Common use of Employment of a Custodian Clause in Contracts

Employment of a Custodian. The Trust shall place and at all times maintain in the custody of a Custodian (including any sub-custodian for the Custodian) all securities and similar investments owned by the Trust for the benefit of any series and cash representing the proceeds from sales of securities owned by the Trust for the benefit of any series and of capital stock or other units of beneficial interest issued to the Trust for the benefit of any series, payments of principal upon securities owned by the Trust for the benefit of any series, or capital distribution in respect to capital stock or other units of beneficial interest owned by the Trust for the benefit of any series, pursuant to a written contract with such Custodian. The Custodian shall be a bank or trust company having not less than $2,000,000 aggregate capital, surplus and undivided profits (as shown in its last published report).