Common use of Monitoring of Eligible Foreign Custodians Clause in Contracts

Monitoring of Eligible Foreign Custodians. In exercising the authority delegated under this Agreement, Delegate will establish a system to Monitor the appropriateness of maintaining Foreign Assets with an Eligible Foreign Custodian and the appropriateness and performance of a written contract governing Fund's foreign custody arrangements. In doing so, Delegate shall consider any relevant factors and criteria, including those set forth in APPENDIX D to this Agreement. If, as a result of its Monitoring of Eligible Foreign Custodian relationships hereunder or otherwise, the Delegate determines in its reasonable discretion that it is in the best interest of the safekeeping of the Foreign Assets to move such Foreign Assets to a different Eligible Foreign Custodian, the Fund shall bear any expense related to such relocation of Foreign Assets.