evidence such delivery;
(8) Make or cause to be made such transfers or exchanges of the Assets
specifically allocated to the applicable Series and take such other steps as
shall be stated in Instructions to be for the purpose of effectuating any duly
authorized plan of liquidation, reorganization, merger, consolidation or
recapitalization of the applicable Series;
(9) Deliver Securities upon the receipt of payment in connection with
any repurchase agreement related to such Securities entered into by the Series;
(10) Deliver Securities owned by the applicable Series to the issuer
thereof or its agent when such Securities are called, redeemed, retired or
otherwise become payable; provided, however, that in any such case the cash or
other consideration is to be delivered to the Custodian. Notwithstanding the
foregoing, the Custodian shall have no responsibility to the Series for
monitoring or ascertaining any call, redemption or retirement dates with
respect to the put bonds or similar instruments which are owned by the Series
and held by the Custodian or its nominee where such dates are not published in
sources routinely used by the Custodian. Nor shall the Custodian have any
responsibility or liability to the Series for any loss by the Series for any
missed payment or other default resulting therefrom unless the Custodian
received timely notification from the Series specifying the time, place and
manner for the presentment of any such put bond owned by the Series and held by
the Custodian or its nominee. The Custodian shall not be responsible and
assumes no liability to the Series for the accuracy or completeness of any
notification the Custodian may furnish to the applicable Series with respect to
put bonds or similar investments but shall provide the Fund with information
concerning such notices received;
(11) Endorse and collect all checks, drafts or other orders for the
payment of money received by the Custodian for the account of the applicable
Series;
(12) Report the Asset positions of a Series as of such dates as the Fund
and the Custodian may agree upon, in accordance with methods consistently
followed and uniformly applied. It is hereby expressly acknowledged and agreed
that any Asset values that may be reflected in any such report shall be
furnished by the Custodian solely on an accommodation basis and is provided to
or for the benefit of the Fund (or the Fund's service provider or agent) as
general information and is not intended to be a comprehensive summary or report
of the value of the Assets comprising a Series. No representation is made by
the Custodian as to the accuracy or completeness of any such values. The
Custodian does not undertake any duty or responsibility to notify or otherwise
provide any updates or other revisions with respect to any such values. It is
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hereby further expressly acknowledged and agreed that the Custodian shall not
be liable for any loss, cost, damage, expense, liability or claim directly or
indirectly relating to any such values reflected on any such report for a
Series provided by the Custodian; and
(13) Execute any and all documents, agreements or other instruments and
take all actions as may be necessary or desirable for the accomplishment of the
purposes of this Agreement.
d. Confirmation and Statements. Promptly after the close of business on
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each Business Day, the Custodian shall furnish each Series with confirmations
and a summary of all transfers to or from the account of the Series during such
Business Day. Where Securities purchased by a Series are in a fungible bulk of
securities registered in the name of the Custodian (or its nominee) or shown on
the Custodian's account on the books of a Securities Depository, the Custodian
shall by book-entry or otherwise identify the quantity of those securities
belonging to that Series. At least monthly, the Custodian shall furnish each
Series with a detailed statement of the Securities and other Assets held for
the Series under this Custody Agreement.
e. Registration of Securities. The Custodian is authorized to hold all
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Securities, Assets, or other property of each Series in nominee name, in bearer
form or in book-entry form. The Custodian may register any Securities, Assets
or other property of each Series in the name of the Fund or the Series, in the
name of the Custodian, any domestic subcustodian or Foreign Custodian, in the
name of any duly appointed registered nominee of such entity, or in the name of
a Securities Depository or its successor or successors, or its nominee or
nominees. The Fund agrees to furnish to the Custodian appropriate instruments
to enable the Custodian to hold or deliver in proper form for transfer, or to
register in the name of its registered nominee or in the name of a domestic
subcustodian, Foreign Custodian or Securities Depository, any Securities which
the Custodian may hold for the account of the applicable Series and which may
from time to time be registered in the name of the Fund or the applicable
Series.
f. Reporting and Recordkeeping. The ownership of the property whether
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securities, cash and/or other property, and whether held by the Custodian or a
subcustodian or in a depository, clearing agency or clearing system, shall be
clearly recorded on the Custodian's books as belonging to the Series and not
for the Custodian's own interest. Where certificates are legended or otherwise
not fungible with publicly traded certificates (and in other cases where the
Custodian and the Series may agree), the Series reserves the right to instruct
the Custodian as to the name only in which such securities shall be registered
and the Custodian, to the extent reasonably practicable, shall comply with such
Instructions; provided, however, if the Custodian reasonably determines that
compliance with such Instructions is not reasonably practicable or otherwise
may conflict with applicable law, rule or regulation, the Custodian shall
promptly notify the Series and shall comply with reasonable alternatives as to
which the parties may agree. The Custodian shall keep accurate and detailed
accounts of all investments, receipts, disbursements and other transactions for
the Series. All accounts, books and records of the Custodian relating thereto
shall be open to inspection and audit at all reasonable times during normal
business hours of the Custodian by any person
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designated by the Series. All such books, records and accounts shall be
maintained and preserved in the form reasonably requested by the Series and in
accordance with the Act and the Rules and Regulations thereunder, including,
without limitation, Section 31 thereof and Rule 31a-1 and 31a-2 thereunder. All
books, records and accounts pertaining to the Series, which are in the
possession of the Custodian, shall be the property of the Fund and such
materials or (unless the delivery of original materials is required pursuant to
applicable law) legible copies thereof in a format reasonably acceptable to the
Fund, shall be surrendered promptly upon request; provided, however, that the
Custodian shall be entitled to retain a copy or the original of any such books,
records and accounts as may be required or permitted by applicable law and the
Custodian's own policies and procedures. The Custodian will supply to the
Series from time to time, as mutually agreed upon, a statement in respect to
any property of the Series held by the Custodian or by a subcustodian.
g. Segregated Accounts. Upon receipt of Instructions, the Custodian will,
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from time to time establish, segregated accounts on behalf of the applicable
Series to hold and deal with specified Assets as shall be directed.
