Common use of Appointment of Sub-Custodian Clause in Contracts

Appointment of Sub-Custodian. 1. The Custodian hereby constitutes and appoints FIB as sub-custodian of such securities and moneys as may from time to time be received by FIB in connection with sales of shares of the Fund, delivered to FIB by the Custodian, received by FIB in connection with the purchase or sale of securities by the Fund, or received with respect to securities of the Fund held by FIB hereunder. 2. FIB hereby accepts appointment as such sub- custodian and agrees to perform the duties thereof as hereinafter set forth.