Common use of Appointment of Foreign Sub-custodian Clause in Contracts

Appointment of Foreign Sub-custodian. The Custodian is authorized and instructed, either directly or indirectly (through one or more sub-custodian U.S. banks), to employ as sub-custodians for the Fund's securities and other assets maintained outside of the United States the foreign institutions, foreign securities depositories and foreign clearing agencies, if any, designated on Schedule A hereto ("foreign sub-custodians"); provided, however, that, notwithstanding the contents of Schedule A hereto, the Custodian (including any of its agents and sub-custodians) is authorized to directly or indirectly employ or retain any sub-custodian, depository or clearing agency only if said employed or retained institution qualifies as either (a) an "eligible foreign custodian," as defined in Rule 17f-5 under the Investment Company Act of 1940, or (b) a "bank," as defined in Section 2(a)(5) of the Investment Company Act of 1940, that in turn qualifies as an eligible domestic custodian under Section 17(f) of the Investment Company Act of 1940; and provided further that the Custodian shall be liable to the Fund for any loss of any Fund assets custodied with any institution directly or indirectly employed or retained by the Custodian (or any of its agents or sub-custodians) that does not meet the qualifications of either clause (a) or (b) of the preceding proviso. Upon receipt of Proper Instructions, together with a certified resolution of the Fund's Board of Directors, the Custodian and the Fund may agree to amend Schedule A hereto from time to time to designate additional or alternative foreign banking institutions, foreign securities depositories and foreign clearing agencies to act as sub-custodian. Each foreign banking institution shall be authorized to deposit securities in foreign securities depositories and foreign clearing agencies authorized pursuant to Rule 17f-5 under the Investment Company Act of 1940. Upon receipt of Proper Instructions from the Fund the Custodian shall promptly cease the employment of any one or more of such sub-custodians for maintaining custody of the assets of the application Fund(s).

Appointment of Foreign Sub-custodian. The Custodian is authorized and instructed, either directly or indirectly (through one or more sub-custodian U.S. banks), to employ as sub-custodians for the any Fund's securities and other assets maintained outside of the United States the foreign institutions, foreign securities depositories and foreign clearing agencies, if any, agencies designated on Schedule Exhibit A hereto ("foreign sub-custodians"); provided, however, that, notwithstanding the contents of Schedule Exhibit A hereto, the Custodian (including any of its agents and sub-custodians) is authorized to directly or indirectly employ or retain any sub-custodian, depository or clearing agency only if said employed or retained institution qualifies as either (a) an "eligible foreign custodian," as defined in Rule 17f-5 under the Investment Company Act of 1940, or (b) a "bank," as defined in Section 2(a)(5) of the Investment Company Act of 1940, that in turn qualifies as an eligible domestic custodian under Section 17(f) of the Investment Company Act of 1940; and provided further that the Custodian shall be liable to the Fund for any loss of any Fund assets custodied with any institution directly or indirectly employed or retained by the Custodian (or any of its agents or sub-custodians) that does not meet the qualifications of either clause (a) or (b) of the preceding proviso. Upon receipt of Proper Instructions, together with a certified resolution of the Fund's Board of Directors, the Custodian and the Fund may agree to amend Schedule Exhibit A hereto from time to time to designate additional or alternative foreign banking institutions, foreign securities depositories and foreign clearing agencies to act as sub-custodian. Each foreign banking institution shall be authorized to deposit securities in foreign securities depositories and foreign clearing agencies authorized pursuant to Rule 17f-5 under the Investment Company Act of 1940. Upon receipt of Proper Instructions from the Fund the Custodian shall promptly cease the employment of any one or more of such sub-custodians for maintaining custody of the assets of the application Fund(s).