Common use of Board Approval of Foreign Subcustodians Clause in Contracts

Board Approval of Foreign Subcustodians. Unless and except to the extent that the Fund’s Board of Trustees has delegated to the Custodian and the Custodian has accepted delegation of review of certain matters concerning the appointment of Subcustodians pursuant to Subsection 8.3, the Custodian shall, prior to the appointment of any Subcustodian for purposes of holding Investments of the Fund outside the United States, obtain written confirmation of the approval of the Board of Trustees or Directors of the Fund with respect to (a) the identity of a Subcustodian, and (b) the Subcustodian agreement which the Board of Trustees or Directors shall have concluded to be in a form compliant with the requirements of Rule 17f-5 under the 1940 Act and which shall govern such appointment, such approval to be signed by an Authorized Person. An Instruction to open an account in a given country shall comprise authorization of the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Custodian shall not be required to make independent inquiry as to the authorization of the Fund to invest in such country.

Board Approval of Foreign Subcustodians. Unless and except to the extent that the Fund’s Board of Trustees has delegated to the Custodian and the Custodian has accepted delegation of review of certain matters concerning the appointment of Subcustodians pursuant to Subsection 8.3, the Custodian shall, prior to the appointment of any Subcustodian for purposes of holding Investments of the Fund outside the United States, obtain written confirmation of the approval of the Board of Trustees or Directors of the Fund with respect to (a) the identity of a Subcustodian, and (b) the Subcustodian agreement which the Board of Trustees or Directors shall have concluded to be in a form compliant with the requirements of Rule 17f-5 under the 1940 Act and which shall govern such appointment, such approval to be signed by an Authorized Person. An Instruction to open an account in a given country shall comprise authorization of the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Custodian shall not be required to make independent inquiry as to the authorization of the Fund to invest in such country. The Custodian and the Fund acknowledge that as of the date hereof, the Board has delegated to the Custodian and the Custodian has accepted delegation of certain matters pursuant to Subsection 8.3, with respect to all subcustodians listed on the Global Custody Network Listing delivered to the Fund on or about the date hereof, except with respect to assets in the following countries: Ecuador and Rwanda.