Foreign Subcustodians and Securities Depositories. The Custodian may deposit and/or maintain Investments of the Fund for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary, (at the direction of the Fund) to effect the Fund's transactions in such Investments, in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible foreign custodian" under Rule 17f-5 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-5") or which by order of the Securities and Exchange Commission is exempted therefrom. Additionally, the Custodian may, at any time and 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 Fund as a Subcustodian for purposes of holding Investments of the Fund (including foreign currencies) of the Fund for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary, (at the direction of the Fund) to effect the Fund's transactions in such Investments. Such appointment of foreign Subcustodians shall be subject to approval of the Fund in accordance with Subsections 8.2.1 and 8.2.2.
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Samples: Custodian Agreement (Lexington Goldfund Inc), Custodian Agreement (Pilgrim Variable Products Trust), Custodian Agreement (Nicholas Applegate Investment Trust)
Foreign Subcustodians and Securities Depositories. The Custodian may deposit and/or maintain Investments of the Fund Trust for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary, (at the direction of the FundTrust) to effect the FundTrust's transactions in such Investments, in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible foreign custodian" under Rule 17f-5 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-5") or which by order of the Securities and Exchange Commission is exempted therefrom. Additionally, the Custodian may, at any time and 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 Fund Trust as a Subcustodian for purposes of holding Investments of the Fund Trust (including foreign currencies) of the Fund Trust for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary, (at the direction of the FundTrust) to effect the FundTrust's transactions in such Investments. Such appointment of foreign Subcustodians shall be subject to approval of the Fund Trust in accordance with Subsections 8.2.1 and 8.2.2.
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