3. SETTLEMENT OF SERIES TRANSACTIONS.
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a. Customary Practices. Settlement of transactions may be effected in
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accordance with trading and processing practices customary in the jurisdiction
or market where the transaction occurs. The Fund acknowledges that this may, in
certain circumstances, require the delivery of Assets without the concurrent
receipt of Securities (or other property) or cash. In such circumstances, the
Custodian shall have no responsibility for nonreceipt of payments (or late
payment) or nondelivery of Securities or other property (or late delivery) by
the counterparty.
b. Contractual Income. The Custodian shall credit the applicable Series, in
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accordance with the Custodian's standard operating procedure, with income and
maturity proceeds on Securities on the contractual payment dates net of any
taxes or upon actual receipt. To the extent the Custodian credits income on
contractual payment date, the Custodian may reverse such accounting entries to
the contractual payment date if the Custodian reasonably believes that such
amount will not be received.
c. Contractual Settlement. The Custodian will attend to the settlement of
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Securities transactions in accordance with the Custodian's standard operating
procedure, on the basis of either contractual settlement date accounting or
actual settlement date accounting. To the extent the Custodian settles certain
Securities transactions on the basis of contractual settlement date accounting,
the Custodian may reverse to the contractual settlement date any entry relating
to such contractual settlement if the Custodian reasonably believes that such
amount will not be received.
4. LENDING OF SECURITIES. The Custodian may lend the Assets of the Series to the
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extent that the Fund has entered into, and in accordance with the terms and
conditions of, one or more separate securities lending agreements, approved by
the Fund.
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5. PERSONS HAVING ACCESS TO ASSETS OF THE SERIES.
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a. No trustee or agent of the Fund, and no officer, director, employee or
agent of the Fund's investment adviser, of any sub-investment adviser of the
Fund, or of the Fund's administrator, shall have physical access to the assets
of the Series held by the Custodian or be authorized or permitted to withdraw
any investments of the Series, nor shall the Custodian deliver any Assets of
the Series to any such person. No officer, director, employee or agent of the
Custodian who holds any similar position with the Fund's investment adviser,
with any sub-investment adviser of the Fund or with the Fund's administrator
shall have access to the Assets of the Series.
b. Nothing in this Section 5 shall prohibit any duly authorized officer,
employee or agent of the Fund, or any duly authorized officer, director,
employee or agent of the investment adviser, of any sub-investment adviser of
the Series or of the Series' administrator, from giving Instructions to the
Custodian or executing a Certificate so long as it does not result in delivery
of or access to Assets of the Series prohibited by paragraph (a) of this
Section 5.
6. STANDARD OF CARE; SCOPE OF CUSTODIAL RESPONSIBILITIES.
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a. Standard of Care. The Custodian shall be required to exercise reasonable
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care with respect to its duties under this Agreement unless otherwise provided.
(1) Notwithstanding any other provision of this Agreement, the Custodian
shall not be liable for any loss or damage, including counsel fees, resulting
from its action or omission to act or otherwise, except for any such loss or
damage arising out of the negligence or willful misconduct of the Custodian or
of any agent, subcustodian or Foreign Custodian appointed by the Custodian.
(2) The Custodian may consult with the Custodian's or the Fund's counsel
with respect to any matter arising in connection with this Agreement, and the
Custodian shall not be liable nor accountable for any action taken or omitted
by it in good faith in accordance with the advice of such counsel. To the
extent possible, the Custodian shall notify the Fund at any time the Custodian
believes it needs advice of the Fund's counsel with regard to the Custodian's
responsibilities and duties pursuant to this Agreement. If the Custodian wishes
to seek and rely on legal advice from counsel that is neither the Custodian's
counsel nor the Fund's counsel, and the Custodian seeks to be reimbursed for
the counsel fees, then the Custodian must notify and seek prior approval of the
affected Fund, which shall not be unreasonably withheld. The Custodian shall in
no event be liable to the Fund or any Fund shareholder or beneficial owner for
any action reasonably taken or omitted pursuant to such advice.
b. Scope of Duties. Without limiting the generality of the foregoing, the
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Custodian shall be under no duty or obligation to inquire into, and shall not
be liable for:
(1) The acts or omissions of any agent appointed pursuant to
Instructions of the Fund or its investment advisor including, but not limited
to, any broker-dealer or
10 Lincoln Advisors Trust
other entity to hold any Assets of the Fund as collateral or otherwise pursuant
to any investment strategy.
(2) The title, genuineness or validity of the issue of any Securities
purchased by the Series, the legality of the purchase thereof, or the propriety
of the amount paid therefor;
(3) The legality of the sale of any Securities by the Series or the
propriety of the amount for which the same are sold;
(4) The legality of the issue or sale of any Shares, or the sufficiency
of the amount to be received therefor;
(5) The legality of the redemption of any Shares, or the propriety of
the amount to be paid therefor;
(6) The legality of the declaration or payment of any distribution of
the Series; or
(7) The legality of any borrowing for temporary administrative or
emergency purposes.
c. No Liability Until Receipt. The Custodian shall not be liable for, or
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considered to be the Custodian of, any money, whether or not represented by any
check, draft, or other instrument for the payment of money, received by it on
behalf of the Series, until the Custodian actually receives and collects such
money.
