Common use of Foreign Securities Depositories Clause in Contracts

Foreign Securities Depositories. Except as may otherwise be agreed upon in writing by the Custodian and a State Street Portfolio, assets of the State Street Portfolios shall be maintained in a clearing agency which acts as a securities depository or in a book-entry system for the central handling of securities located outside of the United States (each a "Foreign Securities System") only through arrangements implemented by the foreign banking institutions serving as sub-custodians pursuant to the terms hereof. (Foreign Securities Systems and U.S. Securities Systems are collectively referred to herein as "Securities Systems"). Where possible, such arrangements shall include entry into agreements containing the provisions set forth in Section 3A.5 hereof.