Common use of Agreements with Foreign Banking Institutions Clause in Contracts

Agreements with Foreign Banking Institutions. Each agreement with a foreign banking institution shall be substantially in the forms set forth in Exhibit 1 hereto and shall provide, in substance, for indemnification or insurance arrangements (or any combination of the foregoing) such that each Portfolio will be adequately protected against the risk of loss of assets held in accordance with such agreement and that: (a) the assets of each Portfolio will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the foreign banking institution or its creditors or agents, except a claim of payment for their safe custody or administration or, in the case of cash deposits, liens or rights in favor of creditors of the foreign banking institution arising under bankruptcy, insolvency or similar laws; (b) beneficial ownership for the assets of each Portfolio will be freely transferable without the payment of money or value other than for custody or administration; (c) adequate records will be maintained identifying the assets as belonging to each Portfolio or being held by the Custodian for the benefit of its customers; (d) officers of or auditors employed by, or other representatives of the Custodian, including to the extent permitted under applicable law the independent accountants for each Portfolio, will be given access to the books and records of the foreign banking institution relating to its actions under its agreement with the Custodian or confirmation of the contents of such records; (e) assets of each Portfolio held by the foreign sub-custodian will be subject only to the instructions of the Custodian or its agents; and (f) the Fund will receive periodic reports with respect to the safekeeping of each Portfolio's assets, including notification of any transfer to or from a Portfolio's account or a third party account containing assets held for the benefit of the Portfolio.