Common use of Foreign Subcustodians and Securities Depositories Clause in Contracts

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Fund on behalf of a Portfolio, the Custodian may deposit and/or maintain non-U.S. Investments of a Portfolio 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 8.5 below, the Custodian shall have prepared and provided to the Fund (which may be by electronic means, including via email or access to the BBH&Co. Portal) 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 Fund on behalf of a Portfolio as a Subcustodian for purposes of holding Investments of a Portfolio outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Fund on behalf of a PortfolioFund, the Custodian may deposit and/or maintain non-U.S. Investments of a Portfolio the 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 8.5 8.4 below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian, and provided shall have delivered to the Fund (which may be by electronic meansFund, including via email or access to the BBH&Co. Portal) 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 timetime and pursuant to the provisions of Appendix E to this Agreement, 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 on behalf of a Portfolio or its Funds as a Subcustodian Sub-custodian for purposes of holding Investments of a Portfolio the Fund and/or its Funds outside the United States.

Foreign Subcustodians and Securities Depositories. Unless instructed otherwise by the Fund on behalf of a PortfolioTrust, the Custodian may deposit and/or maintain non-U.S. Investments of a Portfolio the Trust 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 8.5 [Note: Confirm cross -reference.] below, the Custodian shall have prepared and provided to the Fund (which may be by electronic means, including via email or access to the BBH&Co. Portal) 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 Fund on behalf of a Portfolio Trust as a Subcustodian for purposes of holding Investments of a Portfolio the Trust outside the United States.