Common use of Delegation to Provider as Foreign Custody Manager Clause in Contracts

Delegation to Provider as Foreign Custody Manager. Each BFA Recipient, as applicable, by resolution adopted by its Board, has delegated to Provider, subject to Section (b) of Rule 17f-5 under the 1940 Act, the responsibilities set forth herein with respect to Foreign Assets of the BFA Recipients held outside the United States, and Provider hereby accepts such delegation as Foreign Custody Manager with respect to such applicable BFA Recipients. Provider agrees that it shall perform its duties as Foreign Custody Manager at least in accordance with the standard of care required by Rule 17f-5(b)(3) under the 1940 Act and the Standard of Care.