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8.5. Safekeeping of Assets

The Depositary will be responsible for the safekeeping of all Investments made by the Investment Compartments. All assets held by the Depositary on behalf of the Investment Compartments will be held either directly by or in the name of the Depositary or sub depositaries(s), nominee(s), agent(s) or delegate(s) thereof in one or more of the jurisdictions in which the Fund will invest. The Depositary will be responsible for implementing banking and financial transactions for the account of the Investment Compartments. Subject to certain conditions, the Depositary is authorised to use any party (including clearance systems, depositories, sub-depositaries, outsourcing or overseas data processing agents) in relation to any of the services or duties of the Depositary and may delegate to any such party any of its services or duties, provided that the Depositary shall use reasonable are to ensure that it only engages professional and competent parties. Each Investment Compartment reserves the right to change the depositary arrangements and/or, in its discretion, to appoint additional or alternative depositary(s). 

The Investments of the Investment Compartment shall be entrusted to the depositary for safe-keeping, as follows:

1. For the financial instruments of each Investment Compartment that can be held in custody:

• the depositary shall hold in custody all financial instruments that can be registered in a financial instruments account opened in the depositary’s books and all financial instruments that can be physically delivered to the depositary; 

• for that purpose, the depositary shall ensure that all those financial instruments that can be registered in a financial instruments account opened in the depositary’s books are registered in the depositary’s books within segregated accounts, opened in the name of the AIF so that they can be clearly identified as belonging to the AIF in accordance with the applicable law at all times.

2. For other assets:

• the depositary shall verify the ownership of the Investment Compartment of such assets and shall maintain a record of those assets for which it is satisfied that the Investment Compartment holds the ownership of such assets; 

• the assessment whether the Investment Compartment holds the ownership shall be based on information or documents provided by the Investment Compartment and, where available, on external evidence; 

• the depositary shall keep the record referred to in point (I) up-to-date.