Common use of Fund Elections Clause in Contracts

Fund Elections. Each Fund or Series (or the investment adviser or sub-adviser on behalf of such Fund or Series) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies (“SSGM”), or with a sub-custodian. Where the Custodian receives Proper Instructions on behalf of a Fund or Series for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client Publications, such Proper Instructions shall be understood to instruct the Custodian, on behalf of the Fund or Series, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to the Fund or Series or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by or on behalf of a Fund or Series or the reasonableness of the execution rate on any such transaction.