Common use of Foreign Subcustodians and Securities Depositories Clause in Contracts

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Trust, the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Trust or its Funds as a Sub-custodian for purposes of holding Investments of the Trust and/or its Funds outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the TrustFund, the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds Fund in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 8.5 below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Trust or its Funds Fund as a Sub-custodian Subcustodian for purposes of holding Investments of the Trust and/or its Funds Fund outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the TrustFund, the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds Fund in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "“eligible securities depository" ” under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("“Rule 17f-7"”) or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 8.5 below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Trust or its Funds Fund as a Sub-custodian Subcustodian for purposes of holding Investments of the Trust and/or its Funds Fund outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Trust, the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "“eligible securities depository" ” under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("“Rule 17f-7"”) or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Trust or its Funds as a Sub-custodian for purposes of holding Investments of the Trust and/or its Funds outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Trust, the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 8.5 [Note: Confirm cross -reference.] below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian an a written assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5subsection 8.2.38.3 [Note: Confirm cross-reference.] of this Section. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Trust or its Funds as a Sub-custodian Subcustodian for purposes of holding Investments of the Trust and/or its Funds outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Trust, ,the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds in any non-U.S. Securities U.S.Securities Depository provided such Securities Depository meets the requirements of an "“eligible securities depository" securitiesdepository” under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7"“Rule17f-7”) or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time thetime that securities are placed with such depository, but subject to the provisions of Section 8.4 below, the Custodian theCustodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks custodyrisks associated with maintaining assets with the Securities Depository and shall have established a system to systemto monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian mayCustodianmay, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible an“eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission ExchangeCommission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the meetingthe requirements of a custodian under Section 17(fl7(f) of the 1940 Act and the rules and regulations thereunderregulationsthereunder, to act on behalf of the Trust or its Funds as a Sub-custodian for purposes of holding Investments holdingInvestments of the Trust and/or its Funds outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Trust, Trust the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "“eligible securities depository" ” under Rule Ru1e 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("“Rule 17f-7"”) or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 below, . the Custodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, . to act on behalf of the Trust or its Funds as a Sub-custodian for purposes of holding Investments of the Trust and/or its Funds outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Trust, the Custodian may deposit and/or maintain non-U.S. Investments of the Trust or its Funds in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “"eligible foreign custodian” " under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Trust or its Funds as a Sub-custodian for purposes of holding Investments of the Trust and/or its Funds outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the TrustBank, the Custodian Global Sub-custodian may deposit and/or maintain non-U.S. Investments of the Trust Bank or its Funds Customers in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 8.2.4 below, the Custodian Global Subcustodian shall have prepared or obtained from an Agent or Sub-custodian an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian Global Sub-custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an “eligible foreign custodian” under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Trust Bank or its Funds Customers as a Sub-custodian subcustodian for purposes of holding Investments of the Trust Bank and/or its Funds Customers outside the United States.