Common use of Authority to Hold Securities Clause in Contracts

Authority to Hold Securities. Subject to the terms and conditions of this Agreement, the Client hereby authorizes the Custodian to hold any Securities received from time to time for the account of the Client. The Custodian may, at its sole discretion, hold the Securities directly or indirectly through one or more Subcustodians or Securities Depositories. Securities held indirectly through any Subcustodian shall be held subject to the terms and conditions of the Custodian's agreement with such Subcustodian. Securities held indirectly through any Securities Depository shall be held subject to the terms of any agreement between the Custodian or Subcustodian and such Securities Depository and to the rules and terms and conditions of such Securities Depository.

Authority to Hold Securities. Subject to the terms and conditions of this Agreement, the Client hereby authorizes the Custodian to hold any Securities received from time to time for the account of the Client. The Custodian may, at its sole discretion, hold the Securities directly or indirectly through one or more Subcustodians or Securities Depositories. Securities held indirectly through any Subcustodian shall be held subject to the terms and conditions of the Custodian's ’s agreement with such Subcustodian. Securities held indirectly through any Securities Depository shall be held subject to the terms of any Custodian’s or Subcustodian’s agreement between the Custodian or Subcustodian and with such Securities Depository and to the rules and terms and conditions of such Securities Depository.

Authority to Hold Securities. Subject to the terms and ---------------------------- conditions of this Agreement, the Client hereby authorizes the Custodian to hold any Securities received from time to -3- time for the account of the Client. The Custodian may, at its sole discretion, hold the Securities directly or indirectly through one or more Subcustodians or Securities Depositories. Securities held indirectly through any Subcustodian shall be held subject to the terms and conditions of the Custodian's agreement with such Subcustodian. Securities held indirectly through any Securities Depository shall be held subject to the terms of any agreement between the Custodian or Subcustodian and such Securities Depository and to the rules and terms and conditions of such Securities Depository.

Authority to Hold Securities. Subject to the terms and conditions of this Agreement, the Client hereby authorizes the Custodian to hold any Securities received from time to time for the account of the Client. The Custodian may, at its sole discretion, hold the Securities directly or indirectly through one or more Subcustodians or Securities Depositories. Securities held indirectly through any Subcustodian shall be held subject to the terms and conditions of the Custodian's agreement with such Subcustodian. Securities held indirectly through any Securities Depository shall be held subject to the terms of any Custodian's or Subcustodian's agreement between the Custodian or Subcustodian and with such Securities Depository and to the rules and terms and conditions of such Securities Depository.

Authority to Hold Securities. Subject to the terms and conditions of this Agreement, the Client hereby authorizes the Custodian to hold any Securities received from time to time for the account of the Client. The Custodian may, at its sole discretion, hold the Securities directly or indirectly through one or more eligible Subcustodians or Securities Depositories. Securities held indirectly through any Subcustodian shall be held subject to the terms and conditions of the Custodian's agreement with such Subcustodian. Securities held indirectly through any Securities Depository shall be held subject to the terms of any agreement between the Custodian or Subcustodian and such Securities Depository and to the rules and terms and conditions of such Securities Depository.

Authority to Hold Securities. Subject to the terms and conditions of this Agreement, ---------------------------- the Client hereby authorizes the Custodian to hold any Securities received from time to time for the account of the Client. The Custodian may, at its sole discretion, hold the Securities directly or indirectly through one or more Subcustodians or Securities Depositories. Securities held indirectly through any Subcustodian shall be held subject to the terms and conditions of the Custodian's agreement with such Subcustodian. Securities held indirectly through any Securities Depository shall be held subject to the terms of any Custodian's or Subcustodian's agreement between the Custodian or Subcustodian and with such Securities Depository and to the rules and terms and conditions of such Securities Depository.

Authority to Hold Securities. Subject to the terms and conditions of this Agreement, the Client hereby authorizes the Custodian to hold any Securities received from time to time for the account of the such Client. The Custodian may, at its sole discretion, hold the Securities directly or indirectly through one or more Subcustodians or Securities Depositories. Securities held indirectly through any Subcustodian shall be held subject to the terms and conditions of the Custodian's agreement with such Subcustodian. Securities held indirectly through any Securities Depository shall be held subject to the terms of any agreement between the Custodian or Subcustodian Subcustodian's Agreement and such Securities Depository and to the rules and terms and conditions of such Securities Depository.