EX-99.J.2 16 y93113aexv99wjw2.htm EX-99.J.2 exv99wjw2
Exhibit (j)(2)
FOREIGN CUSTODY MANAGER AGREEMENT
     AGREEMENT made as of October 12, 2011 by and between each entity listed on Annex I attached hereto (the “Fund”) and The Bank of New York Mellon (“BNY”).
W I T N E S S E T H:
     WHEREAS, the Fund desires to appoint BNY as a Foreign Custody Manager on the terms and conditions contained herein;
     WHEREAS, BNY desires to serve as a Foreign Custody Manager and perform the duties set forth herein on the terms and conditions contained herein;
     NOW THEREFORE, in consideration of the mutual promises hereinafter contained in this Agreement, the Fund and BNY hereby agree as follows:
ARTICLE I.
DEFINITIONS
     Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:
     1. “Board” shall mean the board of directors or board of trustees, as the case may be, of the Fund.
     2. “Eligible Foreign Custodian” shall have the meaning provided in the Rule.
     3. “Monitoring System” shall mean a system established by BNY to fulfill the Responsibilities specified in clauses (d) and (e) of Section 1 of Article III of this Agreement.
     4. “Responsibilities” shall mean the responsibilities delegated to BNY under the Rule as a Foreign Custody Manager with respect to each Specified Country and each Eligible Foreign Custodian selected by BNY, as such responsibilities are more fully described in Article III of this Agreement.
     5. “Rule” shall mean Rule 17f-5 under the Investment Company Act of 1940, as amended on June 12, 2000.
     6. “Specified Country” shall mean each country listed on Schedule I attached hereto and each country, other than the United States, constituting the primary market for a security with respect to which the Fund has given settlement instructions to The Bank of New York Mellon as custodian (the “Custodian”) under its Custody Agreement with the Fund.

 


 

ARTICLE II.
BNY AS A FOREIGN CUSTODY MANAGER
     1. The Fund on behalf of its Board hereby delegates to BNY with respect to each Specified Country the Responsibilities.
     2. BNY accepts the Board’s delegation of Responsibilities with respect to each Specified Country and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Fund’s assets would exercise.
     3. BNY shall provide to the Board at such times as the Board deems reasonable and appropriate based on the circumstances of the Fund’s foreign custody arrangements written reports notifying the Board of the placement of assets of the Fund with a particular Eligible Foreign Custodian within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian.
ARTICLE III.
RESPONSIBILITIES
     1. Subject to the provisions of this Agreement, BNY shall with respect to each Specified Country select an Eligible Foreign Custodian. In connection therewith, BNY shall: (a) determine that assets of the Fund held by such Eligible Foreign Custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market in which such Eligible Foreign Custodian operates, after considering all factors relevant to the safekeeping of such assets, including, without limitation, those contained in paragraph (c)(1) of the Rule; (b) determine that the Fund’s foreign custody arrangements with each Eligible Foreign Custodian are governed by a written contract with the Custodian which will provide reasonable care for the Fund’s assets based on the standards specified in paragraph (c)(1) of the Rule; (c) determine that each contract with an Eligible Foreign Custodian shall include the provisions specified in paragraph (c)(2)(i)(A) through (F) of the Rule or, alternatively, in lieu of any or all of such (c)(2)(i)(A) through (F) provisions, such other provisions as BNY determines will provide, in their entirety, the same or a greater level of care and protection for the assets of the Fund as such specified provisions; (d) monitor pursuant to the Monitoring System the appropriateness of maintaining the assets of the Fund with a particular Eligible Foreign Custodian pursuant to paragraph (c)(1) of the Rule and the performance of the contract governing such arrangement; and (e) advise the Fund whenever BNY determines under the Monitoring System that an arrangement (including, any material change in the contract governing such arrangement) described in preceding clause (d) no longer meets the requirements of the Rule.
     2. For purposes of preceding Section 1 of this Article, BNY’s determination of appropriateness shall not include, nor be deemed to include, any evaluation of Country Risks associated with investment in a particular country. For purposes hereof, “Country Risks” shall mean systemic risks of holding assets in a particular country including but not limited to (a) an Eligible Foreign Custodian’s use of any depositories that act as or operate a system or a transnational system for the central handling of securities or any equivalent book-entries; (b)

