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THE BANK OF NEW YORK MELLON -2012
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THE BANK OF NEW YORK MELLON -2012
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4/23/2012 3:21:29 PM
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Contracts
Company Name
THE BANK OF NEW YORK MELLON
Contract #
N-2012-045
Agency
FINANCE & MANAGEMENT SERVICES
Destruction Year
0
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-3- <br />or system specified by Custodian as available for use in connection in this agreement. Absent actual receipt of such notice, Custodian <br />shall have no liability for failing [o so notify Customer and Custodian shall follow timely directions received in writing through one of <br />the Communication processes so specified by the Custodian. <br />(b) Whenever U.S. Securities (including, but not limited to, warrants, options, tenders, options to tender or <br />non mandatory puts or calls) confer optional rights on Customer or provide for discretionary action or alternative courses of action by <br />Customer, Customer shall be responsible for making any decisions relating thereto and for directing Custodian to act. In order for <br />Custodian to act, it must receive Customer's Written Instructions at Custodian's offices, addressed as Custodian may from time to time <br />request, not later than noon (Florida time) at least two (2) Business Days prior to the last scheduled date to act with respect to such <br />U.S. Securities (or such earlier date or time as Custodian may notify Customer). Absent Custodian's timely receipt of such Written <br />Instructions, Custodian shall not be liable for failure to take any action relating to or to exercise any rights conferred by such U.S. <br />Securities. <br />5. Custodian will make available to Customer proxy voting services upon the request of, Customer in accordance with <br />terms and conditions to be mutually agreed upon by Custodian and Customer. <br />6. Custodian shall promptly advise Customer upon its notification of the partial redemption, partial payment or other <br />action affecting less than all U.S. Securities of the relevant class. If Custodian or Depository holds any such U.S. Securities in which <br />Customer has an interest as part of a fungible mass, Custodian or Depository may select the U.S. Securities to participate in such <br />partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection. <br />7. Custodian shall not under any circumstances accept bearer interest coupons which have been stripped from United <br />States federal, state or local government or agency securities unless explicitly agreed to by Custodian in writing. <br />8. Any foreign exchange transaction effected by Custodian in connection with this Agreement may be entered with <br />Custodian or a BNY Affiliate acting as principal or otherwise through customary banking channels. Customer may issue standing <br />Written Instructions with respect to foreign exchange transactions but Custodian may establish rules or limitations concerning any <br />foreign exchange facility made available to Customer. Customer shall bear all risks of holding cash denominated in a foreign <br />currency. Without limiting the foregoing, Customer shall bear the risks that rules or procedures imposed by Depositories, exchange <br />controls, asset freezes or other laws, rules, regulations or orders shall prohibit or impose burdens or costs on the transfer to, by or for <br />the account of Customer of property held outside Customer's jurisdiction or denominated in a currency other than its home jurisdiction <br />or the conversion of cash from one currency into another currency. Custodian shall not be obligated to substitute another currency for <br />a currency whose transferability, convertibility or availability has been affected by such law, regulation, rule or procedure. Custodian <br />shall not be liable to Customer for any loss resulting from any of the foregoing events. <br />9. To the extent that Custodian has agreed to provide pricing or other information services in connection with this <br />Agreement, Custodian is authorized to utilize any vendor (including brokers and dealers of Securities) reasonably believed by <br />Custodian to be reliable to provide such information. Customer understands that certain pricing information with respect to complex <br />financial instruments (e.g., .derivatives) may be based on calculated amounts rather than actual market transactions and may not reflect <br />actual market values, and that the variance between such calculated amounts and actual market values may or may not be material. <br />Where vendors do not provide information for particular Securities or other property, an Authorized Person may advise Custodian <br />regarding the fair market value of, or provide other information with respect to, such Securities or property as determined by it in good <br />faith. Custodian shall not be liable for any loss, damage or expense incurred as a result of errors or omissions with respect to any <br />pricing or other information utilized by Custodian hereunder. <br />10. As an accommodation to Customer, Custodian may provide consolidated recordkeeping services pursuant to which <br />Custodian reflects on Account statements Securities not held in Custodian's vault or for which Custodian or its nominee is not the <br />registered owner ("Non-Custody Securities"). Non-Custody Securities shall be designated on Custodian's books as "shares not held" or <br />by other similar characterization. Customer acknowledges and agrees that it shall have no security entitlement against Custodian with <br />respect to Non-Custody Securities, that Custodian shall rely, without independent verification, on information provided by Customer <br />regarding Non-Custody Securities (including but not limited to positions and market valuations) and that Custodian shall have no <br />responsibility whatsoever with respect to Non-Custody Securities or the accuracy of any information maintained on Custodian's books <br />or set forth on account statements concerning Non-Custody Securities. <br />11. From time to time Custodian may make available to Customer or its agent(s) certain services, computer programs or <br />other products or services (collectively, "Tools") that allow Customer or its agent(s) to perform certain analytic, accounting, <br />compliance, reconciliation and other functions with respect to the Securities and other assets in the Account. By way of example, <br />Tools may assist Customer or its agent(s) in analyzing the performance of investment managers appointed by Customer, determining <br />on a post-trade basis whether transactions for the Account comply with Customer's investment guidelines, evaluating assets at risk,
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