d. Amounts Due from Transfer Agent. The Custodian shall not be required to
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effect collection of any amount due to the Series from the Series' transfer
agent nor be required to cause payment or distribution by such transfer agent
of any amount paid by the Custodian to the transfer agent.
e. Collection Where Payment Refused. The Custodian shall not be required to
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take action to effect collection of any amount, if the Securities upon which
such amount is payable are in default, if payment is refused after due demand
or presentation, or with respect to any insolvency or similar proceeding,
unless and until it shall be directed to take such action and it shall be
assured to its satisfaction of reimbursement of its related costs and expenses.
f. No Duty to Ascertain Authority. The Custodian shall not be under any duty
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or obligation to ascertain whether any Assets at any time delivered to or held
by it for the Series are such as may properly be held by the Series under the
provisions of its governing instruments or Prospectus.
g. Reliance on Instructions. The Custodian shall be entitled to rely upon
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any Instruction, notice or other instrument in writing received by the
Custodian and reasonably believed by the Custodian to be genuine and to be
signed by an Authorized Person of the Series. Where the Custodian is issued
Instructions orally, the Series
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acknowledge that if written confirmation is requested, the validity of the
transactions or enforceability of the transactions authorized by the Series
shall not be affected if such confirmation is not received or is contrary to
oral Instructions given. The Custodian shall be fully protected in acting in
accordance with all such Instructions and in failing to act in the absence
thereof. The Custodian shall be under no duty to question any direction of an
Authorized Person with respect to the portion of the account over which such
Authorized Person has authority, to review any property held in the account, to
make any suggestions with respect to the investment and reinvestment of the
Assets in the account, or to evaluate or question the performance of any
Authorized Person. The Custodian shall not be responsible or liable for any
diminution of value of any Assets held by the Custodian or its subcustodians
pursuant to Instructions. In following Instructions, the Custodian shall be
fully protected and shall not be liable for the acts or omissions of any person
or entity not selected or retained by the Custodian in its sole discretion,
including but not limited to, any broker-dealer or other entity designated by
the Fund or Authorized Person to hold Assets of the account as collateral or
otherwise pursuant to an investment strategy.
7. APPOINTMENT OF SUBCUSTODIANS; TRANSFER OF ASSETS TO SUBCUSTODIANS OR
--------------------------------------------------------------------
BROKERS. The Custodian is hereby authorized to appoint one or more domestic
-------
subcustodians (which may be an affiliate of the Custodian) to hold Assets at
any time owned by the Series. The Custodian is also hereby authorized, when
acting pursuant to Instructions, to: 1) place Assets with any Foreign Custodian
located in a jurisdiction which is not a Foreign Country and with Euroclear,
Clearstream, Banc One or any other transnational depository; and 2) settle or
place Assets with a broker or any such domestic subcustodian or Foreign
Custodian in connection with derivative transactions of any kind, including
futures, options, short selling, swaps or other transactions. When acting
pursuant to such Instructions, the Custodian shall not be liable for the acts
or omissions of any such broker, subcustodian or Foreign Custodian.
8. OVERDRAFT FACILITY AND SECURITY FOR PAYMENT. In the event that the Custodian
-------------------------------------------
receives Instructions to make payments or transfers of Assets on behalf of the
Series for which there would be, at the close of business on the Business Day
of such payment or transfer, insufficient monies held by the Custodian on
behalf of the Series, the Custodian may, in its sole discretion, provide an
overdraft (an "Overdraft") to the Series in an amount sufficient to allow the
completion of such payment or transfer. Any Overdraft provided hereunder:
(a) shall be payable on the next Business Day, unless otherwise agreed by the
Series and the Custodian; and (b) shall accrue interest from the date of the
Overdraft to the date of payment in full by the Series at a rate agreed upon
from time to time by the Custodian and the Series or, in the absence of
specific agreement, by such rate as charged to other customers of the Custodian
under procedures uniformly applied. The Custodian and the Series acknowledge
that the purpose of such Overdraft is to temporarily finance the purchase of
Securities for prompt delivery in accordance with the terms hereof, to meet
unanticipated or unusual redemptions, to allow the settlement of foreign
exchange contracts or to meet other unanticipated Series expenses. The
Custodian shall promptly notify the Series (an "Overdraft Notice") of any
Overdraft. To secure payment of any Overdraft and related interest and
expenses, the Series hereby grants to the Custodian a first priority security
interest in and right of setoff against the
12 Lincoln Advisors Trust
Assets in the Series' account, including all income, substitutions and
proceeds, whether now owned or hereafter acquired (the "Collateral"), in the
full amount of such Overdraft, interest and expenses; provided that the Series
does not grant the Custodian a security interest in any Securities issued by an
affiliate of the Custodian (as defined in Section 23A of the Federal Reserve
Act). The Custodian and the Series intend that, as the securities intermediary
with respect to the Collateral, the Custodian's security interest shall
automatically be perfected when it attaches. Should the Series fail to pay
promptly any amounts owed hereunder, the Custodian shall be entitled to use
available Assets in the Series' account and to liquidate Securities in the
account as necessary to meet the Series' obligations relating to such
Overdraft, interest and expenses. In any such case, and without limiting the
foregoing, the Custodian shall be entitled to take such other actions(s) or
exercise such other options, powers and rights as the Custodian now or
hereafter has as a secured creditor under the Pennsylvania Uniform Commercial
Code or any other applicable law.
