CUSTODY AGREEMENT
This Custody Agreement is dated as of May 14, 1996 between XXXXXX
XXXXXXX TRUST COMPANY, a New York State chartered trust company (the
"Custodian"), and CORESTATES BANK, N.A., a national banking association, on its
own behalf and for the benefit of its affiliates (the "Client").
1. APPOINTMENT AND ACCEPTANCE: ACCOUNTS. (a) The Client hereby appoints
the Custodian as a custodian of Property (as defined below) owned or under the
control of the Client that are delivered to the Custodian, or any Subcustodian
as appointed below, from time to time to be held in custody for the benefit of
the Client. The Custodian agrees to act as such custodian upon the terms and
conditions hereinafter provided.
(b) Prior to the delivery of any Property by the Client to the
Custodian, the Client shall deliver to the Custodian each document and other
item listed in Appendix I. In addition, the Client shall deliver to the
Custodian any additional documents or items as the Custodian may deem necessary
for the performance of its duties under this Agreement.
(c) The Client instructs the Custodian to establish on the books and
records of the Custodian the accounts listed in Appendix 2 (the "Accounts") in
the name of the Client. Upon receipt of Authorized Instructions (as defined
below) and appropriate documentation, the Custodian shall open additional
Accounts for the Client. Upon the Custodian's confirmation to the Client of the
opening of such additional Accounts, or of the closing of Accounts, Appendix 2
shall be deemed automatically amended or supplemented accordingly. The Custodian
shall record in the Accounts and shall have general responsibility for the
safekeeping of all securities ("Securities"), cash, cash equivalents and other
property (all such Securities, cash, cash equivalents and other property being
collectively the "Property") of the Client that are delivered to the Custodian
for custody.
(d) The procedures the Custodian and the Client will use in performing
activities in connection with this Agreement are set forth in a client services
guide provided to the Client by the Custodian, as such guide may be amended from
time to time by the Custodian by written notice to the Client (the "Client
Services Guide").
2. SUBCUSTODIANS. The Property may be held in custody and deposit
accounts that have been established by the Custodian with one or more domestic
or foreign banks that qualify as "Eligible Foreign Custodians" (as such term is
defined in Rule 17f-5 of the Investment Company Act of 1940 (the "Act")) or
other institutions as listed on Exhibit A (the "Subcustodians"), as such Exhibit
may be amended from time to time by the Custodian by written notice to the
Client, or through the facilities of one or more securities depositories or
clearing agencies. The Custodian shall hold Property through a Subcustodian,
securities depository or clearing agency only if (a) such Subcustodian and any
securities depository or
clearing agency in which such Subcustodian or the Custodian holds Property, or
any of their creditors, may not assert any right, charge, security interest,
lien, encumbrance or other claim of any kind to such Property except a claim of
payment for its safe custody or administration and (b) beneficial ownership of
such Property may be freely transferred without the payment of money or value
other than for safe custody or administration. Any Subcustodian may hold
Property in a securities depository and may utilize a clearing agency, subject
to the limitation in subsection (a) above.
3. RECORDS. With respect to Property held by a Subcustodian;
(a) The Custodian may hold Property for all of its customers with a
Subcustodian in a single account identified as belonging to the Custodian
for the benefit of its customers;
(b) The Custodian shall identify on its books as belonging to the
Client any Property held by a Subcustodian for the Custodian's account;
(c) The Custodian shall require that Property held by the Subcustodian
for the Custodian's account be identified on the Subcustodian's books as
separate from any other property held by the Subcustodian other than
property of the Custodian's customers held solely for the benefit of
customers of the Custodian; and
(d) In the event the Subcustodian holds Property in a securities
depository or clearing agency, such Subcustodian shall be required by its
agreement with the Custodian to identify on its books such Property as
being held for the account of the Custodian as custodian for its customers
or in such manner as is required by local law or market practice.
4. ACCESS TO RECORDS. The Custodian shall allow the Client's
accountants reasonable access to the Custodian's records relating to the
Property held by the Custodian as such accountants may reasonably require in
connection with their examination of the Client's affairs. The Custodian shall
also obtain from any Subcustodian (and shall require each Subcustodian to use
reasonable efforts to obtain from any securities depository or clearing agency
in which it deposits Property) an undertaking, to the extent consistent with
local practice and the laws of the jurisdiction or jurisdictions to which such
Subcustodian, securities depository or clearing agency is subject, to permit
independent public accountants such reasonable access to the records of such
Subcustodian, securities depository or clearing agency as may be reasonably
required in connection with the examination of the Client's affairs or to take
such other action as the Custodian in its judgment may deem sufficient to ensure
such reasonable access.
5. REPORTS. The Custodian shall provide such reports and other
information to the Client and to such persons as the Client directs as the
Custodian and the Client may agree from time to time.
2
6. PAYMENT OF MONIES. The Custodian shall make, or cause any
Subcustodian to make, payments from monies being held in the Accounts only in
accordance with Authorized Instructions or as provided in Sections 9, 13 and 17.
The Custodian may act as the Client's agent or act as a principal in
foreign exchange transactions at such rates as are agreed from time to time
between the Client and the Custodian.
7. TRANSFER OF SECURITIES. The Custodian shall make, or cause any
Subcustodian to make, transfers, exchanges or deliveries of Securities only in
accordance with Authorized Instructions as provided in Sections 9, 13 and 17.
8. CORPORATE ACTION. (a) The Custodian shall notify the Client of
details of all corporate actions affecting the Client's Securities within 24
hours, or sooner if immediate action is required, upon its receipt of such
information.
(b) The Custodian shall take, or cause any Subcustodian to take,
such corporate action only in accordance with Authorized Instructions or as
provided in this Section 8 or Section 9.
(c) In the event the Client does not provide timely Authorized
Instructions to the Custodian, the Custodian shall act in accordance with the
default option provided by local market practice and/or the issuer of the
Securities.
(d) Fractional shares resulting from corporate action activity shall
be treated in accordance with local market practices.