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such country’s financial infrastructure; (c) such country’s prevailing custody and settlement practices; (d) nationalization, expropriation or other governmental actions; (e) regulation of the banking or securities industry; (f) currency controls, restrictions, devaluations or fluctuations; and (g) market conditions which affect the orderly execution of securities transactions or affect the value of securities.
ARTICLE IV.
REPRESENTATIONS
     1. The Fund hereby represents that: (a) this Agreement has been duly authorized, executed and delivered by the Fund, constitutes a valid and legally binding obligation of the Fund enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits the Fund’s execution or performance of this Agreement; (b) this Agreement has been approved and ratified by the Board at a meeting duly called and at which a quorum was at all times present, and (c) the Board or the Fund’s investment advisor has considered the Country Risks associated with investment in each Specified Country and will have considered such risks prior to any settlement instructions being given to the Custodian with respect to any other country.
     2. BNY hereby represents that: (a) BNY is duly organized and existing under the laws of the State of New York, with full power to carry on its businesses as now conducted, and to enter into this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly authorized, executed and delivered by BNY, constitutes a valid and legally binding obligation of BNY enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on BNY prohibits BNY’s execution or performance of this Agreement; and (c) BNY has established the Monitoring System.
ARTICLE V.
CONCERNING BNY
     1. BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees, sustained or incurred by, or asserted against, the Fund except to the extent the same arises out of the failure of BNY to exercise the care, prudence and diligence required by Section 2 of Article II hereof. In no event shall BNY be liable to the Fund, the Board, or any third party for special, indirect or consequential damages, or for lost profits or loss of business, arising in connection with this Agreement.
     2. The Fund shall indemnify BNY and hold it harmless from and against any and all costs, expenses, damages, liabilities or claims, including attorneys’ and accountants’ fees, sustained or incurred by, or asserted against, BNY by reason or as a result of any action or inaction, or arising out of BNY’s performance hereunder, provided that the Fund shall not indemnify BNY to the extent any such costs, expenses, damages, liabilities or claims arises out of BNY’s failure to exercise the reasonable care, prudence and diligence required by Section 2 of Article II hereof.
     3. For its services hereunder, the Fund agrees to pay to BNY such compensation and out-of-pocket expenses as shall be mutually agreed.

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     4. BNY shall have only such duties as are expressly set forth herein. In no event shall BNY be liable for any Country Risks associated with investments in a particular country.
ARTICLE VI.
MISCELLANEOUS
     1. This Agreement constitutes the entire agreement between the Fund and BNY as a foreign custody manager, and no provision in the Custody Agreement between the Fund and the Custodian shall affect the duties and obligations of BNY hereunder, nor shall any provision in this Agreement affect the duties or obligations of the Custodian under the Custody Agreement.
     2. Any notice or other instrument in writing, authorized or required by this Agreement to be given to BNY Mellon, shall be sufficiently given if received by it at its offices at 2 Hanson Place 7th Floor Brooklyn, New York 10217, or at such other place as BNY may from time to time designate in writing.
     3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Fund shall be sufficiently given if received by it at its offices at 100Bellevue Parkway 4th Floor, Wilmington, Delaware 19809 or at such other place as the Fund may from time to time designate in writing.
     4. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written agreement executed by both parties. 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 either party without the written consent of the other.
     5. This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The Fund and BNY hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Fund hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Fund and BNY each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.
     6. The parties hereto agree that in performing hereunder, BNY is acting solely on behalf of the Fund and no contractual or service relationship shall be deemed to be established hereby between BNY and any other person by reason of this Agreement.
     7. 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.
     8. This Agreement shall terminate simultaneously with the termination of the Custody Agreement between the Fund and the Custodian, and may otherwise be terminated by either

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party giving to the other party a notice in writing specifying the date of such termination, which shall be not less than thirty (30) days after the date of such notice.
     IN WITNESS WHEREOF, the Fund and BNY have caused this Agreement to be executed by their respective officers, thereunto duly authorized, as of the date first above written.
         
    BlackRock Utility and Infrastructure Trust
 
       
 
  By:   /s/ Neal J. Andrews
 
       
 
  Title:   Chief Financial Officer
 
       
    THE BANK OF NEW YORK MELLON
 
       
 
  By:   /s/ Christopher Healy
 
       
 
  Title:   Managing Director

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ANNEX I
     
Fund Name   Tax Identification
BlackRock Utility and Infrastructure Trust
  45-3417652

 


 

SCHEDULE I
Specified Countries
     
Country/Market   Subcustodian(s)
Argentina
  Citibank N.A.
Australia
  National Australia Bank Limited
Austria
  UniCredit Bank Austria AG
 
  Citibank N.A.
Bahrain
  HSBC Bank Middle East Limited
Bangladesh
  Standard Chartered Bank
Belgium
  Citibank International Plc
Benin
  Société Générale de Banques en Côte d’Ivoire
Bermuda
  HSBC Bank Bermuda Limited
Botswana
  Stanbic Bank Botswana Ltd.
Brazil
  Citibank N.A.
Bulgaria
  ING Bank N.V.
Burkina Faso
  Société Générale de Banques en Côte d’Ivoire
Canada
  CIBC Mellon Trust Company
Cayman Islands
  The Bank of New York Mellon
Channel Islands
  The Bank of New York Mellon
Chile
  Banco de Chile
China Shanghai
  HSBC Bank (China) Company Limited
China Shenzhen
  HSBC Bank (China) Company Limited
Colombia
  Cititrust Colombia S.A.
Costa Rica
  Banco Nacional de Costa Rica
Croatia
  Privredna Banka Zagreb d.d.
Cyprus
  BNP Paribas Securities Services, Athens
Czech Republic
  ING Bank N.V.
Denmark
  Danske Bank A/S
Ecuador
  Banco de la Produccion S.A.
Egypt
  HSBC Bank Egypt S.A.E.
Estonia
  SEB Pank AS
Euromarket
  Clearstream Banking Luxembourg S.A.
Euromarket
  Euroclear Bank
Finland
  SEB Helsinki
France
  BNP Paribas Securities Services
 