9. TAX OBLIGATIONS. For purposes of this Agreement, "Tax Obligations" shall
---------------
mean taxes, withholding, certification and reporting requirements, claims for
exemptions or refund, interest, penalties, additions to tax and other related
expenses. To the extent that the Custodian has received relevant and necessary
information with respect to the account, the Custodian shall perform the
following services with respect to Tax Obligations:
a. The Custodian shall file claims for exemptions or refunds with respect to
withheld foreign (non-U.S.) taxes in instances in which such claims are
appropriate upon receipt of sufficient information;
b. The Custodian shall withhold appropriate amounts, as required by U.S. tax
laws, with respect to amounts received on behalf of nonresident aliens upon
receipt of Instructions; and
c. The Custodian shall provide to the Fund or the Authorized Person such
information received by the Custodian which could, in the Custodian's
reasonable belief, assist the Fund or the Authorized Person in the submission
of any reports or returns with respect to Tax Obligations. The Fund shall
inform the Custodian in writing as to which party or parties shall receive
information from the Custodian.
d. The Custodian shall provide such other services with respect to Tax
Obligations, including preparation and filing of tax returns and reports and
payment of amounts due (to the extent funded), as requested by the Fund and
agreed to by the Custodian in writing. The Custodian shall have no independent
obligation to determine the existence of any information with respect to, or
the extent of, any Tax Obligations now or hereafter imposed on the Fund or the
account by any taxing authority. Except as specifically provided herein or
agreed to in writing by the Custodian, the Custodian shall have no obligations
or liability with respect to Tax Obligations, including, without limitation,
any obligation to file or submit returns or reports with any state, foreign or
other taxing authorities.
13 Lincoln Advisors Trust
e. In making payments to service providers pursuant to Instructions, the
Fund acknowledges that the Custodian is acting as a paying agent and not as the
payor, for tax information reporting and withholding purposes.
ARTICLE II.- FOREIGN CUSTODY MANAGER SERVICES
1. DELEGATION. The Board delegates to the Custodian, and the Custodian hereby
----------
agrees to accept, responsibility as the Fund's Foreign Custody Manager for
selecting, contracting with and monitoring Foreign Custodians in Foreign
Countries in accordance with Rule 17f-5(c).
2. CHANGES TO APPENDIX C. Appendix C may be amended by written agreement from
--------------------- ----------
time to time to add or delete jurisdictions by written agreement signed by an
Authorized Person of the Fund and the Custodian, but the Custodian reserves the
right to delete jurisdictions upon reasonable notice to the Series.
3. REPORTS TO BOARD. Custodian shall provide written reports notifying the
----------------
Board of the placement of Assets with a particular Foreign Custodian and of any
material change in a Series' foreign custody arrangements. Such reports shall
be provided to the Board quarterly, except as otherwise agreed by the Custodian
and the Fund.
4. MONITORING SYSTEM. In each case in which the Custodian has exercised
-----------------
delegated authority to place Assets with a Foreign Custodian, the Custodian
shall establish a system, to re-assess or re-evaluate selected Foreign
Custodians, at least annually in accordance with Rule 17f-5(c)(3).
5. STANDARD OF CARE. In exercising the delegated authority under this Article
----------------
II of the Agreement, the Custodian agrees to exercise reasonable care, prudence
and diligence such as a person having responsibility for the safekeeping of the
Assets would exercise in like circumstances. Contracts with Foreign Custodians
shall provide for reasonable care for Assets based on the standards applicable
to Foreign Custodians in the Foreign Country. In making this determination, the
Custodian shall consider the provisions of Rule 17f-5(c)(2).
6. USE OF SECURITIES DEPOSITORIES. In exercising its delegated authority, the
------------------------------
Custodian may assume that the Series and its investment adviser have
determined, pursuant to Rule 17f-7, that the depository provides reasonable
safeguards against custody risks, if a Series decides to place and maintain
foreign Assets with any Securities Depository as to which the Custodian has
provided the Fund on behalf of such Series with a Risk Analysis.
7. NOTICE OF CHANGE OF SUBCUSTODIANS. The Custodian shall promptly advise or
---------------------------------
provide notice to the Series of any change to its subcustodial network.
14 Lincoln Advisors Trust
ARTICLE III. - INFORMATION SERVICES
1. RISK ANALYSIS. The Custodian will provide the Fund on behalf of the Series
-------------
with a Risk Analysis with respect to Securities Depositories operating in the
Foreign Countries. If the Custodian is unable to provide a Risk Analysis with
respect to a particular Securities Depository, it will notify the Fund on
behalf of the Series. Custodian shall advise whether a particular Securities
Depository meets the objective standard set forth in applicable provisions of
Rule 17f-7 of the Act. If a new Securities Depository commences operation in
one of the Foreign Countries, the Custodian will provide the Fund on behalf of
the Series with a Risk Analysis in a reasonably practicable time after such
Securities Depository becomes operational. If a new country is added to
Appendix C, the Custodian will provide the Fund on behalf of the Series with a
----------
Risk Analysis with respect to each Securities Depository in that country within
a reasonably practicable time after the addition of the country to Appendix C.
----------
2. MONITORING OF SECURITIES DEPOSITORIES. The Custodian will monitor the
-------------------------------------
custody risks associated with maintaining assets with each Securities
Depository for which it has provided the Fund on behalf of the Series with a
Risk Analysis as required under Rule 17f-7. The Custodian will promptly notify
the Fund on behalf of the Series or its investment adviser of any material
change in these risks.
3. USE OF AGENTS. The Custodian may employ agents, including, but not limited
-------------
to Foreign Custodians, to perform its responsibilities under Sections 1 and 2
of this Article III.
4. EXERCISE OF REASONABLE CARE The Custodian will exercise reasonable care,
---------------------------
prudence, and diligence in performing its responsibilities under this Article
III. With respect to the Risk Analyses provided or monitoring performed by an
agent, the Custodian will exercise reasonable care in the selection of such
agent, and shall be entitled to rely upon information provided by agents so
selected in the performance of its duties and responsibilities under this
Article III.