9. GENERAL AUTHORITY. In the absence of Authorized Instructions to the
contrary, the Custodian may, and may authorize any Subcustodian to:
(a) make payments to itself or others for expenses of handling Property
or other similar items relating to its duties under this Agreement,
provided that all such payments shall be accounted for to the Client;
(b) receive and collect all income and principal with respect to
Securities and to credit cash receipts to the Accounts;
(c) exchange Securities when the exchange is purely ministerial
(including, without limitation, the exchange of interim receipts or
temporary securities for securities in definitive form and the exchange of
warrants, or other documents of entitlement to securities, for the
securities themselves);
(d) surrender Securities at maturity or when called for redemption upon
receiving payment therefor;
3
(e) execute in the Client's name such ownership and other certificates
as may be required to obtain the payment of income from Securities;
(f) pay or cause to be paid, from the Accounts, any and all taxes and
levies in the nature of taxes imposed on Property by any governmental
authority in connection with custody of and transactions in such Property;
(g) endorse for collection, in the name of the Client, checks, drafts
and other negotiable instruments;
(h) take non-discretionary action on mandatory corporate actions; and
(i) in general, attend to all nondiscretionary details in connection
with the custody, sale, purchase, transfer and other dealings with the
Property.
10. AUTHORIZED INSTRUCTIONS: AUTHORIZED PERSONS. (a) Except as
otherwise provided in Sections 6 through 9, 13 and 17, all payments of monies,
all transfers, exchanges or deliveries of Property and all responses to
corporate actions shall be made or taken only upon receipt by the Custodian of
Authorized Instructions; PROVIDED that such Authorized Instructions are timely
received by the Custodian. "AUTHORIZED INSTRUCTIONS" of the Client means
instructions from an Authorized Person received by telecopy, tested telex,
electronic link or other electronic means or by such other means as may be
agreed in writing between the Client and the Custodian.
(b) "AUTHORIZED PERSON" means each of the persons or entities
identified on Appendix 3 as amended from time to time by written notice from
the Client to the Custodian. The Client represents and warrants to the
Custodian that each Authorized Person listed in Appendix 3, as amended from
time to time, is authorized to issue Authorized Instructions on behalf of the
Client. Prior to the delivery of the Property to the Custodian, the Custodian
shall provide a list of designated system user ID numbers and passwords that
the Client shall be responsible for assigning to Authorized Persons. The
Custodian shall assume that an electronic transmission received and
identified by a system user ID number and password was sent by an Authorized
Person. The Custodian agrees to provide additional designated system user ID
numbers and passwords as needed by the Client. The Client authorizes the
Custodian to issue new system user ID numbers upon the request of a
previously existing Authorized Person. Upon the issuance of additional system
user ID numbers by the Custodian to the Client, Appendix 3 shall be deemed
automatically amended accordingly. The Client authorizes the Custodian to
receive, act and rely upon any Authorized Instructions received by the
Custodian which the Custodian reasonably believe to have been issued by an
Authorized Person.
(c) Any Authorized Person may cancel/correct or otherwise amend
any Authorized Instruction received by the Custodian, but the Client agrees
to indemnify the Custodian for any liability, loss or expense incurred by the
Custodian and its Subcustodians as a result of their having relied upon or
acted on any prior Authorized Instruction. An amendment or cancellation of an
Authorized Instruction to deliver or receive any security or funds in
connection with a trade will not be processed once the trade has settled.
4
11. REGISTRATION OF SECURITIES. (a) In the absence of Authorized
Instructions to the contrary, Securities which must be held in registered form
shall be registered in the name of the Custodian or the Custodian's nominee or,
in the case of Securities in the custody of an entity other than the Custodian,
in the name of the Custodian, its Subcustodian or any such entity's nominee. The
Custodian may, without notice to the Client, cause any Securities to be
registered or re-registered in the name of the Client.
(b) Where the Custodian has been instructed by the Client to hold
any Securities in the name of any person or entity other than the Custodian,
its Subcustodian or any such entity's nominee, the Custodian shall not be
responsible for the collection of any dividends or other income or
participation in any corporate action with respect to such Securities;
PROVIDED, HOWEVER, that the Custodian shall use reasonable efforts to (i)
provide the Client with information on any such dividends income or corporate
actions for which the Custodian receives actual notice and (ii) assist the
Client in the collection of such dividends or other income or participation
in any such corporate action.
12. DEPOSIT ACCOUNTS. All cash received by the Custodian for the
Accounts shall be held by the Custodian as a short-term credit balance in favor
of the Client, and the Custodian and the Client have agreed in writing that such
credit balances shall earn interest at rates and times as agreed between the
Custodian and the Client. The Client acknowledges that any such credit balances
shall not be accompanied by the benefit of any governmental insurance.
13. SHORT-TERM CREDIT EXTENSIONS. (a) From time to time, the Custodian
may extend or arrange short-term credit for the Client which is (i) necessary in
connection with payment and clearance of securities and foreign exchange
transactions or (ii) pursuant to an agreed schedule, as and if set forth in the
Client Services Guide, of credits for dividends and interest payments on
Securities. All such extensions of credit shall be repayable by the Client on
demand.
(b) The Custodian shall be entitled to charge the Client interest for
any such credit extension at rates to be agreed upon from time to time or, if
such credit is arranged by the Custodian with a third party on behalf of the
Client, the Client shall reimburse the Custodian for any interest charge. In
addition to any other remedies available, the Custodian shall be entitled to a
right of set-off against the Property to satisfy the repayment of such credit
extensions and the payment of, or reimbursement for, accrued interest thereon.
