Common use of Subcustodians and Securities Systems Clause in Contracts

Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian, subject to the provisions of this Section 4, to settle, clear and maintain the Property in each Account directly in one of its U.S. branches or indirectly through custody accounts which have been established by the Custodian with the following other financial intermediaries: (a) another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended (“1940 Act”), to act as custodian (which may or may not be an affiliate of the Custodian) (individually, a “U.S. Subcustodian”), or the Federal Reserve Book-Entry System or a U.S. securities depository or clearing agency or system in which the Custodian or a U.S. Subcustodian participates that is eligible to be utilized under Rule 17f-4 under the 1940 Act (individually, a “U.S. Securities System”) or (b) (i) an “eligible foreign custodian” (as defined by Rule 17f-5 under the 1940 Act (“Rule 17f-5”)) , (ii) a non-U.S. branch of a U.S. bank or (iii) any other person with which Property may be placed and maintained outside of the United States under the 1940 Act pursuant to an order granted by the U.S. Securities and Exchange Commission (“SEC”) exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 (an entity described in (i), (ii) or (iii) of this subsection (b) may individually be referred to as a “non-U.S. Subcustodian”; and U.S. Subcustodians and non-U.S. Subcustodians, collectively, “Subcustodians”), or (c) a non-U.S. securities depository or clearing agency or system in which the Custodian or any non-U.S. Subcustodian participates and which is an Eligible Securities Depository as defined by Rule 17f-7 under the 1940 Act (“Rule 17f-7”) or is any other non-U.S. Securities System which the SEC by exemptive order has permitted investment companies to maintain their foreign assets (individually, a “non-U.S. Securities System”; U.S. Securities System and non-U.S. Securities System, collectively, “Securities System”). Subject to the provisions of this Agreement and requirements of applicable taw. including Rule 17f-5, the Customer hereby designates the Custodian as its foreign custody manager within the meaning of Rule 17f-5(a)(3) or any successor thereto which is itself qualified to act under the 1940 Act (“Foreign Custody Manager”) with respect to all Property for which the primary market is outside of the United States and such cash and cash equivalents, including foreign currency, that are reasonably necessary to effect the Customer’s transactions in such Property (collectively, “Foreign Assets”). The authority granted by such designation shall include the authority to withdraw Foreign Assets from a non-U.S. Subcustodian in any jurisdiction in which this Agreement applies and place and maintain the Foreign Assets so withdrawn in the care of another non-U.S. Subcustodian in the same jurisdiction, if arrangements which would satisfy the requirements of the 1940 Act are available and to enter into appropriate written contracts governing the Customer’s foreign custody arrangements with such successor non-U.S. Subcustodian. If no other non-U.S. Subcustodian is available in that jurisdiction, the Custodian will inform the Customer of that fact and await Instructions from the Customer or its authorized representatives. Notwithstanding any such designation, any Instruction to invest in Property to be held in any jurisdiction outside of the United States shall be deemed to be an approval by the Customer to hold such Property in the non-U.S. Securities System utilized in the same jurisdiction, and for which a risk analysis has been furnished, to the Customer as provided below, provided that the foregoing shall not relieve the Custodian from its duty to continue to monitor the custody risks thereof. The Custodian shall promptly notify Customer of any material change in the Customer’s foreign custody arrangements.

Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian, subject to the provisions of this Section 4, to settle, clear and maintain the Property in each Account directly in one of its U.S. branches or indirectly through custody accounts which have been established by the Custodian with the following other financial securities intermediaries: (a) another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended (“"1940 Act”"), to act as custodian (which may or may not be an affiliate of the Custodian) (individually, a “"U.S. Subcustodian”"), or the Federal Reserve Book-Entry System or a U.S. securities depository or clearing agency or system in which the Custodian or a U.S. Subcustodian participates that is eligible to be utilized under Rule 17f-4 under the 1940 Act (individually, a “"U.S. Securities System”") or (b) (i) an “"eligible foreign custodian” " (as defined by Rule 17f-5 under the 1940 Act (“"Rule 17f-5”")) , (ii) a non-U.S. branch of a U.S. bank or (iii) any other person with which Property may be placed and maintained outside of the United States under the 1940 Act other than pursuant to Rule 17f-5 thereunder including without limitation, pursuant to an order granted by the U.S. Securities and Exchange Commission (“"SEC”") exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 (an entity described in (i), (ii) or (iii) of this subsection (b) may individually be referred to as a “"non-U.S. Subcustodian”"; and U.S. Subcustodians and non-U.S. Subcustodians, collectively, “"Subcustodians”"), or (c) a non-U.S. securities depository or clearing agency or system in which the Custodian or any non-U.S. Subcustodian participates and which is an Eligible Securities Depository as defined by Rule 17f-7 under the 1940 Act (“"Rule 17f-7”") or is any other non-U.S. Securities System which the SEC by exemptive order has permitted investment companies to maintain their foreign assets (individually, a “"non-U.S. Securities System”"; U.S. Securities System and non-U.S. Securities System, collectively, “"Securities System”"), provided that, in each case in which a U.S. Subcustodian or U.S. Securities System is employed, each such Subcustodian or Securities System shall have been approved by Instructions. Subject to the provisions of this Agreement and requirements of applicable taw. law, including Rule 17f-5, the Customer hereby designates the Custodian as its foreign custody manager within the meaning of Rule 17f-5(a)(3) or any successor thereto which is itself qualified to act under the 1940 Act (“"Foreign Custody Manager”") with respect to all Property for which the primary market is outside of the United States and such cash and cash equivalents, including foreign currency, that are reasonably necessary to effect the Customer’s 's transactions in such Property (collectively, “"Foreign Assets”"). The authority granted by such designation shall include the authority to withdraw Foreign Assets from a non-U.S. Subcustodian in any jurisdiction in which this Agreement applies and place and maintain the Foreign Assets so withdrawn in the care of another non-U.S. Subcustodian in the same jurisdiction, if arrangements which would satisfy the requirements of the 1940 Act are available available, and to enter into appropriate written contracts governing the Customer’s 's foreign custody arrangements with such successor non-U.S. Subcustodian. If no other non-U.S. Subcustodian is available in that jurisdiction, the Custodian will inform the Customer of that fact and await Instructions from the Customer or its authorized representatives. Notwithstanding any such designation, any Instruction to invest in Property to be held in any jurisdiction outside of the United States shall be deemed to be an approval by the Customer to hold such Property in the non-U.S. Securities System utilized in the same jurisdictionjurisdiction and disclosed, and for which a risk analysis has been furnished, to the Customer as provided below, provided that the foregoing shall not relieve the Custodian from its duty to continue to monitor the custody risks thereof. The Custodian shall promptly notify Customer of any material change in the Customer’s foreign custody arrangements.

Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian, subject to the provisions of this Section 4, to settle, clear and maintain the Property in each Account directly in one of its U.S. branches or indirectly through custody accounts which have been established by the Custodian with the following other financial intermediaries: (a) another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended (“"1940 Act”"), to act as custodian (which may or may not be an affiliate of the Custodian) (individually, a “"U.S. Subcustodian”"), or the Federal Reserve Book-Entry System or a U.S. securities depository or clearing agency or system in which the Custodian or a U.S. Subcustodian participates that is eligible to be utilized under Rule 17f-4 under the 1940 Act (individually, a “"U.S. Securities System”") or (b) (i) an “"eligible foreign custodian” " (as defined by Rule 17f-5 under the 1940 Act (“"Rule 17f-5”")) , (ii) a non-U.S. branch of a U.S. bank or (iii) any other person with which Property may be placed and maintained outside of the United States under the 1940 Act pursuant to an order granted by the U.S. Securities and Exchange Commission (“"SEC”") exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 (an entity described in (i), (ii) or (iii) of this subsection (b) may individually be referred to as a “"non-U.S. Subcustodian”"; and U.S. Subcustodians and non-U.S. Subcustodians, collectively, “"Subcustodians”"), or (c) a non-U.S. securities depository or clearing agency or system in which the Custodian or any non-U.S. Subcustodian participates and which is an Eligible Securities Depository as defined by Rule 17f-7 under the 1940 Act (“"Rule 17f-7”") or is any other non-U.S. Securities System which the SEC by exemptive order has permitted investment companies to maintain their foreign assets (individually, a “"non-U.S. Securities System”"; U.S. Securities System and non-U.S. Securities System, collectively, “"Securities System”"). Subject to the provisions of this Agreement and requirements of applicable taw. law, including Rule 17f-5, the Customer hereby designates the Custodian as its foreign custody manager within the meaning of Rule 17f-5(a)(3) or any successor thereto which is itself qualified to act under the 1940 Act (“Foreign Custody Manager”) with respect to all Property for which the primary market is outside of the United States and such cash and cash equivalents, including foreign currency, that are reasonably necessary to effect the Customer’s 's transactions in such Property (collectively, “"Foreign Assets”"). The authority granted by such designation shall include the authority to withdraw Foreign Assets from a non-U.S. Subcustodian in any jurisdiction in which this Agreement applies and place and maintain the Foreign Assets so withdrawn in the care of another non-U.S. Subcustodian in the same jurisdiction, if arrangements which would satisfy the requirements of the 1940 Act are available and to enter into appropriate written contracts governing the Customer’s 's foreign custody arrangements with such successor non-U.S. Subcustodian. If no other non-U.S. Subcustodian is available in that jurisdiction, the Custodian will inform the Customer of that fact and await Instructions from the Customer or its authorized representatives. Notwithstanding any such designation, any Instruction to invest in Property to be held in any jurisdiction outside of the United States shall be deemed to be an approval by the Customer to hold such Property in the non-U.S. Securities System utilized in the same jurisdictionjurisdiction , and for which a risk analysis has been furnished, to the Customer as provided below, provided that the foregoing shall not relieve the Custodian from its duty to continue to monitor the custody risks thereof. The Custodian shall promptly notify Customer of any material change in the Customer’s foreign custody arrangements.

Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian, subject to the provisions of this Section 4, to settle, clear and maintain the Property in each Account directly in one of its U.S. branches or indirectly through custody accounts which have been established by the Custodian with the following other financial intermediaries: (a) another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended (“"1940 Act”"), to act as custodian (which may or may not be an affiliate of the Custodian) (individually, a “"U.S. Subcustodian”"), or the Federal Reserve Book-Entry System or a U.S. securities depository or clearing agency or system in which the Custodian or a U.S. Subcustodian participates that is eligible to be utilized under Rule 17f-4 under the 1940 Act (individually, a “"U.S. Securities System”") or (b) (i) an “"eligible foreign custodian” " (as defined by Rule 17f-5 under the 1940 Act (“"Rule 17f-5”")) , (ii) including a non-U.S. branch of a U.S. bank or (iiiii) any other person with which Property may be placed and maintained outside of the United States under the 1940 Act pursuant to an order granted by the U.S. Securities and Exchange Commission (“"SEC”") exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 (an entity described in (i), (ii) or (iiiii) of this subsection (b) may individually be referred to as a “"non-U.S. Subcustodian”"; and U.S. Subcustodians and non-U.S. Subcustodians, collectively, “"Subcustodians”"), or (c) a non-U.S. securities depository or clearing agency or system in which the Custodian or any non-U.S. Subcustodian participates and which is an Eligible Securities Depository as defined by Rule 17f-7 under the 1940 Act (“"Rule 17f-7”") or is any other non-U.S. Securities System with which the SEC by exemptive order has permitted investment companies to maintain their foreign assets (individually, a “"non-U.S. Securities System”"; U.S. Securities System and non-U.S. Securities System, collectively, “"Securities System”"). Subject to the provisions of this Agreement and requirements of applicable taw. law, including Rule 17f-5, the Customer hereby designates the Custodian as its foreign custody manager within the meaning of Rule 17f-5(a)(3) or any successor thereto which is itself qualified to act under the 1940 Act (“"Foreign Custody Manager”") with respect to all Property for which the primary market is outside of the United States and such cash and cash equivalents, including foreign currency, that are reasonably necessary to effect the Customer’s 's transactions in such Property (collectively, “"Foreign Assets”"). The authority granted by such designation shall include the authority to withdraw Foreign Assets from a non-U.S. Subcustodian in any jurisdiction in which this Agreement applies and place and maintain the Foreign Assets so withdrawn in the care of another non-U.S. Subcustodian in the same jurisdiction, if arrangements which would satisfy the requirements of the 1940 Act are available and to enter into appropriate written contracts governing the Customer’s 's foreign custody arrangements with such successor non-U.S. Subcustodian. If no other non-U.S. Subcustodian is available in that jurisdiction, the Custodian will inform the Customer of that fact and await Instructions from the Customer or its authorized representatives. Notwithstanding any such designation, any Instruction to invest in Property to be held in any jurisdiction outside of the United States shall be deemed to be an approval by the Customer to hold such Property in the non-U.S. Securities System utilized in the same jurisdiction, and for which a risk analysis has been furnished, furnished to the Customer as provided below, provided that the foregoing shall not relieve the Custodian from its duty to continue to monitor the custody risks thereof. The Custodian shall promptly notify Customer of any material change in the Customer’s 's foreign custody arrangements.