5. LIABILITIES AND WARRANTIES. While the Custodian will take reasonable
--------------------------
precautions to ensure that information provided is accurate, the Custodian
shall have no liability with respect to information provided to it by third
parties. Due to the nature and source of information, and the necessity of
relying on various information sources, most of which are external to the
Custodian, the Custodian shall have no liability for direct or indirect use of
such information.
ARTICLE IV.- GENERAL PROVISIONS
1. COMPENSATION.
------------
a. The Fund will compensate the Custodian for its services rendered under
this Agreement in accordance with the fees set forth on Appendix E (the
----------
"Fees"), which schedule may be modified by the Custodian after the Initial Term
upon not less than sixty
15 Lincoln Advisors Trust
days prior written notice to, and the consent of, the Fund. Any undisputed Fees
not paid within sixty (60) days of the invoice date will be subject to a late
charge equal to 1.5% of the Fees remaining unpaid. Additional charges of
1.5% per month will accrue and be owing on such undisputed and unpaid Fees for
each additional month during which such Fees remain unpaid, subject to any
maximum amounts imposed by law. If any Fees are disputed by the Fund, the
Custodian and the Fund shall work together in good faith to resolve the dispute
promptly.
b. The Custodian will xxxx the Fund as soon as practicable after the end of
each calendar month. The Fund will promptly pay to the Custodian the amount of
such billing.
c. If not paid directly or timely by the Fund, the Custodian may, with prior
approval of the Fund which may not be unreasonably withheld, charge against
Assets held on behalf of the Series compensation and any expenses incurred by
the Custodian in the performance of its duties pursuant to this Agreement. The
Custodian shall also be entitled, subject to the approval of the Fund, to
charge against Assets of the Series the amount of any loss, damage, liability
or expense incurred with respect to the Series, including counsel fees, for
which it shall be entitled to reimbursement under the provisions of this
Agreement.
2. INSOLVENCY OF FOREIGN CUSTODIANS. The Custodian shall be responsible for
--------------------------------
losses or damages suffered by the Series arising as a result of the insolvency
of a Foreign Custodian only to the extent that the Custodian failed to comply
with the standard of care set forth in Article II with respect to the selection
and monitoring of such Foreign Custodian.
3. LIABILITY FOR DEPOSITORIES. The Custodian shall not be responsible for any
--------------------------
losses resulting from the deposit or maintenance of Securities, Assets or other
property of the Series with a Securities Depository.
4. DAMAGES. Under no circumstances shall the Custodian be liable for any
-------
indirect, consequential or special damages with respect to its role as Foreign
Custody Manager, Custodian or information vendor.
5. INDEMNIFICATION; LIABILITY OF THE SERIES.
----------------------------------------
a. The Fund shall indemnify and hold the Custodian harmless from all
liabilities and costs and expenses, including reasonable counsel fees and
expenses, relating to or arising out of the performance of the Custodian's
obligations under this Agreement except to the extent resulting from the
negligence or willful misconduct of the Custodian, any agent or subcustodian
appointed by the Custodian or any of its or their directors, officers, agents,
nominees or employees, in the performance of any functions hereunder, or any
other failure to comply with the standard of care required by this Agreement.
This provision shall survive the termination of this Agreement.
b. The Custodian shall indemnify and hold the Fund harmless from all
liabilities and costs and expenses, including reasonable counsel fees and
expenses,
16 Lincoln Advisors Trust
resulting from: (i) the negligence or willful misconduct of the Custodian, any
agent or subcustodian appointed by the Custodian or any of its or their
directors, officers, agents, nominees or employees, in the performance of any
functions hereunder, or any other failure to comply with the standard of care
required by this Agreement; or (ii) any burglary, robbery, hold-up, theft, or
mysterious disappearance, including loss by damage or destruction. This
provision shall survive the termination of this Agreement.
c. The Series and the Custodian agree that the obligations of the Fund under
this Agreement shall not be binding upon any of the directors/trustees,
shareholders, nominees, officers, employees or agents, whether past, present or
future, of the Series, individually, but are binding only upon the Assets and
other property of the Fund.
6. FORCE MAJEURE; DISASTER RECOVERY AND BUSINESS CONTINUITY. NOTWITHSTANDING
---------------------------------------------------------
anything in this Agreement to the contrary contained herein, the Custodian
shall not be responsible or liable for its failure to perform under this
Agreement or for any losses to the account resulting from any event beyond the
reasonable control of the Custodian, its agents or its subcustodians (other
than subcustodians that were engaged by the Custodian at the instruction of the
Fund). In the event of such event, or any disaster that causes a business
interruption, the Custodian shall act in good faith and follow applicable
procedures in its disaster recovery and business continuity plan and use all
commercially reasonable efforts to minimize service interruptions.
The Custodian represents and warrants that it has implemented and maintains
reasonable procedures and systems (including reasonable disaster recovery and
business continuity plans and procedures consistent with legal, regulatory and
business needs applicable to the Custodian's duties under this Agreement) to
safeguard the Fund's records and data and the Custodian's records, data,
equipment facilities and other property that it uses in the performance of its
obligations hereunder from loss or damage attributable to fire, theft, or any
other cause, and the Custodian will make such changes to the procedures and
systems from time to time as are reasonably required for the secure performance
of its obligations hereunder.