14. REPRESENTATIONS AND WARRANTIES. (a) The Client represents and
warrants that (i) the execution, delivery and performance of this Agreement
(including, without limitation, the ability to obtain the short-term extensions
of credit in accordance with Section 13) are within the Client's power and
authority and have been duly authorized by all requisite action (corporate or
otherwise) of the Client and of the beneficial owner of the Property, if other
than the Client, and (ii) this Agreement and each extension of short-term credit
extended to or arranged for the benefit of the Client in accordance with Section
13 shall at all times constitute a legal, valid and binding obligation of the
Client enforceable against the Client in accordance with their respective
5
terms, except as may be limited by bankruptcy, insolvency or other similar laws
affecting the enforcement of creditors' rights in general and subject to the
effect of general principles of equity (regardless of whether considered in a
proceeding in equity or at law).
(b) The Custodian represents and warrants that (i) the execution,
delivery and performance of this Agreement are within the Custodian's power
and authority and have been duly authorized by all requisite action
(corporate or otherwise) of the Custodian and (ii) this Agreement constitutes
the legal, valid and binding obligation of the Custodian enforceable against
the Custodian in accordance with its terms, except as may be limited by
bankruptcy, insolvency or other similar laws affecting the enforcement of
creditors' rights in general and subject to the effect of general principles
of equity (regardless of whether considered in a proceeding in equity or at
law).
15. STANDARD OF CARE; INDEMNIFICATION. (a) The Custodian shall be
responsible for the performance of only such duties as are set forth in this
Agreement or contained in Authorized Instructions given to the Custodian which
are not contrary to the provisions of any relevant law or regulation. The
Custodian shall be liable to the Client for any loss, liability or expense
incurred by the Client in connection with this Agreement to the extent that any
such loss, liability or expense results from the negligence or willful
misconduct of the Custodian or any Subcustodian.
(b) The Client acknowledges that the Property may be physically held
outside the United States. The Custodian shall not be liable for any loss,
liability or expense resulting from events beyond the reasonable control of the
Custodian, including, but not limited to, FORCE MAJEURE.
(c) In addition, the Client shall indemnify the Custodian and
Subcustodians and any nominee for, and hold each of them harmless from, any
liability, loss or expense (including attorneys' fees and disbursements)
incurred in connection with this Agreement, including without limitation, (i) as
a result of the Custodian having acted or relied upon any Authorized
Instructions or (ii) arising out of any such person acting as a nominee or
holder of record of Securities, pursuant to Authorized Instructions.
16. FEES; LIENS. The Client shall pay to the Custodian from time to
time such compensation for its services pursuant to this Agreement as may be
mutually agreed upon as well as the Custodian's out-of-pocket and incidental
expenses. The Client shall hold the Custodian harmless from any liability or
loss resulting from any taxes or other governmental charges, and any expenses
related thereto, which may be imposed or assessed with respect to the Accounts
or any Property held therein. The Custodian is, and any Subcustodians are,
authorized to charge the Accounts for such items and the Custodian shall have a
lien, charge and security interest on any and all Property for any amount owing
to the Custodian from time to time under this Agreement.
17. TERMINATION. This Agreement may be terminated by the Client or the
Custodian by 60 days written notice to the other, sent by registered mail. If
notice of termination is given, the Client shall, within 30 days following the
giving of such notice, deliver to the
6
Custodian a statement in writing specifying the successor custodian or other
person to whom the Custodian shall transfer the Property. In either event, the
Custodian, subject to the satisfaction of any lien it may have, shall transfer
the Property to the person so specified. If the Custodian does not receive such
statement the Custodian, at its election, may transfer the Property to a bank or
trust company established under the laws of the United States or any state
thereof to be held and disposed of pursuant to the provisions of this Agreement
or may continue to hold the Property until such a statement is delivered to the
Custodian. In such event the Custodian shall be entitled to fair compensation
for its services during such period as the Custodian remains in possession of
any Property and the provisions of this Agreement relating to the duties and
obligations of the Custodian shall remain in full force and effect; provided,
however, that the Custodian shall have no obligation to settle any transactions
in Securities for the Accounts. The provisions of Sections 15 and 16 shall
survive termination of this Agreement.
18. INVESTMENT ADVICE. The Custodian shall not supervise, recommend or
advise the Client relative to the investment, purchase, sale, retention or other
disposition of any Property held under this Agreement.
19. CONFIDENTIALITY. (a) The Custodian, its agents and employees
shall maintain the confidentiality of information concerning the Property
held in the Client's account, including in dealings with affiliates of the
Custodian. In the event the Custodian or any Subcustodian is requested or
required to disclose any confidential information concerning the Property,
the Custodian shall, to the extent practicable and legally permissible,
promptly notify the Client of such request or requirement so that the Client
may seek a protective order or waive any objection to the Custodian's or such
Subcustodian's compliance with this Section 19. In the absence of such a
waiver, if the Custodian or such Subcustodian is compelled, in the opinion of
its counsel, to disclose any confidential information, the Custodian or such
Subcustodian may disclose such information to such persons as, in the opinion
of counsel, is so required.
(b) The Client shall maintain the confidentiality of, and not provide
to any third parties absent the written permission of the Custodian, any
computer software, hardware or communications facilities made available to the
Client or its agents by the Custodian.
20. NOTICES. Any notice or other communication from the Client to the
Custodian, unless otherwise provided by this Agreement or the Client Services
Guide, shall be sent by certified or registered mail to Xxxxxx Xxxxxxx Trust
Company, Xxx Xxxxxxxxxx Xxxxx, Xxxxxxxx, Xxx Xxxx, 00000. Attention: President,
and any notice from the Custodian to the Client is to be mailed postage prepaid,
addressed to the Client at the address appearing below, or as it may hereafter
be changed on the Custodian's records in accordance with written notice from the
Client.
21. ASSIGNMENT. This contract may not be assigned by either party
without the prior written approval of the other.
22. MISCELLANEOUS. (a) This Agreement shall bind the successors and
assigns of the Client and the Custodian.
7
(b) This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York without regard to its
conflicts of law rules and to the extent not preempted by federal law. The
Custodian and the Client hereby irrevocably submit to the exclusive
jurisdiction of any New York State court or any United States District Court
located in the State of New York in any action or proceeding arising out of
this Agreement and hereby irrevocably waive any objection to the venue of any
such action or proceeding brought in any such court or any defense of an
inconvenient forum.
