Common use of Agents and Subcustodians with Respect to Property of the Fund Held in the United States Clause in Contracts

Agents and Subcustodians with Respect to Property of the Fund Held in the United States. The Bank may employ agents of its own selection in the performance of its duties hereunder and shall be responsible for the acts and omissions of such agents as if performed by the Bank hereunder. Without limiting the foregoing, certain duties of the Bank hereunder may be performed by one or more affiliates of the Bank. Upon receipt of Proper Instructions, the Bank may employ subcustodians of its own selection in the performance of its duties hereunder, provided that any such subcustodian meets at least the minimum qualifications required by Section 17(f)(1) of the 1940 Act to act as a custodian of the Fund’s assets with respect to property of the Fund held in the United States. The Bank shall have no more or less responsibility to the Fund on account of any actions or omissions of any subcustodian so employed than any such subcustodian has to the Bank, and the Bank shall indemnify the Fund for any loss to the Fund resulting from the acts or omissions of any subcustodian to the extent that the Bank is so indemnified by the subcustodian. Pursuant to Rule 17f-4(a)(3) under the 1940 Act, the Bank shall require any subcustodian so employed to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain financial assets corresponding to the security entitlements of its entitlement holders (as defined in U.C.C. § 8-102(a)(7) (2004)). The Fund shall pay all fees and expenses of any subcustodian.

Agents and Subcustodians with Respect to Property of the Fund Held in the United States. The Bank may employ agents of its own selection in the performance of its duties hereunder and shall be responsible for the acts and omissions of such agents as if performed by the Bank hereunder. Without limiting the foregoing, certain duties of the Bank hereunder may be performed by one or more affiliates of the Bank. Upon receipt of Proper Instructions, the Bank may employ subcustodians of its own selection in the performance of its duties hereunder, provided that any such subcustodian meets at least the minimum qualifications required by Section 17(f)(1) of the 1940 Act to act as a custodian of the Fund’s 's assets with respect to property of the Fund held in the United States. The Bank shall have no more or less responsibility to the Fund on account of any actions or omissions of any subcustodian so employed than any such subcustodian sub-custodian has to the Bank, and the Bank shall indemnify the Fund for any loss to the Fund resulting from the acts or omissions of any subcustodian to the extent that the Bank is so indemnified by the subcustodian. Pursuant to Rule 17f-4(a)(3) under the 1940 Act, the Bank shall require any subcustodian so employed to shall exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain financial assets corresponding to the security entitlements of its entitlement holders (as defined in U.C.C. § 8-102(a)(7) (2004))holders. The Fund shall pay all fees and expenses of any subcustodian.