7. TERM AND TERMINATION.
---------------------
a. The term of this Agreement shall begin on the date hereof (the "Effective
Date") and continue for an initial term until March 30, 2014 (the "Initial
Term"). After the Initial Term expires, this Agreement shall continue but
either (1) the Custodian may terminate this Agreement with respect to the Fund
by giving the Fund one hundred twenty (120) days notice in writing, specifying
the date of such termination, or (2) the Fund may terminate this Agreement with
respect to the Fund by giving the Custodian sixty (60) days notice in writing,
specifying the date of such termination.
b. This Agreement may be terminated by the following party or parties, as
the case may be, for one or more of the following reasons, provided the
terminating party or parties provides the applicable written notice to the
other party or parties of the reason for such termination:
17 Lincoln Advisors Trust
(1) NonRenewal: This Agreement shall terminate with respect to the
----------
Fund at the end of the Initial Term if either the Custodian or the Fund
provides notice that it does not want to renew or extend this Agreement at the
end of the Initial Term;
(2) Mutual Agreement: The Custodian and the Fund may mutually
----------------
agree in writing to terminate this Agreement with respect to the Fund at any
time;
(3) "For Cause": (A) The Custodian may terminate this Agreement
----------
with respect to the Fund "For Cause," as defined below, by providing the Fund
with written notice of termination "For Cause" at least 60 days prior to the
date of termination of this Agreement with respect to the Fund, or (B) the Fund
may terminate this Agreement with respect to the Fund "For Cause," as defined
below, by providing the Custodian with written notice of termination "For
Cause" at least 60 days prior to the date of termination of this Agreement with
respect to the Fund; or
(4) Failure to Pay: The Custodian may terminate this Agreement with
--------------
respect to the Fund if the Custodian has notified the Fund that it has failed
to pay the Custodian any undisputed amounts when due under this Agreement and
it has failed to cure such default within 60 days of receipt of such notice
(or, if the Fund has disputed any amounts in good faith, upon resolution of the
dispute).
For purposes of subparagraph (3) above, "For Cause" shall mean:
(A) a material breach of this Agreement by any other party that has
not been remedied for 30 days following written notice by the
terminating party that identifies in reasonable detail the alleged
failure of the other party to perform, provided that if such default is
capable of being cured, then the other party shall be entitled to such
longer period as may reasonably be required to cure such default if the
other party shall have commenced such cure and is diligently pursuing
same, but such cure must be completed within 120 days in any event;
(B) when any other party commits any act or omission that constitutes
gross negligence, willful misconduct, fraud or reckless disregard of its
or their duties under this Agreement and that act or omission results in
material adverse consequences to the terminating party;
(C) a final, unappealable judicial, regulatory or administrative
ruling or order in which any other party has been found guilty of
criminal or unethical behavior in the conduct of its business that
directly relates to the subject matter of the services provided
hereunder; or
(D) when any other party shall make a general assignment for the
benefit of its creditors or any proceeding shall be instituted by or
against the other party to adjudicate it
18 Lincoln Advisors Trust
as bankrupt or insolvent, or to seek to liquidate, wind up, or
reorganize the other party, or protect or relieve its debts under any
law, or to seek the entry of an order for relief or the appointment of a
receiver, trustee or other similar official for it or for a substantial
portion of its assets, which proceeding shall remain unstayed for sixty
(60) days or the other party shall have taken steps to authorize any of
the above actions or has become unable to pay its debts as they mature.
c. If this Agreement is terminated by any party with respect to the Fund
(regardless of whether it is terminated pursuant to paragraph (b) above or for
any reason other than those specified in paragraph (b) above), the Fund shall
pay to Custodian on or before the date of such termination any undisputed and
unpaid fees owed to, and shall reimburse Custodian for any undisputed and
unpaid out-of-pocket costs and expenses owed to, Custodian under this Agreement
prior to its termination.
d. If either (1) the Fund terminates this Agreement with respect to the Fund
during the Initial Term for any reason other than those specified in paragraph
(b) above, or (2) the Custodian terminates this Agreement with respect to the
Fund during the Initial Term "For Cause" or the Fund's "failure to pay" under
subparagraphs (b)(3) or (b)(4) of this Section, respectively, then the Fund
shall be liable to the Custodian for all provable actual damages of Custodian
arising from such termination, excluding punitive, special, indirect,
incidental and consequential damages, and shall reimburse all Costs and
Expenses incurred by the Custodian in connection with effecting such
termination and converting the Fund to a successor custodian, including without
limitation the delivery to such successor custodian, the Fund and/or the Fund's
service providers, any of the Fund's Assets, property, records, data,
instruments and documents. In addition, the Fund shall reimburse the Custodian
promptly for any actual, provable, extraordinary, non-customary and direct
costs and expenses (other than any Costs and Expenses) incurred by the
Custodian in connection with effecting such termination and converting the Fund
to a successor custodian, including without limitation the delivery to such
successor custodian, the Fund and/or the Fund's service providers, any of the
Fund's Assets, property, records, data, instruments and documents.
e. If either (1) the Custodian terminates this Agreement with respect to the
Fund at any time for any reason other than those specified in paragraph
(b) above, or (2) the Fund terminates this Agreement with respect to the Fund
at any time "For Cause" under subparagraph (b)(3) of this Section, then the
Custodian shall reimburse the Fund for any Costs and Expenses incurred by the
Fund in connection with converting the Assets of the Fund to a successor
custodian, including without limitation the delivery to such successor
custodian, the Fund and/or the Fund's service providers, any of the Fund's
Assets, property, records, data, instruments and documents.