In witness whereof, the parties hereto have set their hands as of the
date first above written.
CORESTATES BANK, N.A.
By /s/ Xxxx Xxxxx
--------------------------
Name: Xxxx Xxxxx
Title: V.P.
Address for record: 000 Xxxxxx Xx
-------------------------
FC 1-9-81-48
-------------------------
Xxxxxxxxxxxx, XX 00000
-------------------------
Accepted:
XXXXXX XXXXXXX TRUST COMPANY
By /s/ [ILLEGIBLE]
-----------------------------
Authorized Signature
8
[LETTERHEAD] [LOGO]
GLOBAL CUSTODY FEE SCHEDULE
-------------------------------------------------------------------------
HOLDING TRANSACTION
COUNTRY FEE FEE
(BASIS POINTS) $USD
-------------------------------------------------------------------------
ARGENTINA 52 165
-------------------------------------------------------------------------
AUSTRALIA 9 80
-------------------------------------------------------------------------
AUSTRIA 9 65
-------------------------------------------------------------------------
BANGLADESH 78 260
-------------------------------------------------------------------------
BELGIUM 9 80
-------------------------------------------------------------------------
BOTSWANA 78 260
-------------------------------------------------------------------------
BRAZIL 33 65
-------------------------------------------------------------------------
CANADA 4 40
-------------------------------------------------------------------------
CEDEL 3 18
-------------------------------------------------------------------------
CHILE 65 120
-------------------------------------------------------------------------
CHINA 65 260
-------------------------------------------------------------------------
COLOMBIA 65 145
-------------------------------------------------------------------------
COTE D'IVORE 60 200
-------------------------------------------------------------------------
CYPRUS 78 195
-------------------------------------------------------------------------
XXXXX XXXXXXXX 00 000
-------------------------------------------------------------------------
XXXXXXX 9 65
-------------------------------------------------------------------------
ECU 9 65
-------------------------------------------------------------------------
ECUADOR 78 130
-------------------------------------------------------------------------
EGYPT 78 230
-------------------------------------------------------------------------
EUROCLEAR 3 30
-------------------------------------------------------------------------
EURO CD 2 20
-------------------------------------------------------------------------
FINLAND 9 65
-------------------------------------------------------------------------
FRANCE 8 80
-------------------------------------------------------------------------
GERMANY 7 55
-------------------------------------------------------------------------
GHANA 78 260
-------------------------------------------------------------------------
GREECE 104 260
-------------------------------------------------------------------------
HONG KONG 10 100
-------------------------------------------------------------------------
***PROPRIETARY***
[LETTERHEAD] [LOGO]
GLOBAL CUSTODY FEE SCHEDULE
CONT'D
-------------------------------------------------------------------------
HOLDING TRANSACTION
COUNTRY FEE FEE
(BASIS POINTS) $USD
-------------------------------------------------------------------------
HUNGARY 78 260
-------------------------------------------------------------------------
INDIA 60 200
-------------------------------------------------------------------------
INDONESIA 26 120
-------------------------------------------------------------------------
IRELAND 9 80
-------------------------------------------------------------------------
ISRAEL 52 100
-------------------------------------------------------------------------
ITALY 9 80
-------------------------------------------------------------------------
JAPAN 4.5 30
-------------------------------------------------------------------------
JORDAN 58 260
-------------------------------------------------------------------------
KENYA 78 260
-------------------------------------------------------------------------
MALAYSIA 13 100
-------------------------------------------------------------------------
MAURITIUS 78 230
-------------------------------------------------------------------------
MEXICO 16 80
-------------------------------------------------------------------------
MOROCCO 65 130
-------------------------------------------------------------------------
NETHERLANDS 8 80
-------------------------------------------------------------------------
NEW ZEALAND 10 100
-------------------------------------------------------------------------
NORWAY 9 80
-------------------------------------------------------------------------
PAKISTAN 33 195
-------------------------------------------------------------------------
PAPUA NEW GUINEA 16 130
-------------------------------------------------------------------------
PERU 85 195
-------------------------------------------------------------------------
PHILIPPINES 20 100
-------------------------------------------------------------------------
POLAND 104 195
-------------------------------------------------------------------------