  Citibank International plc
Germany
  The Bank of New York Mellon SA/NV
Ghana
  Stanbic Bank Ghana Ltd.
Greece
  BNP Paribas Securities Services, Athens
Guinea Bissau
  Société Générale de Banques en Côte d’Ivoire
Hong Kong
  HSBC Ltd.
Hungary
  ING Bank N.V.

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Country/Market   Subcustodian(s)
Iceland
  Landsbankinn hf
India
  Deutsche Bank AG
Indonesia
  HSBC Ltd.
Ireland
  The Bank of New York Mellon
Israel
  Bank Hapoalim B.M.
Italy
  Intesa Sanpaolo S.p.A
 
  Citibank N.A.
Ivory Coast
  Société Générale de Banques en Côte d’Ivoire
Japan
  Mizuho Corporate Bank Ltd. (MHCB)
Japan
  The Bank of Tokyo — Mitsubishi UFJ Ltd.
Jordan
  HSBC Bank Middle East Ltd.
Kazakhstan
  HSBC Kazakhstan
Kenya
  CFC Stanbic Bank Limited
Kuwait
  HSBC Bank Middle East Ltd.
Latvia
  AS SEB banka
Lebanon
  HSBC Bank Middle East Ltd.
Lithuania
  SEB Bankas
Luxembourg
  Banque et Caisse d’Epargne de l’Etat (BCEEL)
Malaysia
  HSBC Bank Malaysia Berhad
Mali
  Société Générale de Banques en Côte d’Ivoire
Malta
  HSBC Bank Malta plc
Mauritius
  HSBC Ltd.
Mexico
  Banco Nacional de México S.A. (BANAMEX S.A.)
Morocco
  Citibank Maghreb
Namibia
  Standard Bank Namibia Ltd
Netherlands
  The Bank of New York Mellon SA/NV
New Zealand
  National Australia Bank
Niger
  Société Générale de Banques en Côte d’Ivoire
Nigeria
  Stanbic IBTC Bank Plc
Norway
  DnB NOR Bank ASA
Oman
  HSBC Bank Middle East Ltd.
Pakistan
  Deutsche Bank AG
Palestinian Autonomous Area
  HSBC Bank Middle East Ltd.
Peru
  Citibank del Perú S.A.
Philippines
  HSBC Ltd.
Poland
  ING Bank Slaski
Portugal
  Citibank International Plc, Sucursal em Portugal
Qatar
  HSBC Bank Middle East Ltd.
Romania
  ING Bank N.V.
Russia
  ING Bank (Eurasia)
Saudi Arabia
  HSBC Saudi Arabia Limited
Senegal
  Société Générale de Banques en Côte d’Ivoire

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Country/Market   Subcustodian(s)
Serbia
  UniCredit Bank Austria AG
Singapore
  DBS Bank Ltd.
Singapore
  United Overseas Bank Ltd.
Slovak Republic
  ING Bank N.V.
Slovenia
  UniCredit Banka Slovenia d.d.
South Africa
  Standard Bank of South Africa
South Korea
  HSBC Ltd.
Spain
  Banco Bilbao Vizcaya Argentaria S.A. (BBVA)
Spain
  Santander Investment S.A.
Sri Lanka
  HSBC Ltd.
Swaziland
  Standard Bank Swaziland Ltd
Sweden
  Skandinaviska Enskilda Banken
Switzerland
  Credit Suisse AG
Taiwan
  Standard Chartered Bank (Taiwan) Ltd. / HSBC
Thailand
  Bangkok Bank Public Company Ltd.
Thailand
  HSBC Ltd
Togo
  Société Générale de Banques en Côte d’Ivoire
Trinidad & Tobago
  Republic Bank Ltd.
Tunisia
  Banque Internationale Arabe de Tunisie
Turkey
  Deutsche Bank AS
Uganda
  Stanbic Bank Uganda Limited
Ukraine
  ING Bank Ukraine
United Arab Emirates
  HSBC Bank Middle East Ltd.
United Kingdom
  Deutsche Bank AG
United Kingdom
  The Bank of New York Mellon
United States
  The Bank of New York Mellon
Uruguay
  Banco Itaú Uruguay S.A.
Venezuela
  Citibank N.A.
Vietnam
  HSBC Bank (Vietnam) Ltd
Zambia
  Stanbic Bank Zambia Ltd
Zimbabwe
  Stanbic Bank Zimbabwe Ltd

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