Common use of BNY AS A FOREIGN CUSTODY MANAGER Clause in Contracts

BNY AS A FOREIGN CUSTODY MANAGER. 1. Each Trust, on behalf of its Board, hereby delegates to BNY, subject to Section (b) of the Rule, the Responsibilities with respect to the foreign assets of the Portfolio. 2. BNY accepts the Board's delegation of the Responsibilities 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 Trusts' 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 Portfolios' foreign custody arrangements, but in any event no less than quarterly, written reports notifying the Board of the placement of assets of the Portfolios with a particular Eligible Foreign Custodian within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Portfolios with any such Eligible Foreign Custodian.

BNY AS A FOREIGN CUSTODY MANAGER. 1. Each The Trust, on behalf of its Board, hereby delegates to BNY, subject to Section (b) of the Rule, the Responsibilities with respect to the foreign assets of the Portfolio. 2. BNY accepts the Board's delegation of the Responsibilities 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 Trusts' Trust'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 Portfolios' foreign custody arrangements, but in any event no less than quarterly, written reports notifying the Board of the placement of assets of the Portfolios with a particular Eligible Foreign Custodian within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Portfolios with any such Eligible Foreign Custodian.