PORTUGAL 26 120
-------------------------------------------------------------------------
RUSSIA 104 195
-------------------------------------------------------------------------
SINGAPORE 16 100
-------------------------------------------------------------------------
XXXXXX XXXXXXXX 00 000
-------------------------------------------------------------------------
XXXXX XXXXXX 13 100
-------------------------------------------------------------------------
SOUTH KOREA 20 100
-------------------------------------------------------------------------
SPAIN 8 80
-------------------------------------------------------------------------
SRI LANKA 33 100
-------------------------------------------------------------------------
***PROPRIETARY***
[LETTERHEAD] [LOGO]
GLOBAL CUSTODY FEE SCHEDULE
CONT'D
-------------------------------------------------------------------------
HOLDING TRANSACTION
COUNTRY FEE FEE
(BASIS POINTS) $USD
-------------------------------------------------------------------------
SWAZILAND 78 260
-------------------------------------------------------------------------
SWEDEN 9 80
-------------------------------------------------------------------------
SWITZERLAND 8 80
-------------------------------------------------------------------------
TAIWAN 20 120
-------------------------------------------------------------------------
THAILAND 16 100
-------------------------------------------------------------------------
TURKEY 26 100
-------------------------------------------------------------------------
UNITED KINGDOM 4 40
-------------------------------------------------------------------------
UNITED STATES 2 20
-------------------------------------------------------------------------
URUGUAY 78 130
-------------------------------------------------------------------------
VENEZUELA 65 130
-------------------------------------------------------------------------
ZAMBIA 78 260
-------------------------------------------------------------------------
ZIMBABWE 78 260
-------------------------------------------------------------------------
NON-CORESTATES FOREIGN EXCHANGE CONTRACTS: $10.00 PER F/X CONTRACT
CANCEL & CORRECTS CHARGE BASIS COUNTRY TRANSACTION FEE
ADMINISTRATIVE REPORTING (FULLY AUDITED) FEE: $10,000 PER ANNUM
***PROPRIETARY***
[LETTERHEAD]
GLOBAL CUSTODY FEE SCHEDULE
-------------------------------------------------------------------------
HOLDING TRANSACTION
COUNTRY FEE FEE
(BASIS POINTS) $USD
-------------------------------------------------------------------------
ARGENTINA 52 165
-------------------------------------------------------------------------
AUSTRALIA 9 80
-------------------------------------------------------------------------
AUSTRIA 9 65
-------------------------------------------------------------------------
BANGLADESH 78 260
-------------------------------------------------------------------------
BELGIUM 9 80
-------------------------------------------------------------------------
BOTSWANA 78 260
-------------------------------------------------------------------------
BRAZIL 33 65
-------------------------------------------------------------------------
CANADA 4 40
-------------------------------------------------------------------------
CEDEL 3 18
-------------------------------------------------------------------------
CHILE 65 120
-------------------------------------------------------------------------
CHINA 65 260
-------------------------------------------------------------------------
COLOMBIA 65 145
-------------------------------------------------------------------------
COTE D'IVORE 60 200
-------------------------------------------------------------------------
CYPRUS 78 195
-------------------------------------------------------------------------
XXXXX XXXXXXXX 00 000
-------------------------------------------------------------------------
XXXXXXX 9 65
-------------------------------------------------------------------------
ECU 9 65
-------------------------------------------------------------------------
ECUADOR 78 130
-------------------------------------------------------------------------
EGYPT 78 230
-------------------------------------------------------------------------
EUROCLEAR 3 30
-------------------------------------------------------------------------
EURO CD 2 20
-------------------------------------------------------------------------
FINLAND 9 65
-------------------------------------------------------------------------
FRANCE 8 80
-------------------------------------------------------------------------
GERMANY 7 55
-------------------------------------------------------------------------
GHANA 78 260
-------------------------------------------------------------------------
GREECE 104 260
-------------------------------------------------------------------------
HONG KONG 10 100
-------------------------------------------------------------------------
***PROPRIETARY***
[LETTERHEAD]
GLOBAL CUSTODY FEE SCHEDULE
CONT'D
-------------------------------------------------------------------------
HOLDING TRANSACTION
COUNTRY FEE FEE
(BASIS POINTS) $USD
-------------------------------------------------------------------------
