Common use of Employment of Subcustodian Clause in Contracts

Employment of Subcustodian. The Custodian and the Funds hereby employ and appoint the Subcustodian as a subcustodian for the term and subject to the provisions of this Agreement. The Subcustodian shall not be under any duty or obligation to require a Fund to deliver to it any securities, funds or other property owned by the Fund and shall have no responsibility or liability for or on account of securities, funds or other property not so delivered. Each Fund will deposit with the Subcustodian copies of its Declaration of Trust or Certificate of Incorporation and By-Laws (or comparable documents) and all amendments thereto, and copies of such votes and other proceedings of the shareholders or Trustees or Directors of the Fund as may be necessary for or convenient to the Subcustodian in the performance of its duties. The Subcustodian shall maintain separate accounts and records for each of the Funds.