Common use of Use of Subcustodians and Depositories Clause in Contracts

Use of Subcustodians and Depositories. (a) BNY Mellon will be entitled to utilize Subcustodians and Depositories in connection with its performance hereunder; provided that BNY Mellon will not utilize a Subcustodian that is an “Eligible Foreign Custodian” (as defined in Rule 17f-5 under the 1940 Act) to hold “Foreign Assets” (as defined in such Rule 17f-5) until after BNY Mellon is informed, pursuant to such means as determined by BNY Mellon, if it has agreed to act as the Customer’s “Foreign Custody Manager” (as defined in Rule 17f-5 under the 1940 Act), that Customer’s board of directors or similar governing body, or Customer’s “Foreign Custody Manager” (as defined in such Rule 17f-5) (if not BNY Mellon) has determined that utilization of such Subcustodian satisfies the applicable requirements of such Rule 17f-5.