HUNGARY 78 260
-------------------------------------------------------------------------
INDIA 60 200
-------------------------------------------------------------------------
INDONESIA 26 120
-------------------------------------------------------------------------
IRELAND 9 80
-------------------------------------------------------------------------
ISRAEL 52 100
-------------------------------------------------------------------------
ITALY 9 80
-------------------------------------------------------------------------
JAPAN 4.5 30
-------------------------------------------------------------------------
JORDAN 58 260
-------------------------------------------------------------------------
KENYA 78 260
-------------------------------------------------------------------------
MALAYSIA 13 100
-------------------------------------------------------------------------
MAURITIUS 78 230
-------------------------------------------------------------------------
MEXICO 16 80
-------------------------------------------------------------------------
MOROCCO 65 130
-------------------------------------------------------------------------
NETHERLANDS 8 80
-------------------------------------------------------------------------
NEW ZEALAND 10 100
-------------------------------------------------------------------------
NORWAY 9 80
-------------------------------------------------------------------------
PAKISTAN 33 195
-------------------------------------------------------------------------
PAPUA NEW GUINEA 16 130
-------------------------------------------------------------------------
PERU 85 195
-------------------------------------------------------------------------
PHILIPPINES 20 100
-------------------------------------------------------------------------
POLAND 104 195
-------------------------------------------------------------------------
PORTUGAL 26 120
-------------------------------------------------------------------------
RUSSIA 104 195
-------------------------------------------------------------------------
SINGAPORE 16 100
-------------------------------------------------------------------------
XXXXXX XXXXXXXX 00 000
-------------------------------------------------------------------------
XXXXX XXXXXX 13 100
-------------------------------------------------------------------------
SOUTH KOREA 20 100
-------------------------------------------------------------------------
SPAIN 8 80
-------------------------------------------------------------------------
SRI LANKA 33 100
-------------------------------------------------------------------------
***PROPRIETARY***
[LETTERHEAD]
GLOBAL CUSTODY FEE SCHEDULE
CONT'D
-------------------------------------------------------------------------
HOLDING TRANSACTION
COUNTRY FEE FEE
(BASIS POINTS) $USD
-------------------------------------------------------------------------
SWAZILAND 78 260
-------------------------------------------------------------------------
SWEDEN 9 80
-------------------------------------------------------------------------
SWITZERLAND 8 80
-------------------------------------------------------------------------
TAIWAN 20 120
-------------------------------------------------------------------------
THAILAND 16 100
-------------------------------------------------------------------------
TURKEY 26 100
-------------------------------------------------------------------------
UNITED KINGDOM 4 40
-------------------------------------------------------------------------
UNITED STATES 2 20
-------------------------------------------------------------------------
URUGUAY 78 130
-------------------------------------------------------------------------
VENEZUELA 65 130
-------------------------------------------------------------------------
ZAMBIA 78 260
-------------------------------------------------------------------------
ZIMBABWE 78 260
-------------------------------------------------------------------------
NON-CORESTATES FOREIGN EXCHANGE CONTRACTS: $10.00 PER F/X CONTRACT
CANCEL & CORRECTS CHANGE BASIS COUNTRY TRANSACTION FEE
ADMINISTRATIVE REPORTING (FULLY AUDITED) FEE: $10,000 PER ANNUM
***PROPRIETARY***
APPENDIX I
Account Documentation
REQUIRED DOCUMENTATION FOR CORE CUSTODIAL SERVICES
(INCLUDING TAX RECLAIMS):
CUSTODY AGREEMENT
CLIENT SERVICES GUIDE (INCLUDING APPENDICES)
FEE SCHEDULE/BILLING GUIDE
GENERAL ACCOUNT INFORMATION
US TAX AUTHORITY DOCUMENTATION
LOCAL TAX OFFICE LETTER/APPLICATION LETTER
(NON-UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
FORM 6166/REQUEST FOR FOREIGN CERTIFICATION FORM
(UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
CERTIFICATION OF BENEFICIAL OWNERSHIP, LEGAL NAME, LEGAL
RESIDENCY, TAX STATUS AND TAX IDS
TAX RECLAIM POWER OF ATTORNEY
PREVIOUS TAX RECLAIM FILING INFORMATION
(PREVIOUS FILERS, ONLY)
UK TAX AUTHORITY DOCUMENTATION
SOPHISTICATED INVESTOR (ACCREDITED INVESTOR) LETTER
(UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
DOCUMENTATION THAT IS REQUIRED FROM AN ENTITY CLASSIFIED AS
TAX-EXEMPT BY ITS LOCAL TAX AUTHORITY:
UK FORM 4338
(EXEMPT NON-UNITED KINGDOM-RESIDENT BENEFICIAL OWNERS, ONLY)
UK FORM 309A
(EXEMPT UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