f. If this Agreement is terminated (1) by either the Custodian or the Fund
for "nonrenewal" under subparagraph (b)(1), (2) by the Custodian and the Fund
"upon mutual agreement" under subparagraph (b)(2), (3) by the Fund at any time
after the Initial Term for any reason other than those specified in paragraph
(b) above, or (4) by
19 Lincoln Advisors Trust
Custodian at any time after the Initial Term "For Cause" or the Fund's "failure
to pay" under subparagraphs (b)(3) or (b)(4) of this Section, respectively, the
Fund shall reimburse Custodian promptly for any Costs and Expenses incurred by
Custodian in connection with effecting such termination and converting the Fund
to a successor custodian, including without limitation the delivery to such
successor custodian, the Fund and/or the Fund's service providers any of the
Fund's Assets, property, records, data, instruments and documents.
g. For purposes of this Section 7 of this Article IV, "Costs and Expenses"
incurred by a party shall mean any actual, provable, reasonable, customary and
direct costs and expenses incurred by such party. For purposes of this
Section 7 of this Article IV, Costs and Expenses shall not include any
wind-down costs, including, without limitation, non-cancelable lease payments;
severance payments due and payable to personnel of the Custodian or its
subcustodians (other than subcustodians that were engaged by the Custodian at
the instruction of the Fund); unused equipment expense; and non-cancelable
payments or termination charges regarding subcustodial services that were not
incurred at the instruction of the Fund and that cannot be transferred or
redeployed by Custodian.
Such party must provide the other party or parties with written evidence of
such costs and expenses before the other party or parties are obligated to pay
them. Such party also has a duty to mitigate, and must exercise its duty to
mitigate, such costs and expenses. Except as expressly set forth herein, no
party hereto shall be responsible for any costs and expenses or damages of any
kind whatsoever resulting from, related to or otherwise in connection with the
termination of this Agreement.
h. In the event that this Agreement is terminated by a party, the parties
hereto agree to cooperate and act in good faith to ensure an orderly conversion
of the Assets, property, records, data, instruments and documents of the
applicable Fund or Funds to a successor custodian with respect to the services
provided under this Agreement. Without limiting the generality of the foregoing
sentence, the Custodian agrees that, in the event this Agreement is terminated
by a party or the parties, it will deliver the Fund's Assets, property,
records, data, instruments and documents to the Fund, its successor service
providers and/or its other service providers, as the case may be, in a
non-proprietary, commerically-available format.
i. If, following termination of this Agreement with respect to the Fund,
Custodian continues to perform any one or more of the services governed hereby
with the express consent of the Fund, then the provisions of this Agreement,
including without limitation the provisions dealing with indemnification and
compensation, shall continue in full force and effect.
j. In the event notice of termination is given by the Custodian, which
notice shall be given at least 60 days prior to the date of termination
(notwithstanding the reason for termination), the Fund shall, on or before the
termination date, deliver to the Custodian a Certificate evidencing the vote of
the Board designating a successor custodian. In the absence of such
designation, the Custodian may designate a successor
20 Lincoln Advisors Trust
custodian, which shall be a person qualified to so act under the Act for the
Fund. If the Fund fails to designate a successor custodian, the Fund shall,
upon the date specified in the notice of termination, and upon the delivery by
the Custodian of all Assets then owned by the Fund, be deemed to be its own
custodian and the Custodian shall thereby be relieved of all obligations under
this Agreement other than the duty with respect to Securities held in the
Book-Entry System which cannot be delivered to the Fund.
k. Upon termination of the Agreement, the Custodian shall, upon receipt of a
notice of acceptance by the successor custodian, deliver to the successor all
Assets then held by the Custodian on behalf of the Fund, after deducting all
fees, expenses and other amounts owed, if any, that are not disputed in good
faith by the Fund.
l. Following termination, the Custodian will promptly forward income and
principal received, if any, with respect to the Fund, including but not limited
to tax reclaim payments for tax reclaims filed prior to termination, to a
designated successor custodian.
m. In the event of a dispute following the expiration or termination of this
Agreement, all relevant provisions shall be deemed to continue to apply to the
obligations and liabilities of the parties.
8. INSPECTION OF BOOKS AND RECORDS. The books and records of the Custodian
-------------------------------
directly related to the Fund shall be open to inspection and audit at
reasonable times by officers and representatives of the Fund and auditors
employed by the Fund at its own expense and with prior written notice to the
Custodian, and by the appropriate employees of the Securities and Exchange
Commission.
9. MISCELLANEOUS.
-------------
a. Appendix A is a Certificate signed by the Secretary of the Fund setting
----------
forth the names and the signatures of Authorized Persons. The Fund shall
furnish a new Certificate when the list of Authorized Persons is changed in any
way. Until a new Certificate is received, the Custodian shall be fully
protected in acting upon Instructions from Authorized Persons as set forth in
the last delivered Certificate. Appendix B is a Certificate signed by the
----------
Secretary of the Fund setting forth the names and the positions of the present
officers of the Fund. The Fund agrees to furnish to the Custodian a new
Certificate when any changes are made. Until a new Certificate is received, the
Custodian shall be fully protected in relying upon the last delivered
Certificate.
b. Appendix D is a schedule of all Series subject to this Agreement. The
----------
Fund agrees to furnish to the Custodian a new schedule at least two (2)
business days prior to adding or removing a Series from this Agreement. Until a
new schedule is received, the Custodian shall be fully protected in relying
upon the last delivered schedule.
