Common use of Termination of a Subcustodian Clause in Contracts

Termination of a Subcustodian. The Custodian shall monitor each Domestic Subcustodian and Foreign Subcustodian selected by the Custodian on a continuing basis and shall take all reasonable actions to ensure that each such Subcustodian performs all of its obligations in accordance with the terms and conditions of the subcustodian agreement between the Custodian and such Subcustodian. In the event that the Custodian determines that a Subcustodian has failed to substantially perform its obligations thereunder, the Custodian shall promptly notify, by electronic transmission, facsimile transmission or in such other manner as the Funds and the Custodian may reasonably agree in writing, each applicable Fund of such failure to perform. Upon receipt of Proper Instructions, a Fund may instruct the Custodian to no longer maintain the Fund’s assets with a particular Subcustodian and, upon receipt of such instructions, the Custodian may either (i) select and appoint in its sole discretion a replacement Subcustodian in accordance with the provisions of Section 5.01 or Section 5.02, as the case may be, or (ii) determine in its sole discretion and inform the Fund in a timely manner that appropriate alternate arrangements are not available through the Custodian. In addition to the foregoing, the Custodian may, at any time in its discretion, upon written notification to each applicable Fund, terminate any Domestic Subcustodian or Foreign Subcustodian.

Termination of a Subcustodian. The Custodian shall monitor each Domestic Subcustodian and Foreign Subcustodian selected by the Custodian on a continuing basis and shall take all reasonable actions to ensure that each such Subcustodian performs all of its obligations in accordance with the terms and conditions of the subcustodian Subcustodian agreement between the Custodian and such Subcustodian. In the event that the Custodian determines that a Subcustodian has failed to substantially perform its obligations thereunder, the Custodian shall promptly notify, by electronic transmission, facsimile transmission or in such other manner as the Funds and the Custodian may reasonably agree in writing, notify each applicable Fund of such failure to perform. Upon receipt of Proper Instructions, the Custodian shall terminate a Subcustodian with respect to a Fund may instruct the Custodian to no longer maintain the Fund’s assets with a particular Subcustodian and, upon receipt of such instructions, the Custodian may and either (i) select and appoint in its sole discretion a replacement Subcustodian in accordance with the provisions of Section 5.01 or Section 5.02, as the case may be, or (ii) determine in its sole discretion and inform the Fund in a timely manner that appropriate alternate arrangements are not available through the Custodian. In addition to the foregoing, the Custodian may, at any time in its discretion, upon written notification to each applicable Fund, terminate any Domestic Subcustodian or Foreign Subcustodian, provided, however, that if the Custodian terminates any Domestic Subcustodian or Foreign Subcustodian pursuant to the provisions of this sentence, the Custodian shall promptly: (i) deposit the Fund's Property previously held with such Domestic Subcustodian or Foreign Subcustodian [NOT A DEFINED TERM] with a replacement Domestic Subcustodian satisfying the requirements of Section 5.01 of this Agreement, or Foreign Subcustodian satisfying the requirements of Section 5.02 of this Agreement, as appropriate; or (ii) hold such Property itself.