9
FOREIGN EXEMPTION LETTERS / APPLICATION FOR AUSTRALIAN
EXEMPTION LETTER
(EXEMPT BENEFICIAL OWNERS, ONLY)
DOCUMENTATION THAT IS REQUIRED ONLY IF YOU WILL USE THE
PROXY VOTING SERVICE:
VOTING POWER OF ATTORNEY
DOCUMENTATION THAT IS REQUIRED ONLY IF YOU WILL DEAL IN
CERTAIN SECURITIES:
JGB INDEMNIFICATION LETTER
KOREAN SECURITIES POWER OF ATTORNEY
NEW ZEALAND 'APPROVED ISSUER LEVY' LETTER
SPANISH POWER OF ATTORNEY WITH APOSTILE
10
[LETTERHEAD]
April 24, 1996
Xxxxxx Xxxxxxx Trust Company
Xxx Xxxxxxxxxx Xxxxx (0xx Xxxxx)
Xxxxxxxx, XX 00000
Attention: Xxxxx Xxxxx
Dear Xxxxx
Please accept this letter as your authorization to receive instructions from
the following CoreStates personnel:
X. X. Xxxxxxx /s/ X. X. Xxxxxxx
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Xxxxxxx Xxxxxxx /s/ Xxxxxxx Xxxxxxx
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Xxxx X. Lucerte /s/ Xxxx X. Lucerte
---------------------------------------
Xxxxx XxXxxxxx /s/ Xxxxx XxXxxxxx
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Xxxx Xxxxx /s/ Xxxx Xxxxx
---------------------------------------
Xxxxx XxXxxxx /s/ Xxxxx XxXxxxx
---------------------------------------
Xxxx Xxxxxxxxxxxx /s/ Xxxx Xxxxxxxxxxxx
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Xxxxx Xxxxxxxx /s/ Xxxxx Xxxxxxxx
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Xxxxxx Xxxxxx /s/ Xxxxxx Xxxxxx
---------------------------------------
Xxxxxxx Xxxxx /s/ Xxxxxxx Xxxxx
---------------------------------------
Xxx X'Xxxxxxx /s/ Xxx X'Xxxxxxx
---------------------------------------
Xxxxx Xxxxxxxxx /s/ Xxxxx Xxxxxxxxx
---------------------------------------
Please contact Xxxx Xxxxx if additional information is needed.
Thank you.
Sincerely,
/s/ Xxxx Xxxxx
Xxxx Xxxxx
REMBRANDT FUND
AUTHORIZED SIGNERS FOR CASH TRANSACTIONS
Effective April 15, 1996
SEI FUNDS ACCOUNTING SEI TRANSFER AGENCY
---------------------------------------------------------------------
Xxxxx Xxx Xxxxx Xxx
Xxxxxxx Xxxxx Xxxxxx Xxxxxxx
Xxxxxx Xxxxx Xxxxx Xxxxx X Xxxxxxxx
Xxxxxxx X Xxxxx
Xxxx Xxxxxxxxx
Xxxxx XxXxxxxxx
Xxxx Xxxxxxxxxx
Xxxxx Pagllerulo
Xxxxx Xxxxxx
Xxxxxx Xxxxx
Xxxxx Xxxx
COREFUND
AUTHORIZED SIGNERS FOR CASH TRANSACTIONS
Effective April 15, 1996
SEI FUNDS ACCOUNTING SEI TRANSFER AGENCY
---------------------------------------------------------------------
Xxxxx Xxx Xxxxx Xxx
Xxxxxxx Xxxxx Xxxxxx Xxxxxxx
Xxxxxx Xxxxx Xxxxx Xxxxx X Xxxxxxxx
Xxxxxxx X Xxxxx
Xxxx Xxxxxxxxx
Xxxxx XxXxxxxxx
Xxxxx Pagllerulo
Xxxxxx Xxxxx
Xxxxx Xxxxxx
Xxxx Xxxxxxx
Xxxxx Xxxx
SEI SIGNATURE SPECIMENS
/s/ Xxxxx Xxx /s/ Xxxxx Pagllerulo
--------------------------------------- ------------------------------------
Xxxxx Xxx Xxxxx Pagllerulo
/s/ Xxxxxxx X Xxxxx
---------------------------------------
Xxxxxxx X Xxxxx
/s/ Xxxxxxx X Xxxxx /s/ Xxxxxxxxxxx Xxxxx
--------------------------------------- ------------------------------------
Xxxxxxx X Xxxxx Xxxxxxxxxxx Xxxxx
/s/ Xxxxxx X Xxxxxx /s/ Xxxxx XxXxxxxxx
--------------------------------------- ------------------------------------
Xxxxxx X Xxxxxx Xxxxx XxXxxxxxx
/s/ Xxxx Xxxxxxxxx /s/ Xxxxxx Xxxxxxx
--------------------------------------- ------------------------------------
Xxxx Xxxxxxxxx Xxxxxx Xxxxxxx
/s/ Xxxxx Xxxxxx /s/ Xxxxxxx Xxxxxxx
--------------------------------------- ------------------------------------
Xxxxx Xxxxxx Xxxxxxx Xxxxxxx
/s/ Xxxxxx Xxxxx Xxxxx /s/ Xxxxx X Xxxxxxxx
--------------------------------------- ------------------------------------
Xxxxxx Xxxxx Xxxxx Xxxxx X Xxxxxxxx
/s/ Xxxxx Faneltz /s/ Xxxxxxxxxxx X Xxxxxxx
--------------------------------------- ------------------------------------
Xxxxx Faneltz Xxxxxxxxxxx X Xxxxxxx
/s/ Xxxx Xxxxxxxxxx /s/ Xxxx Xxxxxxx
--------------------------------------- ------------------------------------
Xxxx Xxxxxxxxxx Xxxx Xxxxxxx
/s/ Xxxxxxx Xxxxx /s/ Xxxxxx Xxxxx
--------------------------------------- ------------------------------------
Xxxxxxx Xxxxx Xxxxxx Xxxxx
/s/ Xxxxx X Xxxx /s/ Xxxxxxx Xxxxxx
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Xxxxx X Xxxx Xxxxxxx Xxxxxx
Part II - Sysem User ID's
The Custodian is directed to accept and act upon Authorized Instructions
transmitted electronically and identified with the following mnemonics and
system user ID's for the following activities:
This is the revised list which includes authorized levels for trade and cash
input.
WORKSTATION ACCOUNT WORKSTATION SESSIONS
USER I.D. MNEMONIC NUMBER TE TCC SL FE CM MA TD
-------------------------------------------------------------------------
ECU1484 CSOM 00042903(5) N N N N N N N
CSMR 00042904(3) N N N N N N N
CSVG 00042905(0) N N N N N N N
CSLZ 00042906(8) N N N N N N N
CSMF 00042907(6) N N N N N N N
CSPM 00042908(4) N N N N N N N
CSIO 00042909(2) N N N N N N N
CSCM 00042910(0) N N N N N N N
CSRL 00042911(8) N N N N N N N
CSRA 00042912(6) N N N N N N N
CSRF 00042913(4) N N N N N N N
CSRI 00042914(2) N N N N N N N
CSGF 00042915(9) N N N N N N N
CSIT 00042916(7) N N N N N N N
CSRU 00042917(5) N N N N N N N
CSGB 00042918(3) N N N N N N N
ECU1485 CSOM 00042903(5) N N N N N N N
CSMR 00042904(3) N N N N N N N
CSVG 00042905(0) N N N N N N N
CSLZ 00042906(8) N N N N N N N
CSMF 00042907(6) N N N N N N N
