AG 2006 09 25 Regular - Laserfiche WebLink

Home Browse Search

THE BANKOF NEW YORK CUSTODY AGREEMENT (U.S. Securities) AGREEMENT, dated as of July 1,2006 between County ofCabarrus, North Carolina ("Customer") and The Bank of New York Trust Company, N.A. ("Custodian"). ARTICLE I DEFINITIONS :"';~,l::~:,.;;,:;:r~ Whenever used in this Agreement, the following words shall have the meanings set forth below: 1. "Authorized Person" shall be any person, whether or not an officer or employee of Customer, duly authorized by Customer to give Oral and/or Written Instructions on behalf of Customer, such persons to be designated in a Certificate of Authorized Persons which contains a spechnen sign~ture of such person. 2. "BNY Affiliate" shall mean any office, branch or subsidiary of The Bank of New York Company, Inc. 3. "Book-Entry System" shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering securities, its successors and nominees. 4. business. "Business Day" shall mean any day on which Custodian, Book-Entry System and relevant Depositories are open for 5. "Depository" shall lllclude the Depository Trust Company, the Participants Trust Company and any other securities depository or clearing agency (and theltrespective successors and nominees) registered with the Securities and Exchange Commission or otherwise authorized to act as a securities depository or clearing agency. 6. "Oral Instructions" shall mean instructions received verbally by Custodian. 7. "U.S. Securities" shall include, without Ihnitation, securities held in the Book-Entry System or at a Depository, common stock and other equity securiti~s, bonds, debentures and other debt securities, notes, mortgages or other obligations, and any instnunents representing rights to receive, purchase, or subscribe for the same, or representing any other rights or interests therein. 8. "Written Instructio~s" shall mean written communications actually received by Custodian by S.W.I.F.T., tested telex, letter, facshnile transmission, or i other method or system specified by Custodian as available for use in connection with the services hereunder. 9. "Custodial Assets" 'shall mean any funds/securities authorized under the law except ERISA related plan assets. . ARTICLE II APPOINTMENT OF CUSTODIAN; ACCOUNTS; REPRESENTATIONS AND WARRANTIES I. Customer hereby app~ints Custodian as custodian of all U.S. Securities and cash at any thne delivered to Custodian during the tenn of this Agreement, andiauthorizes Custodian to hold U.S. Securities in registered fonn in its name or the name of its nominees. Custodian hereby accepts su~h appointment and agrees to establish and maintain one or more securities accounts and cash accounts in the name of Customer (coll~ctively, the "Account") in which it will hold U.S. Securities and cash as provided herein. 2. Customer hereby represents and warrants, which representations and warranties shall be continuing and shall be deemed to be reaffmned upon each Oral or Written Instruction given by Customer, that: ,.:-- 11