21 Lincoln Advisors Trust
c. Any required written notice or other instrument shall be sufficiently
given if addressed to the Custodian or the Fund, as the case may be, and
delivered to it at its offices at:
THE CUSTODIAN:
THE BANK OF NEW YORK MELLON
Xxx Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxxxxx X. Xxxxxxxx, Esq., Managing Director and Senior Counsel
Telephone: (000) 000-0000
THE FUND:
LINCOLN ADVISORS TRUST
0000 X. Xxxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
Attention: Chief Accounting Officer
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
or at such other place as the parties may from time to time designate to the
other in writing.
d. This Agreement may not be amended or modified except by a written
agreement executed by both parties.
e. This Agreement shall extend to and shall be binding upon the parties
hereto, and their respective successors and assigns; provided, however, that
this Agreement shall not be assignable by the Fund without the written consent
of the Custodian, or by the Custodian without the written consent of the Fund,
authorized or approved by a vote of the Board, provided, however, that a Fund
merger or reorganization where the fund surviving from such merger or
reorganization assumes the duties and obligations of the Fund under this
Agreement shall not require the Custodian's consent; provided further, however,
that the Custodian may assign the Agreement or any function thereof to any
corporation or entity which directly or indirectly is controlled by, or is
under common control with, the Custodian and any other attempted assignment
without written consent shall be null and void.
f. Nothing in this Agreement shall give or be construed to give or confer
upon any third party any rights hereunder.
g. The Custodian represents that it is a U.S. Bank within the meaning of
paragraph (a)(7) of Rule 17f-5 under the 1940 Act. The Fund has the requisite
amount and scope of fidelity bond coverage required by Rule 17g-1 under the
1940 Act, and has
22 Lincoln Advisors Trust
directors' and officers' errors and omissions insurance coverage. The Custodian
will maintain a fidelity bond and an insurance policy with respect to errors
and omissions coverage in form and amount that are commercially reasonable in
light of Custodian's duties and responsibilities under this Agreement.
h. The Fund acknowledges and agrees that, except as expressly set forth in
this Agreement, the Fund is solely responsible to assure that the maintenance
of the Series' Assets hereunder complies with applicable laws and regulations,
including without limitation the Act and applicable interpretations thereof or
exemptions therefrom. The Fund represents that it has determined that it is
reasonable to rely on Custodian to perform the responsibilities delegated
pursuant to this Agreement.
i. This Agreement shall be construed in accordance with the laws of the
Commonwealth of Pennsylvania. The parties hereby expressly waiver, to the full
extent permitted by applicable law, any right to trial by jury with respect to
any judicial proceeding arising from or related to this Agreement.
j. The captions of the Agreement are included for convenience of reference
only and in no way define or delimit any of the provisions hereof or otherwise
affect their construction or effect.
k. Each party represents to the other that it has all necessary power and
authority, and has obtained any consent or approval necessary to permit it, to
enter into and perform this Agreement and that this Agreement does not violate,
give rise to a default or right of termination under or otherwise conflict with
any applicable law, regulation, ruling, decree or other governmental
authorization or any contract to which it is a party or by which any of its
assets is bound. Each party represents and warrants that the individual
executing this Agreement on its behalf has the requisite authority to bind the
Fund or the Custodian to this Agreement. The Fund has received and read the
"Customer Identification Program Notice", a copy of which is attached to this
Agreement as Exhibit A.
l. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, but such counterparts shall, together,
constitute only one instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective representatives duly authorized as of the day and
year first above written.
LINCOLN ADVISORS TRUST, on behalf of THE BANK OF NEW YORK MELLON
its Series
By: /s/ Xxxxxxx X. Xxxxx, Xx. By: /s/ Xxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx, Xx. Name: Xxxxx X. Xxxxx
Title: Vice President and Chief Title: Vice President
Accounting Officer
Date: 10/27/11 Date: 10/27/11
23 Lincoln Advisors Trust
APPENDIX D
----------
FUND AND SERIES
---------------
LINCOLN ADVISORS TRUST, a Delaware statutory trust
SEC Registration No. 811-22583 (1940 Act)
333-175622 (1933 Act)
Registrant CIK No. 0001524692
DATE ADDED TAXPAYER
NAME OF SERIES AND ANY SHARE TO THE IDENTIFICATION SEC SERIES (PORTFOLIO)
CLASSES AGREEMENT CUSIP NO. (PORTFOLIO) OR CLASS IDENTIFIER NO.
---------------------------- ---------- -------------------- --------------- -----------------------
Presidential Protected Profile 10/27/2011 00-0000000
2010 Fund Series: S000034130
Class A Class A: 53284T 102 Class A: C0000105191
Class C Class C: 53284T 201 Class C: C0000105192
Class I Class I: 53284T 300 Class I: C0000000000
Presidential Protected Profile 10/27/2011 00-0000000
2020 Fund Series: S000034131
Class A Class A: 53284T 409 Class A: C0000105194
Class C Class C: 53284T 508 Class C: C0000105195
Class I Class I: 53284T 607 Class I: C0000105196
Presidential Protected Profile 10/27/2011 00-0000000 Series: S000034132
2030 Fund
Class A Class A: 53284T 706 Class A: C0000105197
Class C Class C: 53284T 805 Class C: C0000105198
Class I Class I: 53284T 888 Class I: C0000105199
Lincoln Advisors Trust
Presidential Protected Profile 10/27/2011 00-0000000
2040 Fund Series: S000034133
Class A Class A: 53284T 870 Class A: C0000105200
Class C Class C: 53284T 862 Class C: C0000000000
Class I Class I: 53284T 854 Class I: C0000105202
Presidential Protected Profile 10/27/2011 00-0000000
2050 Fund Series: S000034134
Class A Class A: 53284T 847 Class A: C0000105203
Class C Class C: 53284T 839 Class C: C0000105204
Class I Class I: 53284T 821 Class I: C0000105205
LINCOLN ADVISORS TRUST, on behalf of THE BANK OF NEW YORK MELLON.
its Series
By: /s/ Xxxxxxx X. Xxxxx, Xx. By: Xxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx, Xx. Name: Xxxxx X. Xxxxx
Title: Vice President and Chief Title: Vice President
Accounting Officer
Date: 10/27/2011 Date: 10/27/2011