Subcustodians and Securities Systems. The Customer authorizes and instructs the Custodian, --------------------------------------- subject to the provisions of this Section 4, to settle, clear and maintain the Property in each Account directly - in one of its U.S. branches or indirectly through custody accounts which have been established by the Custodian with the following other financial intermediaries: (a) another U.S. bank or trust company or branch thereof located in the U.S. which is itself qualified under the Investment Company Act of 1940, as amended (“"1940 Act”"), to act as custodian (which may or may not be an affiliate of the Custodian) (individually, a “"U.S. Subcustodian”"), or the Federal Reserve Book-Entry System or a U.S. securities depository or clearing agency or system in which the Custodian or a U.S. Subcustodian participates that is eligible to be utilized under Rule 17f-4 under the 1940 Act (individually, a “"U.S. Securities System”") or (b) (i) an “"eligible foreign custodian” " (as defined by Rule 17f-5 under the 1940 Act (“"Rule 17f-5”")) , (ii) a non-U.S. branch of a U.S. bank or (iii) any other person with which Property may be placed and maintained outside of the United States under the 1940 Act pursuant to an order granted by the U.S. Securities and Exchange Commission (“"SEC”") exempting such agent or the subcustody arrangements thereto from all or part of the provisions of Rule 17f-5 (an entity described in (i), (ii) or (iii) of this subsection (b) may individually be referred to as a “"non-U.S. Subcustodian”"; and U.S. Subcustodians and non-U.S. Subcustodians, collectively, “"Subcustodians”"), or (c) a non-U.S. securities depository or clearing agency or system in which the Custodian or any non-U.S. Subcustodian participates and which is an Eligible Securities Depository as defined by Rule 17f-7 under the 1940 Act (“"Rule 17f-7”") or is any other non-U.S. Securities System which the SEC by exemptive order has permitted investment companies to maintain their foreign assets (individually, a “"non-U.S. Securities System”"; U.S. Securities System and non-U.S. Securities System, collectively, “"Securities System”"). Subject to the provisions of this Agreement and requirements of applicable taw. law, including Rule 17f-5, the Customer hereby designates the Custodian as its foreign custody manager within the meaning of Rule -- 17f-5(a)(3) or any successor thereto which is itself qualified to act under the 1940 Act (“"Foreign Custody Manager”") with respect to all Property for which the primary market is outside of the United States and such cash and cash equivalents, including foreign currency, that are reasonably necessary to effect the Customer’s 's transactions in such Property (collectively, “"Foreign Assets”"). The authority granted by such designation shall include the authority to withdraw Foreign Assets from a non-U.S. Subcustodian in any jurisdiction in which this Agreement applies and place and maintain the Foreign Assets so withdrawn in the care of another non-U.S. Subcustodian in the same jurisdiction, if arrangements which would satisfy the requirements of the 1940 Act are available and to enter into appropriate written contracts governing the Customer’s 's foreign custody arrangements with such successor non-U.S. Subcustodian. If no other non-U.S. Subcustodian is available in that jurisdiction, the Custodian will inform the Customer of that fact and await Instructions from the Customer or its authorized representatives. Notwithstanding any such designation, any Instruction to invest in Property to be held in any jurisdiction outside of the United States shall be deemed to be an approval by the Customer to hold such Property in the non-U.S. Securities System utilized in the same jurisdictionjurisdiction , and for which a risk analysis has been furnished, to the Customer as provided below, provided that the foregoing shall not relieve the Custodian from its duty to continue to monitor the custody risks thereof. The Custodian shall promptly notify Customer of any material change in the Customer’s 's foreign custody arrangements.