CSPM 00042908(4) N N N N N N N
CSIO 00042909(2) N N N N N N N
CSCM 00042910(0) N N N N N N N
CSRL 00042911(8) N N N N N N N
CSRA 00042912(6) N N N N N N N
CSRF 00042913(4) N N N N N N N
CSRI 00042914(2) N N N N N N N
CSGF 00042915(9) N N N N N N N
43
WORKSTATION ACCOUNT WORKSTATION SESSIONS
USER I.D. MNEMONIC NUMBER TE TCC SL FE CM MA TD
-------------------------------------------------------------------------
CSIT 00042916(7) N N N N N N N
CSRU 00042917(5) N N N N N N N
CSGB 00042918(3) N N N N N N N
ECU1486 CSOM 00042903(5) N N N N N N N
CSMR 00042904(3) N N N N N N N
CSVG 00042905(0) N N N N N N N
CSLZ 00042906(8) N N N N N N N
CSMF 00042907(6) N N N N N N N
CSPM 00042908(4) N N N N N N N
CSIO 00042909(2) N N N N N N N
CSCM 00042910(0) N N N N N N N
CSRL 00042911(8) N N N N N N N
CSRA 00042912(6) N N N N N N N
CSRF 00042913(4) N N N N N N N
CSRI 00042914(2) N N N N N N N
CSGF 00042915(9) N N N N N N N
CSIT 00042916(7) N N N N N N N
CSRU 00042917(5) N N N N N N N
CSGB 00042918(3) N N N N N N N
ECU1487 CSOM 00042903(5) Y Y N Y Y N N
CSMR 00042904(3) Y Y N Y Y N N
CSVG 00042905(0) Y Y N Y Y N N
CSLZ 00042906(8) Y Y N Y Y N N
CSMF 00042907(6) Y Y N Y Y N N
CSPM 00042908(4) Y Y N Y Y N N
CSIO 00042909(2) Y Y N Y Y N N
CSCM 00042910(0) Y Y N Y Y N N
CSRL 00042911(8) Y Y N Y Y N N
CSRA 00042912(6) Y Y N Y Y N N
CSRF 00042913(4) Y Y N Y Y N N
CSRI 00042914(2) Y Y N Y Y N N
CSGF 00042915(9) Y Y N Y Y N N
CSIT 00042916(7) Y Y N Y Y N N
CSRU 00042917(5) Y Y N Y Y N N
CSGB 00042918(3) X X X X X X X
00
XXXXXXXXXXX ACCOUNT WORKSTATION SESSIONS
USER I.D. MNEMONIC NUMBER TE TCC SL FE CM MA TD
-------------------------------------------------------------------------
ECU1488 CSOM 00042903(5) Y Y N Y Y N N
CSMR 00042904(3) Y Y N Y Y N N
CSVG 00042905(0) Y Y N Y Y N N
CSLZ 00042906(8) Y Y N Y Y N N
CSMF 00042907(6) Y Y N Y Y N N
CSPM 00042908(4) Y Y N Y Y N N
CSIO 00042909(2) Y Y N Y Y N N
CSCM 00042910(0) Y Y N Y Y N N
CSRL 00042911(8) Y Y N Y Y N N
CSRA 00042912(6) Y Y N Y Y N N
CSRF 00042913(4) Y Y N Y Y N N
CSRI 00042914(2) Y Y N Y Y N N
CSGF 00042915(9) Y Y N Y Y N N
CSIT 00042916(7) Y Y N Y Y N N
CSRU 00042917(5) Y Y N Y Y N N
CSGB 00042918(3) Y Y N Y Y N N
ECU1489 CSOM 00042903(5) Y Y N Y Y N N
CSMR 00042904(3) Y Y N Y Y N N
CSVG 00042905(0) Y Y N Y Y N N
CSLZ 00042906(8) Y Y N Y Y N N
CSMF 00042907(6) Y Y N Y Y N N
CSPM 00042908(4) Y Y N Y Y N N
CSIO 00042909(2) Y Y N Y Y N N
CSCM 00042910(0) Y Y N Y Y N N
CSRL 00042911(8) Y Y N Y Y N N
CSRA 00042912(6) Y Y N Y Y N N
CSRF 00042913(4) Y Y N Y Y N N
CSRI 00042914(2) Y Y N Y Y N N
CSGF 00042915(9) Y Y N Y Y N N
CSIT 00042916(7) Y Y N Y Y N N
CSRU 00042917(5) Y Y N Y Y N N
CSGB 00042918(3) Y Y N Y Y N N
ECU1490 CSOM 00042903(5) Y Y N Y Y N N
CSMR 00042904(3) Y Y N Y Y N N
CSVG 00042905(0) Y Y N Y Y N N
CSLZ 00042906(8) Y Y N Y Y N N
CSMF 00042907(6) X X X X X X X
00
XXXXXXXXXXX ACCOUNT WORKSTATION SESSIONS
USER I.D. MNEMONIC NUMBER TE TCC SL FE CM MA TD
-------------------------------------------------------------------------
CSPM 00042908(4) Y Y N Y Y N N
CSIO 00042909(2) Y Y N Y Y N N
CSCM 00042910(0) Y Y N Y Y N N
CSRL 00042911(8) Y Y N Y Y N N
CSRA 00042912(6) Y Y N Y Y N N
CSRF 00042913(4) Y Y N Y Y N N
CSRI 00042914(2) Y Y N Y Y N N
CSGF 00042915(9) Y Y N Y Y N N
CSIT 00042916(7) Y Y N Y Y N N
CSRU 00042917(5) Y Y N Y Y N N
CSGB 00042918(3) Y Y N Y Y N N
ECU1491 CSOM 00042903(5) Y Y N Y Y N N
CSMR 00042904(3) Y Y N Y Y N N
CSVG 00042905(0) Y Y N Y Y N N
CSLZ 00042906(8) Y Y N Y Y N N
CSMF 00042907(6) Y Y N Y Y N N
CSPM 00042908(4) Y Y N Y Y N N
CSIO 00042909(2) Y Y N Y Y N N
CSCM 00042910(0) Y Y N Y Y N N
CSRL 00042911(8) Y Y N Y Y N N
CSRA 00042912(6) Y Y N Y Y N N
CSRF 00042913(4) Y Y N Y Y N N
CSRI 00042914(2) Y Y N Y Y N N
CSGF 00042915(9) Y Y N Y Y N N
CSIT 00042916(7) Y Y N Y Y N N
CSRU 00042917(5) Y Y N Y Y N N
CSGB 00042918(3) Y Y N Y Y N N
ECU1492 CSOM 00042903(5) Y Y N Y Y N N
CSMR 00042904(3) Y Y N Y Y N N
CSVG 00042905(0) Y Y N Y Y N N
CSLZ 00042906(8) Y Y N Y Y N N
CSMF 00042907(6) Y Y N Y Y N N
CSPM 00042908(4) Y Y N Y Y N N
CSIO 00042909(2) Y Y N Y Y N N
CSCM 00042910(0) Y Y N Y Y N N
CSRL 00042911(8) Y Y N Y Y N N
CSRA 00042912(6) X X X X X X X
00
XXXXXXXXXXX ACCOUNT WORKSTATION SESSIONS
USER I.D. MNEMONIC NUMBER TE TCC SL FE CM MA TD
-------------------------------------------------------------------------
CSRF 00042913(4) Y Y N Y Y N N
CSRI 00042914(2) Y Y N Y Y N N
CSGF 00042915(9) Y Y N Y Y N N
CSIT 00042916(7) Y Y N Y Y N N
CSRU 00042917(5) Y Y N Y Y N N
CSGB 00042918(3) Y Y N Y Y N N
ECU1493 CSOM 00042903(5) Y Y N Y Y N N
CSMR 00042904(3) Y Y N Y Y N N
CSVG 00042905(0) Y Y N Y Y N N
CSLZ 00042906(8) Y Y N Y Y N N
CSMF 00042907(6) Y Y N Y Y N N
CSPM 00042908(4) Y Y N Y Y N N
CSIO 00042909(2) Y Y N Y Y N N
CSCM 00042910(0) Y Y N Y Y N N
CSRL 00042911(8) Y Y N Y Y N N
CSRA 00042912(6) Y Y N Y Y N N
CSRF 00042913(4) Y Y N Y Y N N
CSRI 00042914(2) Y Y N Y Y N N
CSGF 00042915(9) Y Y N Y Y N N
CSIT 00042916(7) Y Y N Y Y N N
CSRU 00042917(5) Y Y N Y Y N N
CSGB 00042918(3) Y Y N Y Y N N
---------------------------
TE Trade Entry
TCC Trade Cancel/Correct
SL Securities Lending
FE Foreign Exchange
CM Cash Movement
MA Mass Authorization
TD Time Deposit
47
