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

CITIBANK AS A FOREIGN CUSTODY MANAGER. 1. The Fund on behalf of its Board hereby delegates to Citibank with respect to each Specified Country the Responsibilities (the "Delegation"). 2. Citibank 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. Citibank shall provide to the Fund (i) notice promptly after the placement of assets of the Fund with a particular Eligible Foreign Custodian selected by Citibank 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 Citibank which accompany such arrangements.

CITIBANK AS A FOREIGN CUSTODY MANAGER. 1. The Fund on behalf of its Board hereby delegates to Citibank with respect to each Specified Country the Responsibilities (the "Delegation"). 2. Citibank 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. Citibank shall provide to the Fund (i) notice promptly after the placement of assets of the Fund with a particular Eligible Foreign Custodian selected by Citibank 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 including, in the case of Qualified Foreign Banks, any material change in any contract governing such arrangementsarrangements 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, and (iii) not less often than annually a report summarizing the material custodial risks known to Citibank which accompany such arrangements.