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

Delegation to State Street as Foreign Custody Manager. Each BTC Recipient, by resolution adopted by its Board, has delegated to State Street, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Service Module with respect to Foreign Assets of the Portfolios held outside the United States, and State Street hereby accepts such delegation as Foreign Custody Manager with respect to the Portfolios. State Street 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) and the Standard of Care in the Master Services Agreement.

Delegation to State Street as Foreign Custody Manager. Each BTC BFA Recipient, by resolution adopted by its Board, has delegated to State Street, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Service Module with respect to Foreign Assets of the Portfolios held outside the United States, and State Street hereby accepts such delegation as Foreign Custody Manager with respect to the Portfolios. State Street 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) and the Standard of Care in the Master Services Agreement.