AS A FOREIGN CUSTODY MANAGER Sample Clauses
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, in the case of Qualified Foreign Banks, any material change in any contract governing such arrangements and in the case of Securities Depositories, any material change in the established practices or procedures of such Securities Depositories) with respect to assets of the Fund with any such Eligible Foreign Custodian.
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 (the "Delegation").
2. BNY accepts the Delegation and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise reasonable care, prudence and diligence such as a bailee for hire having responsibility for the safekeeping of the Fund's assets would exercise.
3. BNY shall provide to the Fund (i) notice promptly after the placement of assets of the Fund with a particular Eligible Foreign Custodian selected by BNY within a Specified Country, (ii) at such times as the Board deems reasonable and appropriate based on the circumstances of the Fund's foreign custody arrangements (but not less often than quarterly) written reports notifying the Board of any material change in the arrangements (including any material change in any contract governing such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian, and (iii) not less often than annually a report summarizing the material custodial risks known to BNY which accompany such arrangements.
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 selected by BNY and of any material change in the arrangements with respect to assets of the Fund with any such Eligible Foreign Custodian.
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 (the "Delegation").
2. BNY accepts the Delegation 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 Foreign Assets (as such term is defined by the Rule) would exercise.
3. BNY shall provide to the Board and the Fund's investment adviser notice promptly after the placement of Foreign Assets of the Fund with a particular Eligible Foreign Custodian selected by BNY within a Specified Country, and 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 and the Fund's investment adviser of any material change in the arrangements (including any material change in any contract governing such arrangements) with respect to Foreign Assets of the Fund with any such Eligible Foreign Custodian.